Tax the Rich; Lay Off the Poor

By Bill Glynn

Timothy Geithner continues to speak out about the expiration of the Bush tax credits. Alan Greenspan does, too. But even Ben Bernanke encouraged Congress to continue the cuts to support an already very fragile economy. You see, when you do away with the tax breaks for the "rich" (those making more than $250K a year) and raise capital gains, shove ObamaCare down our throats, tout “redistribution of wealth,” strangle the financial Industry with regulations, and much more to come, it will be a disaster. The simple fact is if you tax people more, they will have less money to spend and invest and, worse, much less money to hire workers and a corporate tax rate that will be #2 in the world. Think about it and don’t forget how much more attractive it’s going to be for big companies to do business overseas. [more...]