The second article on CNBC I read this morning is also horrible. Of course I should have known that when I saw the title "Obama's Tax Hike For Wealthy—Why Young Should Embrace It". First off when is a tax hike good. Pretty much never. The idea of the article is that rich people are generally older and if we tax them they will get out of the workforce giving opportunities to the young. Ya thats probably true but is this one benefit worth losing their experience. What some people don't understand is that you are generally paid equal to whatever value you create. This is the benefit of capitalism. So if an older person creates $500,000 in value each year and a younger person creates $50,000 wouldn't take 10 young people to equal one old. If that old person stayed working wouldn't it free up ten young to get further education or come up with some crazy idea like oh I don't know a search engine called google.
And before you comment I say people are generally paid equal to the value they create. There are some glaring exceptions to this. The biggest in my mind is being a stay at home mom. They invest HUGE amounts of time and money into the future labor force and future stay at home moms for no immediate economic gain.
1 comment:
amen on the stay at home moms. who knows with obama hussien obama's communistic future motherhood may somehow become taxed. like more community service. now wouldnt that be a blast. anyone who is all about this socialist junk should consider reading the book "Cement," then tell me how you feel about it.
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