High Taxes Punish the Rich
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Talking Points
- what is the definition of "rich"?
- high taxes can be a disincentive. If more profit causes the AMT to kick in, or benefits to be cut off, then workers may choose to be less productive.
Counterpoints
- When taxes on the rich are lowered, the burden is shifted to the poor
- the poor work much harder for the money they earn than do the rich
- The rich pay a lower percentage of TOTAL income than do the poor, even if rates are higher, due to loopholes, deductions, tax free investments, offshore accounts, "residence" in states with no income tax, and numerous other accounting tricks.
- The money that the rich pay in taxes is money that would have otherwise been invested.
- The money that the poor pay in taxes is money that would have been spent immediately, boosting our economy.
- The poor cannot afford higher tax rates, the rich can.
- Allowing the rich to accumulate wealth and pass it on to heirs tax free leads to the creation of a priviliged class of "trust fund babies".
- the wealth of the rich is created by the hard work of the poor
- the poor should share in the wealth which is created by their work. Taxing the rich is a way to return excess wealth the hard-working people without whom it would not be possible.
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