Can lower tax rate for the Rich people create Jobs?
In July 2011, the Republican refused to increase tax for the rich people when debated about increasing debt ceiling. Their reason was that keeping low tax rate for the rich can help creating jobs.
Tax rate they were talk about varied from 10% to 35% today. People who have annual income above $357,701 pay 35% tax. That means people who make one million dollar a year just pay tax rate 10% higher than people who have income for $32,550. From 1950 to 1960, the tax rate was varied from 26% to 91%. That means people who made $250,000 income a year have potion income pay tax up to 91%. The tax rates we set up today give government the lowest tax income since 1950.
Can low tax rate create jobs for the market? We can see that not all those high income people hire employees. Many of them are professional people or Wall Street people whose incomes are from high salary and high bonus. Reducing their tax rate has nothing to do with jobs creating at all.
Another situation is that big companies set up their factories in oversea to reduce producing cost and meanwhile make good money in the U.S market. On the way Apple’s profit increase 100% up. All of their products are installed in oversea and the materials are purchased in oversea as well. Their profit is 300% of their investment and they only share some profit to the local retail stores. Many big U.S companies get big advantage in the age of free trade. Their earning are better but jobs they create are lesser. Since they are not intent to create in U.S at all reducing their tax there for make no senses.
Oil companies in the United States have monopoly right to control the market and make the most money yet they got tax exempt for many years. This is the problem that most taxpayers do not want to see. It is obviously that the Republican represent the rich people who own less than 5% votes. Obama’s increasing tax for the rich people actually represent the majority. He just bring up the subject in the wrong time and he did not represent himself well.
In order to bit the Republicans he has to handle government’s funding in an efficiently way including cut all the unnecessary budgets, and make poorer work in the farms. On that way he can have a strong ground to increase tax. For doing that he should clarify his meaning such as telling us his definition about rich people. He also can publish earning that the big companies made and tax that they paid. On that way he can pass the decision right to the publics and take the votes back in 2012.
On the whole, Obama has good wish but poor ability. He can do something for us if he acts smartly. In the opposite, the Republican are smart business men but have dangers attempts. They only represent 5% people. Their opinion about decreasing tax for the rich people can create jobs is a big lie itself. We should never forget that the messes in our country today were first started from the two wars they created.
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