3 ms·

The author almost certainly pays way more tax than I do. He probably pays a much lower tax rate (I'll assume 20% long-term capital gains), but because he's a mi

The author almost certainly pays way more tax than I do. He probably pays a much lower tax rate (I'll assume 20% long-term capital gains), but because he's a millionaire and I'm a middle-class wage-earner, his 20% is vastly more than my 40%. And while he may not create jobs directly, he almost certainly spends a lot more than I do, and is thus responsible for indirectly creating far more jobs than I, and that's without even accounting for the jobs created indirectly by his investments.

trymas 8y ago
Wasn't it proved that trickle-down economics does not work?
jayess 8y ago
This assumes that he's just paying capital gains. I'm sure much of his income is from dividends or other ordinary income, which is taxed much higher than the average person.
HillaryBriss 8y ago
> ... the jobs created indirectly by his investments. but i think this is one of the key issues of the article. the author claims that investment does not create jobs. also, in absolute dollar terms the author may spend more than you, but in percentage-of-income terms he's spending less. and I think maybe that percentage difference is another key point the author makes, given how much wealth is tied up in the hands of the rich. I mean, I think the author believes that wealthy people pouring almost all of their money into various investments -- as opposed to middle class and poor people spending all or almost all of their money on goods and services -- is not a very strong way to create domestic jobs. IMHO, this is not a complete accounting of the situation. I mean, US people are spending -- we're spending big time. but where are all the jobs? the US has this giant trade deficit. a helluva a lot of jobs are in overseas manufacturing. so, we can force billionaires to spend all of their income every year on goods and services -- but how many domestic jobs is that going to create if what they buy is expensive Euromade yachts and New Zealand real estate? it's almost like we need more than just tax policy, it's like we need some kind of domestic industrial policy

trymas 8y ago

Wasn't it proved that trickle-down economics does not work?

jayess 8y ago

This assumes that he's just paying capital gains. I'm sure much of his income is from dividends or other ordinary income, which is taxed much higher than the average person.

HillaryBriss 8y ago

> ... the jobs created indirectly by his investments. but i think this is one of the key issues of the article. the author claims that investment does not create jobs. also, in absolute dollar terms the author may spend more than you, but in percentage-of-income terms he's spending less. and I think maybe that percentage difference is another key point the author makes, given how much wealth is tied up in the hands of the rich. I mean, I think the author believes that wealthy people pouring almost all of their money into various investments -- as opposed to middle class and poor people spending all or almost all of their money on goods and services -- is not a very strong way to create domestic jobs. IMHO, this is not a complete accounting of the situation. I mean, US people are spending -- we're spending big time. but where are all the jobs? the US has this giant trade deficit. a helluva a lot of jobs are in overseas manufacturing. so, we can force billionaires to spend all of their income every year on goods and services -- but how many domestic jobs is that going to create if what they buy is expensive Euromade yachts and New Zealand real estate? it's almost like we need more than just tax policy, it's like we need some kind of domestic industrial policy