Oh, my dear jealous ones who look at the lifestyles of the rich and famous, and think, “They’ve got more than their FAIR share! If only we could really soak them! If only we could just tax them ENOUGH–then everyone else in this country would be better off!”
I’m sorry to break it to you; reality doesn’t work that way!
The problem with thinking of “the wealthy” as a conveniently limitless cash cow is that 1) they aren’t, and 2) they don’t appreciate being treated that way.
They’re people too–just like you! And they deserve the same kind of consideration and respect that you prefer to have given to you.
People with more wealth usually acquire that wealth thanks to their efforts to understand and invest, and spend their money wisely.
Invested money drives our economy. Spending money also drives our economy! Wealthy people in our community are huge contributors to charity as well, and they’re already paying higher taxes percentage-wise as well as in quantifiable amounts than any of the rest of us.
But there aren’t that many truly wealthy people who live in most communities.
There are usually some moderately wealthy people, but there are usually far more who are middle class, unless of course the neighborhood in question is a gated community in Hollywood, California, or Aspen, Colorado, or overlooking Grand Central Park in New York City.
Small Town and Small City, USA, and even Suburbia–where most Americans live and work–are heavily middle class!
It actually makes better sense from a politician’s perspective to raise taxes on the middle class (including you!) than to raise taxes on the wealthy, because a tax collector can collect ever so much more from the sheer number of people in the middle class than they can from the few wealthy people in any given community, even if the individual amounts collected are smaller.
But when you talk about raising taxes on the wealthy, the politicians get all excited! They love the idea of having more money to spend!
But–those wealthy people are also their friends, and they don’t want to offend them or drive them away, plus they know they can’t begin to raise the money from taxing their few wealthy friends that they could raise from taxing you, so–they “raise taxes on the wealthy” by raising taxes on YOU!
If you are somehow actually successful in talking your politicians into raising taxes on their wealthy friends too, then…when they do tax them more, those dollars have to come from somewhere. The wealthy will have to pay more taxes instead of reinvesting those dollars into our local economy or pay more taxes instead donating to charity.
Both of those losses HURT our communities worse they help, because… government NEVER EVER is as good as spending money wisely or as accountable with it as the charities or businesses are! And it doesn’t know how to grow wealth like the gifted individuals whose incomes it loves tax do!
So there’s a lot of waste, and the only people really happy are the tax-and-spend politicians and the bureaucrats who owe them their jobs.
And don’t assume that ‘the wealthy’ won’t find somewhere else they like better to be that doesn’t try to take their wealth from them, and move there instead.
It is far, far better to shrink government and lower taxes, allowing most people (not just the wealthy) to keep more of their money to invest and spend, and to contribute to the charities of their choices.