Thomas Sowell (December 7, 2010) entered the debate concerning what some call "tax cuts for the rich," a debate for the "lame duck" session of congress. For him, what those who are arguing against "tax cuts for the rich" are promoting is raising the tax rates on families making $250,000 a year and up. A husband and wife making $125,000 a year each are not rich. If they have a kid going to one of the many colleges charging $30,000 a year (in after-tax money) for tuition alone, they are not likely to feel anywhere close to being rich. Many people earning an annual income of $125,000 a year do so only after years of earning a lot less than that before eventually working their way up to that level. For politicians to step in at that point and confiscate what they have invested years of working to achieve is a little much.
he then points out that much of th rhetoric concerns taxing "millionaires and billionaires" when most of the people whose taxes the liberals want to raise are neither. He then asks, Why is so much deception necessary, if your case is good? Those who own their own small businesses have usually reached their peak earnings many years after having started their business, and often operating with very low income, or even operating at a loss, when their businesses first got started. He thinks it highly inappropriate for the politicians to step in at this point.
One thing to remember - Often, millionaires and billionaires will be in favor of raising taxes, largely because their wealth is not taxed. They are at a high enough wealth level that tax rates will not affect their style of life, and will not increase their taxes, generally because real millionaires and billionaires have their wealth safely stowed in tax shelters
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