By some reports, Bernie Sanders wants to tax people who make $250,000-$500,000 starting at 40%, and nothing on the first $29,000 people make. He wants to tax the top tier people at 90%. So if you’re someone who makes $250,000, you’re going to get to keep about $161,000 (then of course take out state tax, social security (which is another 15% for the self-employed), Medicare/Medicaid with-holdings).
There are a lot more people than you might think who make this. They are small business owners who employ others many times. Or perhaps they’re paying people to clean their houses, or putting money into the economy with restaurants, buying cars, clothes and furniture. They’re paying for services like manicures, massages, haircuts, etc.
If you’re one of these people who are improving the economy and employing others, what’s the incentive to continue to do so? What’s the incentive to take on that pressure and stress? I’d rather downsize and just live simply on less and not kill myself. Heck I’d rather do the service work I love for free than give them all that money.
So what is THAT going to do to our economy when they’ve snuffed out everyone’s incentive? If your job is working in retail, entertainment, arts, personal services, luxury items or an industry that people don’t absolutely need, you’re in for some serious hurt.
What happens when Atlas shrugs?
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