For example, John Edwards says on his website that he would do the following:
*Raise the tax rate on capital gains to 28 percent for the most fortunate taxpayers – taxing the investment income of the wealthiest Americans similarly to the wages of the middle class.
*Repeal the Bush tax cuts for the highest-income households and keep the tax on very large estates (above $4 million for couples).
Research and facts prove that higher taxes on the rich and on businesses are counterproductive to our economy. Basically, punitive taxation takes away the incentive for hard work. Businesses shrink because they can’t keep people on the payroll and our economy comes to a halt. This is proven by the tax rate increases in 1990 and ‘93 and the implementation of the luxury tax in 1990 which produced revenues far short of predictions. But the tax cuts of the 1960’s and 1981, as well as reducing the capital gains tax in 1978 and ‘97 had a positive impact on tax revenues.
The facts - and history - prove that John Edwards’ Robin Hood tax strategy just won’t work.
Hillary Clinton has also made some wild tax assertions. On her website she opines:
*Income inequality has risen to the highest levels since 1929...
*Reckless tax cuts for the rich…have contributed to the national debt rising to over $9 trillion.
“Income inequality?” What is she trying to say? Tax cuts for the rich are to blame for our national debt? That’s ridiculous.
We need a simplified and fair tax. Not a tax system that punishes the rich and businesses in an effort to redistribute wealth."Conservatives emphasize the equality of rights, and they are quite willing to endure inequalities that are the product of differential capacity or merit. Liberals emphasize the equality of outcomes, and they tend to attribute inequality to the unequal opportunities that have been provided by society." Dinesh D'Souza (Letters To A Young Conservative, page 8)
"To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it." Thomas Jefferson