| Some of the wealthy need to reconsider why they're favoring Republicans. Even if you have slightly lower taxes, the economy grows more under a Democratic president and raising taxes to eliminate the deficit will lead to lower inflation. Low inflation and more gains in the stock market should be appealing enough to accept a little higher taxes.
How much would income taxes have to go up anyway, by 10%? So someone currently paying 20% would end up with maybe 22%? (less, I suppose, because of tax brackets)
Let's not forget that lower inflation would make the country more attractive for foreign investors and might hold off the pricing of oil in Euros. Long-term, this should be a no-brainer... and if you have a significant net worth, why would you care about tiny short-term gains? |