Monday, March 17, 2008

The rich, rich, rich will always bitch, bitch, bitch

posted by Bill Arnett @ 1:47 PM Permalink

Since I read this post by our very own The Vidiot (accept no imitations or substitutes) from last Friday, a posting regarding Bloomberg of New York making the usual Rethug claims that if taxes go up on the rich the rich will get going and desert the markets in which they made their fortunes.

Her excerpt:
Raising taxes on the city's wealthiest residents will simply send them packing, Mayor Bloomberg warned yesterday as he denounced a plan to impose a higher income tax on those earning $1 million or more.
"If you were to raise taxes on a particular group of people, their alternative is moving out of the city and taking with them all of the revenues they generate, their businesses and everything else," the billionaire mayor said.
This statement really seemed off to me, and it is only this morning that I realized why.

As I said above, why would millionaires and billionaires desert the very markets that afforded them the opportunity to make their fortunes? Doesn't this seem childish beyond belief? It's like a kid who's won 6,754 marbles playing in New York, but because he or she loses 2,754 marbles in taxes the kid will leave New York forever for climes less green and fruitful? Or move to a market where it would be impossible to accumulate that many marbles?

I call b.s. on this fallacy that the rich will leave the very markets where they made their fortunes, at great expense and inconvenience, and that would consume much more money than a simple return to the amount of taxes being paid pre-bush. And with absolutely no guarantee of future success after leaving their money-trees behind for less secure and stable markets.

The Rethugs sold America a bill of goods. They have overseen the greatest transfer of wealth from the poor to the rich in the history of man (with the possible exception of the Catholic Church, where at least they are honest enough to wear their golden robes and eat and drink from gold and silver chalices while staring admiringly at the gazillion dollars of artwork they have…uh…acquired by means known only to church insiders).

This bill of Rethug goods has bankrupted this country, destroyed our economy, broken our banking systems, and they STILL want ever more.

I say raise the taxes back to levels that will mean actual help for the least amongst us and that if the Rethugs want to pick up their marbles and abandon some of the formerly greatest money-generating markets, LET THEM.

You could bet your last dollar that new wanna-be entrepreneurs and up and coming millionaires and billionaires will happily take over every single business niche that made those that preceded them enormously wealthy if they follow through on their scare-mongering threats to leave the places where they acquired their own wealth.


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