If a dem gets elected and raises taxes would the economy suffer?

Question

And if so why? If not why not?

sSupercritic........Listen to your candidates and your leaders in Congress........they have all promised to raise taxes. Not my fault they all want to raise one tax or another.

Lettie D.....Have you or your husband ever work for a poor man? What happens when it makes more money to leave it in stocks or bonds than it is to expand your company?

Answer 1

I wanted to read what others thought before writing my piece. As an investment banker working mostly with small businesses I was amused at some of the answers.
sSuper critic......All of the candidates have promised a raise in taxes. So I guess that's where he got the idea.
Lettie....For the past 5 years I have advised small businesses to expand including one client who went from approx 40 employees to over 300 today. With a raise in taxes back to where they were preBush I will be advising them to look for shelters again. Economically it returns less money but with taxes taken into account it will make more in the long run. Also, if you think universal medical will save small businesses money then I am afraid you are drastically mistaken. We would have here much the same mechanisms as they have in Canada to pay for healthcare. Businesses must pay a hidden tax that amounts to approx 6.8% of their payroll. Many small companies that don't offer healthcare now will pay hefty increases.
David L......I have no clue where you get your figures from. My guess is fantasyland. The only president the democrats have had that were good on taxes was JFK who drastically cut taxes across the board especially for the rich. That policy drove the economy upward . Bill Clinton(indexed for inflation implimented the highest tax increase in our history.
Wayne....If China owns America Bill Clinton was the real estate agent.
The Emperor......I will tell you what I tell most of my clients. If the economy is so bad why are sales going up everyday even with the increased credit crunch. Don't believe what you see on TV .....read your portfolio.
You are right about illegals though. They are a powerful drag on the economy as far as services are concerned and amnesty will require steep tax increases to cover the costs of those services. Which party do you feel will be more likely to give amnesty to illegals?
D C....Actually most hidden money is in the Bahamas. If you don't believe me ask Ted Kennedy whose family fortune was based there to avoid the inheritance taxes he is so keen on.
carterch........Bill Clinton did not balance the budget....He starved the defence department and made the biggest tax increase in US history but the budget didn't get balance until the 1996 budget which was the first budget presided over by the republican congress. They cut 285 billion from the clinton budget to achieve a 32 billion dollar surplus. In Clinton's budget it would have been a 252 billion dollar deficit.
Also, Reagan's tax cut produced a doubling of federal tax reciepts. The democratic congress spent 126.5 % of that increase.
For my personal economy I will welcome a democratic president. So many of my clients will be needing to make investments that will drive up my income while it takes aways jobs for others it will make job security for me.

Answer 2

people tend to think that if taxes are raised the economy would suffer but that is not necessarily true. the gov. impliments certain fiscal and monetary policies that involve taxation to help regulate and stable the economy as best they can without taking control over the mixed market economy that we have in the US. it's not necessarily a dep/rep thing.

Answer 3

The economy for most Americans now is bad to horrible.
Some wealthy people are doing well as well they should. They have had illegal immigrants working for cheap, lining their pockets as they buried the rest of us with their (illegals) ravaging our welfare state and social services, not to mention our health and education services. Add to that not speaking our language ...making it necessary that we speak THEIR language to get jobs in our own country.

The DEMO's have ALL pledged to give amnesty to million upon millions of illegals. In addition, millions more illegals will continue the invasion of our country. The poor and middleclass Americnas will continue to pay for the government services of all these illegals. Our population will increase by 4 times what it is today in 15 years if current LEGAL trends are followed. 50% of those will be Mexicanos.
Imagine 4 times as many mostly poor people around you now. Who will pay to educate their kids, health care, how much more crime ...our jails are full NOW. Where will the criminals go. Who will pay for more police etc.
The wealthy that the DEMO's supposedly will tax, will simply change their company ownership to be abroad or offshore. No need to pay those nasty DEMO taxes, we'll do biz elsewhere. Less jobs for Americans, less jobs for immigrants. This equals less wages and benefits. Lots of labor, less work ...you get paid less. Supply and demand.

YOU as a taxpayer American will be stripped to the bone of all evidence of your well being as an American to feed the poverty of the millions of immigrants that need your help.

This will all be done under the tutalige of the DO NOTHING Congress ...made up of mostly DEMO's.
This is a simple explanation but it should help you see ...that voting for a DEMO will drive anyone who is middleclass or less into the ground. Our dollar is currently work nearly half of what it was a year ago. WE have TRILLIONS of dollars in national debt. China our major trade advisary owns Billions of dollars of our countries debts. They could break us in a moment if they chose to. We got a bit of a problem with a few Muslim terrorists all across the globe, we are in a war.
Hope this will show you how weak we are ...and how very important it is we do not let our government grow stronger and strangle us with more abuse and taxes.
I sense a DEMO in power will kill the USA off.

Answer 4

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Answer 5

YES!!!! I am a small business owner and have two full time employees and a few contractors. If taxes go up, I can't afford to give them bonuses and pay raises. They in turn will pay more taxes on the income I pay them, which will reduce their buying power they previously had which means not as much shopping... which means more business suffer, and so on.. in a never ending decline.

does that answer your question?

Answer 6

Either way we are in trouble. Increase taxes will hurt the economy. Borrowing more money to avoid taxes devalues the dollar as we have seen recently. What we really need to do is cut spending drastically and that is what Ron Paul wants to do.

Answer 7

They are only going to raise taxes on multi-millionaires and corporations that try to hide their money in the Cayman Islands. The mega rich have you brainwashed stop repeating their propaganda

Answer 8

Historically, Democrats do raise taxes. Of course, it's impossible to predict the future, but how else could they pay for all the government programs (such as socialized medicine) that they want to start?

Raising taxes, historically, is bad for the economy. People have less money to spend, so they buy less. Companies don't make as much money, so they invest less.

Hope that helps.

Answer 9

Keep in mind, that allowing for inflation, republicans have historically had the highest tax increases. Bush is stupidly trying to cut taxes and fund a war at the same time. that just doesn't work. Taxes are a fact of life and increased is part of that.
Think back to 1992 when Bush Sr. said "read my lips..etc." then he turned around and increased taxes.

Answer 10

If Democrats raise taxes at all, it will be on the rich.

Edit: King Arthur-My husband is a small business man. Small businesses always flourish under Democrat administrations; large corporations flourish under Republican administrations. And if a Health Care Plan is passed, you won't have to worry about paying high costs for your employees. Didn't think that one out, did you?

Answer 11

Without a doubt. The first person to answer asks why do you think they will automatically raise taxes. Well let's see. Each one has promised it and tried to sell it to us as our civic duty.

Slick Willy enacted the biggest single tax increase in our nations history.