If we greatly increase the marginal tax rates for rich people and their corporations, on the other hand—well, first, what Joe would say is that the rich people would sit on their (already shiftless) butts and the corporations would just sit around doing nothing. What actually happens is that instead of pocketing the excess cash it gets put to work—it is invested in the company and its infrastructure, producing creativity and wealth, and maybe even executives will stay with the same company for a career, getting paid well but not ridiculously well, and almost surely getting more satisfaction and reduced anxiety compared to today’s (shiftless, parasitic, wealth-destroying) big executives.
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- Barry SCHWARTZ (Barijo ŜVARC) (
chemoelectric) wrote,
Barry SCHWARTZ (Barijo ŜVARC)
chemoelectric
Something to explain to Joe the Plumber slowly, and in very small words
If we greatly increase the marginal tax rates for rich people and their corporations, on the other hand—well, first, what Joe would say is that the rich people would sit on their (already shiftless) butts and the corporations would just sit around doing nothing. What actually happens is that instead of pocketing the excess cash it gets put to work—it is invested in the company and its infrastructure, producing creativity and wealth, and maybe even executives will stay with the same company for a career, getting paid well but not ridiculously well, and almost surely getting more satisfaction and reduced anxiety compared to today’s (shiftless, parasitic, wealth-destroying) big executives.
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