I won’t argue that it’s nice to keep some of the rewards of our efforts.
But, on the other hand, we are talking about a 3% across the board cut that amounts to roughly half the current budget deficit. I’d rather pay a little more in taxes and not have our aggregate budget deficit pushing $10T dollars – especially when the vast majority of that tax cut went to those earning FAR FAR more than the average American makes. That 3% tax cut for me (and I’m in the top 10% in income bracket) is an extra (small) vacation a year. The 3% tax cut for a CEO on the other hand is about the size of a luxury car. For one of those hedge fund managers, that 3% is the size of a home in RSF. I don’t think that CEO’s and hedge fund managers need that tax break quite as much as our economy needs balancing.
It’s not like they’re going to move anywhere else – we already have the lowest taxation of any first world nation.
The difference between me paying 25% and 28% is a minimal price to pay to have a more stable economy. Of course, by just reinstating the 38% tax bracket (for those making 200K/yr single, 350K/yr married), without touching any of the lower tax brackets, they could eliminate roughly half the current yearly budget deficit.
