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Millionaires Reject Tax Cuts

Patriotic Millionaires
See below for commentary.

NPR Story

Full transcript

First, let me point out just how rich this Dennis Mehiel, Chariman of U.S. Corrugated, is. The Bush tax cuts saved me, making just below median income, around $800. Mr. Mehiel says :

[the Bush tax cuts] saves me, whatever, you know, two or $300,000 a year

He also says, and I summarize here : “It’s a spurious argument that maintaining historically low marginal rates on very high earners will lead to having less jobs. It just wrong, and history disproves it.”

Absolutely correct. Any legitimate look back at the history of our economic policy shows “Trickle Down” is a sham.

I’ll requote Andy Shallal, owner of three restaurants in D.C., on his answer about repealing the Bush Tax Cuts for millionaires :

Well, I mean, the fact of the matter is that most of the small businesses that we’re talking about would not be affected by this proposed sort of pull back in the Bush-era tax cut. But the other part is that for me, as a Subchapter S business, I have an incentive to spend more money before the end of the year, so I don’t claim it as income. So, for me, I spend it on infrastructure. I spend it on equipment. I spend it on refurbishing the places, and so on.

So that is an incentive. I could never understand the other argument of, you know, if you’re going to have more money, it’s going to be taxed. Well, spend it.

Straight from a Business Man’s Mouth – higher taxes equal MORE reinvestment in business, I’d say higher wages for employees as well. Lower income taxes only mean higher profits, nothing more. Lower income taxes are an incentive to not reinvest profits into the business, to not pay employees well.

Andy Shallal also states :

I want to see more customers out there with money to come spend in my business. I don’t want to see that as we’re talking about, the possibility of having the haves and have-nots and having this big disparity in our classes here in this country.

Meaning Hooray! for my version of Ethical Capitalism – paying employees well in comparison with the Executives. That way, more people have good money to spend, create demand and drive the economy.

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