Because high taxes on the rich means overall less taxes.
The lower the overall taxes the higher economic growth, it's as simple as that.
taxing the rich more does work, without penalising the poor
If the rich work less because it isn't worth the money after tax, then it does penalize the poor. That is less money for the rich to loan to the poor or to pay the poor to work for them. There are consequences.
Keep believing the party line all you want, it's what they want you to believe, that is why so many loop holes exist in the first place.
You really think any of the fortune 500 companies actually pay total taxes of 40, 30 or even 20%? No, they don't.
In the past 10 years, a good portion of those, have paid from total tax in single digits, to tax rebates, worth millions or even billions.
Doesn't sound like they are paying their fair share to me. Especially if they are suppose to be some of the most profitable companies in the world.
Fact is, the super rich, boast massive million or even billions of Net profits when it comes to pleasing their shareholders.
However, when it comes to taxing season, will find any way possible to make out they companies profits are low or obscured so can't be taxed or are owed a refund etc.
So no, when a company can make out business is booming, I don't see anything wrong with taxing them properly and getting rid of all these loop holes.
Corporations are not people they don't pay tax. However small investors pay about 80% in tax.
35% corporate
15% capital gains/dividend going up to 23.7%/40% with fiscal cliff
30% inflation (cash, capital expenditure/depreciation,capital gains tax)
income tax is really paid by investors as people work for after tax wage.
sales tax 10%
15% paperwork and misc taxes.
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80% small investors
40% Romney.
high taxes can redistribute wealth gained from monopoly.