Will the wealthy fire people in their business if their taxes go up?
May 23, 2010 - 5:29 am
We always think of the wealthy as fat cats who are lone operators. Taking some money from them to pay for health care, services, budget deficits seems like a great thing to do. Most people who are wealthy, even actors and musicians employee a good number of people. If they have to pay more in taxes will they lay people off and/or put off hiring new people?
Right on the money! Wealthy people are already leaving high tax states. In many cases when they go, so do the jobs. There is no data to support the notion that they hired replacements elsewhere.
You see, the problem with socialism is that eventually you run out of other people’s money.
May 23rd, 2010 at 10:46 am
The number of wealthy that directly hire people is a small number of the overall number of wealthy. Their effect on the employment rate is miniscule at best. Most of the wealthy got their money by building companies (think Gates, Buffett, Walton, etc.). For these people the corporate hiring equation is not of concern and since their wealth is peripherally tied to the company, added taxes on these folks will not affect how many people WalMart or Microsoft hires over the next few years.
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May 23rd, 2010 at 10:52 am
They will do what they have to do in order to reduce taxes. if that means laying off people, that is what they will do.
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May 23rd, 2010 at 11:04 am
Repeat after me:
"No business person in their right mind hires and fires people based on their taxes. They hire and fire people based on demand for their product."
This is just a right wing scare tactic.
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May 23rd, 2010 at 11:49 am
Right on the money! Wealthy people are already leaving high tax states. In many cases when they go, so do the jobs. There is no data to support the notion that they hired replacements elsewhere.
You see, the problem with socialism is that eventually you run out of other people’s money.
References :
May 23rd, 2010 at 12:15 pm
It’s a lot more complicated than that. If taxes go up, the business makes less money or even loses money. Then the owner has to find ways to cut costs if they want to stay in business. Laying people off might be one of those ways.
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