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View Diary: Boehner just shot himself in the foot (170 comments)

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  •  Think this through. (2+ / 0-)
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    NoMoreLies, TheDuckManCometh

    You raise taxes on the rich.  The rich have less money.  They buy less and invest less.  Okay, sure.  But where does the money go?  It goes to the government.  It gets spent on teachers, infrastructure, and maybe on crazy energy technologies.  But it doesn't disappear.  

    So the question is whether money spent by rich people is better at promoting growth than money spent by the federal government.  In some situations, it may be.  But not in our situation.  

    Here's our situation: dollars given to rich people are less likely to remain in the US economy.  If the money is used for investment, it goes to the Cayman Islands, and from there to China, Cambodia, Nicaragua, or wherever the labor is cheap and the profits are big.  If the money is used for personal consumption, it goes to French wines and German cars, not Sonoma grapes or Detroit sedans.  

    Taxing the rich keeps money in our economy.  Not all of it, but comparatively more of it -- much more.  And that is especially true in this age of "global" capitalism.  

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