Obama, when Carter taxed the rich, it hurt the middle class, why are you trying to do it again?


Sounds like Obama is taking a page out of the tax plans that Carter had in the 1970s, the only problem is that they didn’t work then and they won’t work now.  I know I have written before about the impact that Carter’s tax plan to tax the rich by taxing them when they bought new yachts to raise more tax revenue.  Guess what, it didn’t work.  People would decide to stick with their current yacht or do without out.  So, who did it impact, the middle class.  Yep, all those companies that employed people to build the yachts could barely stay above water because no one was buying what they had made so they had to lay off workers.  You know the workers who typically were middle class taxpayers.  Got to say that Carter’s plan worked fantastically for improving the economy, if his plan had been how to increase unemployment.

Now, Obama has decided to go after the evil corporate jet owners and have them pay more taxes.  If it is corporations, I will remind you that they don’t pay taxes because this is a cost of doing business and as an expense has to be offset by revenue, which is what they receive from their customers for providing products or services.

I found this interesting post that is a great explanation of the problems with taxing the rich.

 

Updated to add first post about Carter and the yacht taxes.

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