Who said anything about bankrupting them? How many of "the rich" went bankrupt the last time the taxes were at the proposed rate?
That's exactly what the problem is. Some people on the Left, don't understand the mentality that makes a person or a company, have money in the bank in the first place. The way it is now, and the Dems think it's OK, I guess, is to keep big corporations just barely making enough money to keep afloat, and to pay their stockholders a modest amount. To a corporate leader, "just getting by" is bankruptcy in a sense. But the problem is, how will the corporation grow, if it's just getting by? It needs extra profits to put aside for later, and when investors see those profits sitting safely in the bank, they will come up to invest more and more money in that company, and with all that money, the corporation can grow and hire more people, and pay them nicely.
Let's use an example: A person makes $100K/year, and keeps $55K after taxes and social security. After expenses and daily living, let's say they have $10K to put away or spend. They probably, if they're wise, will not go out and hire a maid or a gardener, and they'll wait 'til they've put that $10K a year away for several years, and have enough in the bank for about 3 years expenses saved up. But if, let's say they were able to keep $90K of that $100K earned, then no problem hiring a maid, a gardener, and probably go buy a new car too. Now we have two people with jobs, and a car sold, and a happy homeowner with bills paid to date, and still putting away for the future, so he/she won't be racing to the welfare office if something goes wrong later.
That's how it is proven to work, but people just won't do that, and the government won't see it either, and they keep thinking that by keeping middle and upper middle income taxes high, somehow people will magically get jobs. Not gonna happen!!!!!!
And another major gripe I have with the Left: Why should it bother anyone if a CEO does something right, and gets a $5mil bonus? I'm not talking about cheaters, and the media loves to report on the Bernie Madoffs of the world, and he belongs in prison. But he's not the average CEO or average billionaire. He's a crook, and putting all "rich" people in his category is pure bigotry.
How about a Google search on a man named Levi Smith, of Texon, TX; founder of Big Lake Oil Co. He was a multi,multimillionaire Texas oilman, and when you read what he did for people, you'd feel bad you ever said anything negative about oilmen. He discovered oil in the Permian Basin in West Texas, and ultimately is one of the founders of Texaco and Marathon Oil, and Halliburton, Inc. Then you can Google J.B. Chilton, of Comanche, TX. A multimillionaire Texas banker and cattleman, who started the Comanche National Bank, and ran it on good conservative principles. It was the ONLY BANK in the State of Texas, not to fail during the Crash of 1929. And he accomplished that by being honest and ridiculously generous. You'll never hear about good "rich" people and good "big corporations" in the news. It doesn't sell.
Charles
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