Vexing
Vexing… funny because the Clinton years had higher taxes on the rich and yet from 1992 to 2001 was the longest prosperity period in American History.
Obviously there is a limit to how high you can tax. But more importantly there are limits to how low you tax the rich.
The level Obama wants to raise rich taxes to is not unheard of. It would bring us back to levels in the 90s. Which wasn’t harsh at all. Investment was higher than ever in American history during the 90s. The Clinton years were basically the polar opposite of the great depression as far as economic history goes.
The problem with taxes being too low on the rich is that the rich tend to stock pile money they don’t invest. However if you give more tax cuts to the poor they are more likely to buy the products invested in by the rich and they will have more of a reason to invest.
Don’t fool yourself into thinking that just because taxes are higher on the rich it will stop them from investing. We are talking people who make millions every year. I assure you. They will still invest. History has proven it before.
Just like history has proven that cutting taxes in a war time is dangerous.