Quote:
Originally Posted by ChinoCoug
No. Nobody who studies mainstream economics ignores markets, liberal or not.
Kudos for using the word elasticity, but the word you should have used was inelastic. The basic question is this: Will rich people slack off if we raise their taxes? Probably not. Many work even harder to recuperate lost income, and be more productive.
We can't compare with others, but we have evidence from our own economy across time. How much hurt did Clinton's hikes on the rich put the economy? FDR's?
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I would like add my 2 cents to this discussion, but I don't know who you define as rich. Income level please.
Also Obama is going to cut taxes for the middle class, what is this income level going to be.