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Taxing the rich and what can be learned from the 1991 yacht tax
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<blockquote data-quote="brett636" data-source="post: 853883" data-attributes="member: 249"><p>Yes its all I've got because its all I need. There are many cases just like the one I stated above that support the fact that higher taxes lead to less wealth and lower economic growth and that lower taxes and spending does the opposite. Those of us who have been given the gift of reason understand this and this is why we are conservatives. </p><p> </p><p></p><p></p><p>The revenue generated by the tax wasn't as important as the symbolism of the great politicians attacking those filthy, evil rich people. I believe you looked too far into this as it isn't that deep. Even the article you posted pointed out that this was a flat out attack on wealthy people and not crony capitalism. The yachting industry is not one that produces its product in high quantities each year, and those that went out of business should have had a plan to deal with a drop in orders. In fact I would be interested in knowing the age and size of the companies that went out of business as well as the number of yacht builders in 1990 versus today. I imagine that overall there hasn't been much change.</p><p> </p><p></p><p></p><p>Its the hypocrisy of it all. John Kerry is always fighting for higher taxes for the wealthy, but then uses a loophole to avoid paying them while at the same time demonizing other wealthy people for doing the same. Its kind of like how you come into the current even forums and state you don't know enough to form an opinion on the issue and then state your opinion. Its all about being a hypocrite.</p></blockquote><p></p>
[QUOTE="brett636, post: 853883, member: 249"] Yes its all I've got because its all I need. There are many cases just like the one I stated above that support the fact that higher taxes lead to less wealth and lower economic growth and that lower taxes and spending does the opposite. Those of us who have been given the gift of reason understand this and this is why we are conservatives. The revenue generated by the tax wasn't as important as the symbolism of the great politicians attacking those filthy, evil rich people. I believe you looked too far into this as it isn't that deep. Even the article you posted pointed out that this was a flat out attack on wealthy people and not crony capitalism. The yachting industry is not one that produces its product in high quantities each year, and those that went out of business should have had a plan to deal with a drop in orders. In fact I would be interested in knowing the age and size of the companies that went out of business as well as the number of yacht builders in 1990 versus today. I imagine that overall there hasn't been much change. Its the hypocrisy of it all. John Kerry is always fighting for higher taxes for the wealthy, but then uses a loophole to avoid paying them while at the same time demonizing other wealthy people for doing the same. Its kind of like how you come into the current even forums and state you don't know enough to form an opinion on the issue and then state your opinion. Its all about being a hypocrite. [/QUOTE]
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