Taxes should be decreased for the Rich

Point 1: The Rich make a significant contribution to GDP through buying. They buy big ticket items such as mansions, yachts, expensive cars, etc... All of the purchases get factored in to GDP. The more a country spends, the higher it's GDP is. Lowering taxes for the rich would allow them to buy more of these big ticket items, which would thus increase GDP. "The top 5%, those making about $150,000 or more, account for 37% percent of all consumer spending, about as much as the bottom 80% put together."[3] Point 2: The Rich create businesses. Most of the big and medium sized corporations are owned by rich people. If you decrease taxes, that is more the rich can spend on businesses. The more they spend on businesses, the more products that are available at a lower price (which intices consumers to buy, especially in a recession), which in turn increases GDP. Also, the rich can give raises to their employees, spend money to fix working equipment, and make the employee feel more comfortable and safe. Also, they will expand or create new businesses, which increases GDP and decreases unemployment. "The study was published in 2010, and Sinai says he still stands by it. The results are dramatic. Right now, economists say the economy needs to create about 2.4 million jobs a year. Sinai found that eliminating the capital-gains tax alone, with no other policy change, would create 1.3 million per annum, or more than half the total sought. Real gross domestic product would increase by 0.23 percentage point a year. The jobless rate would drop by as much as 0.7 percentage point in a year. And productivity gains would increase by 0.5 percentage point a year."[1] This means that the more money businesses have, the more they will expand, thus creating jobs. If the rich had more money, the same principal would apply. "Lower taxes on the rich will allow them to invest more money into the the US marketplace (obviously if they are smart enough to accumulate and hold onto the money they are smart enough to invest). By investing this money they produce jobs, they produce capital goods which create cheaper goods for the population to enjoy. THe taxes are still too high even with the bush "tax-cuts". Does it make sense that taking money away from the producers of the nation that all of the sudden jobs will be created? Of course not."[2] "The issue boils down to simple economics. Paraphrasing the columnist Daniel Henninger: we can't create new jobs and eat them too. If the United States wants the jobs that small businesses create, then the government cannot confiscate an even greater share of the incomes that generate those jobs."[3] Point 3: The Rich pay a 45% tax rate, and the bottom 50% pay no taxes. "The top 3% earn 30% of all income and pay 52% of all income taxes."[3] "Meanwhile, the 53% of Americans who are paying income taxes are relentlessly slandered as "greedy" and "selfish" for not being willing to hand over EVEN MORE of the money that they worked for in order to pay for benefits for other people. In other words, we have a lot of people in America who want more services from the government, but they are demanding that other people pay for it."[4] Point 4: The Rich give a lot to charity "Those making over $200,000 account for 36% of all charitable contributions."[3] [1]:http://www.bloomberg.com... [2]:http://answers.yahoo.com... [3]:http://www.demint.senate.gov... [4]:http://rightwingnews.com...