Obama will NOT tax the rich (1 Viewer)

[Mookie Blaylock]

OK, so I actually read the article. It is all about another bailout plan that the Dems in Congress and Obama are working on to implement very soon after Obama is inaugurated in order to send a jolt through the economy. They want Bush and the Repubs to do something now but they are balking so this is plan B. This is a quick hit, shot in the arm package. This is not the augmentation to the tax code he has promised throughout his campaign. He was simply asked if tax increases for the rich would be in this bill and he said it would not. That does not preclude it from being in any other legislation.Trollschochet needs a hobby other than cherry picking lines from articles (and conveniently not linking the original)...This guy is a joke....

A joke who likes to post other peoples material as his own.

 

[KnowledgeReignsSupreme]

Good news. We raised taxes during the Depression. Didn't work out so well.

 

[Desert_Power]

Non story, he is still letting Bush's tax cuts expire.

 

[Thunderlips]

I didn't bother to read anybody else's post, but let me see if I get this right.Obama is now declaring that if he taxes rich people, it will harm the economy? What about being Patriotic??So...basically he lied for the last 24 months and is no different than any other politician, except he's better at convincing people he's different.Gotcha.

Living proof that people are so hating on Obama,they will hate whether he does the right thing or the wrong thing in their eyes.I've excommunicated these right wing extremists from my life..

I'm an extremist because the guy who got elected President has run on a platform of taxing people who make more than 250k annually, and then immediately changes his position post-election?It's pretty much been discussed ad naseum around here for the last year.I can see you'll buy into the bullsh!+ for a long, long time. Go ahead...close your eyes, cover your mouth and suppress your ears.

Are you a liberal who voted for him?

 

[Chadstroma]

As it turns out.... more taxes hurts the economy. Huh.

 

[mattdaddy]

More signs point to intelligent life in the white house. Good news. Now where is that reset button for congress?

 

[Ray Stevens]

More signs point to intelligent life in the white house. Good news. Now where is that reset button for congress?

Once Al Franken gets there he'll whip'em into shape.

 

[timschochet]

Trollschochet needs a hobby other than cherry picking lines from articles (and conveniently not linking the original)...This guy is a joke...A joke who likes to post other peoples material as his own.

Sorry, I was gone for a couple of hours. The reason I didn't link the story in the first place is because I'm lame at linking stuff. I figured by putting it in italics, people would figure out I was not trying to pass it off as my own. Also, I didn't cherry pick- that was the entire article, off of Yahoo.com. The Fanatic may be referring to another article, I have no idea.Now on to the more important stuff: I argued all summer that progressive taxation is always a bad idea. Then when the economic crisis hit, I argued that even if you believed in it, we can't afford it now. Apparently, Obama has come to this same line of logic, and more power to him. Will he allow the Bush tax cuts to expire? We'll find out in a couple of years, but I'm betting that unless things are a whole lot better, the answer will still be no.How then, people ask, are we to pay for the bailouts, our current expenditures, and all of the other things that Obama is promising? Here are my thoughts, and what I HOPE is going to happen:1. Obama is going to table most of his campaign promises for the time being, because we can't afford them. The two exceptions may be an alternative energy "Manhattan Project", which I am in favor of, and Universal Health Care, which I am not in favor of. However, I do recognize now that a universal health care plan might allow us to lower benefits for the unions, and thus do more long term for the auto industry than even the bailout will.2. We need to get out of Iraq as quickly as possible. That's 12 billion a month in savings right there.3. As for the rest, I hate to say it, but wejust keep borrowing against the future. We have no choice at this point but to accept the Keynesian model of economics. The engine needs to be fed; we've simply got to keep the economy growing. If the economy grows enough, all of these expenditures may turn out to be miniscule in the long run. It seems to me this is the only solution. It would be nice if Obama were to significantly cut some unnecessary government programs. I'm not sure he the guy for this, but we'll see.

 

[jonessed]

I didn't bother to read anybody else's post, but let me see if I get this right.Obama is now declaring that if he taxes rich people, it will harm the economy? What about being Patriotic??So...basically he lied for the last 24 months and is no different than any other politician, except he's better at convincing people he's different.Gotcha.

Living proof that people are so hating on Obama,they will hate whether he does the right thing or the wrong thing in their eyes.I've excommunicated these right wing extremists from my life..

Lucky them. How extreme does one have to be to get on this list?

 

[timschochet]

Your nonsense is way more interesting to me. 1) You pledge not to start any more threads;2) But you are so desperate to start threads you create an alias for the purpose, apparently, of circumventing your pledge;3) You freely acknowledge that you are breaking your pledge in this way, yet continue to go through the motions;4) You log back in as yourself to comment on the threads started by your alias, exclaiming "wow."No tax policy thread can possibly top this level of insanity.

1. I made that pledge because I was sick of the complaints about starting new threads. That was over 2 months ago, and since that time, I have started two threads in the FFA, including this one. I've since realized that people are going to complain no matter what I do, so guess what? The pledge is done. I'll start threads when something interests me. They won't be as often as before. Feel free to respond or ignore them, as you'd like.2. I didn't create Ayn Rand to start new threads; ( I created this alias a month ago, and this is the first thread I've started since.) Ayn Rand was created because I thought that, in these times, her ideas are of special importance and needed to be expressed.3. I thought (and still think) this story was great news and worth discussing. In retrospect, I simply should have started the thread under Timschochet. But I didn't. So what?I don't mind be called insane, Ray. my purpose here is and has always been to engage in good discussions and arguments about issues that are interesting to me. However I get there is fine by me. I'm certain that, if you want to, you'll discover more contradictions, hypocrisies, and inanities that I am responsible for in the future. The one thing you were right about: it's not shtick.

 

[jonessed]

Thankfully we understand the economy a lot better than in FDRs time. If the recession turned into a depression he would be one and done. He needs two terms to push most of his big government goals.

 

[Ray Stevens]

I think we've all learned an important lesson here.

 

[KnowledgeReignsSupreme]

I think we've all learned an important lesson here.

Yes. Don't raise taxes.

 

[Hammered Finz]

I think we've all learned an important lesson here.

Don't believe politicians campaign promises?

 

[IvanKaramazov]

I think we've all learned an important lesson here.

A timschochet alias is no match for an FGILC alias?

 

[Ray Stevens]

Apparently there are many different lessons to be learned from this episode.

 

[Chadstroma]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

 

[TheFanatic]

Now on to the more important stuff: I argued all summer that progressive taxation is always a bad idea.

All summer huh? What about last Summer? What about the 93 summers before that. We've had a Progressive tax since 1913, it's not until Obama wants to tweak the bracket for the top earners back to what they were under Reagan and Clinton did anyone complain about it other than flat tax folks. I just love how everyone is against the progressive tax once it is labeled socialist by a failing campaign yet no one cared 10 years ago or 30 years ago or 50 years ago....

 

[bigbottom]

2. I didn't create Ayn Rand to start new threads; ( I created this alias a month ago, and this is the first thread I've started since.) Ayn Rand was created because I thought that, in these times, her ideas are of special importance and needed to be expressed.

 

[TheFanatic]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

But raising taxes has surprising positive impacts on reducing the debt...I for one would be happy to pay extra so my 7 month old son doesn't have to...I'm unselfish like that though and not all about me, me, me....

 

[TheFanatic]

2. I didn't create Ayn Rand to start new threads; ( I created this alias a month ago, and this is the first thread I've started since.) Ayn Rand was created because I thought that, in these times, her ideas are of special importance and needed to be expressed.

Wow, how did I miss this nugget of wisdom? Thanks BB for pulling this out for those of us that missed it to point and laugh at...

 

[bigbottom]

I argued all summer that progressive taxation is always a bad idea. Then when the economic crisis hit, I argued that even if you believed in it, we can't afford it now. Apparently, Obama has come to this same line of logic, and more power to him. Will he allow the Bush tax cuts to expire? We'll find out in a couple of years, but I'm betting that unless things are a whole lot better, the answer will still be no.

If Congress wants the tax cuts to expire, there isn't much Obama can do about it.

 

[CrossEyed]

I'm amazed there's not more people coming in here to praise Obama, as I am doing, and taking back what we wrote about him before. During the campaign, when there were threads about Obama raising taxes, they would go on for pages and pages. Words like "socialism" were thrown around. I admit I was wrong about Obama. Where are all the other critics who were shouting how left wing he is?

I will wait till he gets in office and does something before my mind is changed......but you can praise and worship him all you want.

So far the only thing I know is that he's not really any different than any other politician. Say what you need to say to get elected and then explain why you can't do the things you said you would do. He may turn out to be a great President. He may turn out to be a fraud. No way to know right now.

 

[Ray Stevens]

2. I didn't create Ayn Rand to start new threads; ( I created this alias a month ago, and this is the first thread I've started since.) Ayn Rand was created because I thought that, in these times, her ideas are of special importance and needed to be expressed.

I think this is the same reason that You Buy Wadded Up Paper Now! was created.

 

[Chadstroma]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

But raising taxes has surprising positive impacts on reducing the debt...I for one would be happy to pay extra so my 7 month old son doesn't have to...I'm unselfish like that though and not all about me, me, me....

It is kind of hard to pay more taxes if you do not have a job because the economy is in the dumps. What do you think will be better for your 7 month old son... less taxes and a healthy economy which means more revenue or more taxes and a destroyed economy which means less revenue?

 

[B-Deep]

Wow.

Did you really just start a thread with your alias, then log back in as yourself to say "wow"?

Timschochet is pledged not to start any more threads until January.But forget my nonsense, Ray. What do you think of the news?

Your nonsense is way more interesting to me. 1) You pledge not to start any more threads;2) But you are so desperate to start threads you create an alias for the purpose, apparently, of circumventing your pledge;3) You freely acknowledge that you are breaking your pledge in this way, yet continue to go through the motions;4) You log back in as yourself to comment on the threads started by your alias, exclaiming "wow."No tax policy thread can possibly top this level of insanity.

choch...this is the SECOND time you have broken your pledge in hereyour word is meaningless, you have no honorgood day sir

 

[shining path]

Yeah, it's ######ed. Is it any different than the Clifton/Finless/etc garbage? No.

I think it's different. Clifton/Finless/etc. do it for shtick. Timschochet's motive is that he is incapable of not posting threads about tax policy but feels honor bound to pretend to adhere to a pledge that he's actually not adhering to.

He's not even pretending at this point. That's what's cool about it.

 

[shining path]

I think we've all learned an important lesson here.

A timschochet alias is no match for an FGILC alias?

It's more of a Fat Max alias that's been pirated by FGLIC like a Saudi tanker off the Somali coast.

 

[Mr.Pack]

Props to BO for this move.I wonder what the Kos crowd thinks?

What move exactly? He hasn't done a damn thing.

Well except for basically admitting here that McCain WAS right.

 

[Banger]

Props to BO for this move.I wonder what the Kos crowd thinks?

What move exactly? He hasn't done a damn thing.

Well except for basically admitting here that McCain WAS right.

you mean Obama is going to increase the Bush tax cuts?Letting Bush tax cuts expire <> increasing Bush tax cuts.

 

[TheFanatic]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

But raising taxes has surprising positive impacts on reducing the debt...I for one would be happy to pay extra so my 7 month old son doesn't have to...I'm unselfish like that though and not all about me, me, me....

It is kind of hard to pay more taxes if you do not have a job because the economy is in the dumps. What do you think will be better for your 7 month old son... less taxes and a healthy economy which means more revenue or more taxes and a destroyed economy which means less revenue?

But I have a job. currently the unemployment rate is under 7%. That is not the great depression part II. Raising taxes on the top 5% of the country does not have a major impact on employment rates. How much actual buying power does the top 5% have? Not nearly what the middle class has. Because a VP at my company gets taxed more does not mean he's going to be looking to cut jobs. Moving his tax rate back to what it was when Clinton and Reagan were in the WH will not cost me my job....

 

[timschochet]

Props to BO for this move.

I wonder what the Kos crowd thinks?

What move exactly? He hasn't done a damn thing.

Well except for basically admitting here that McCain WAS right.

you mean Obama is going to increase the Bush tax cuts?Letting Bush tax cuts expire <> increasing Bush tax cuts.

This is driving me crazy. Are you guys incapable of giving this guy any credit at all??IF and WHEN the Bush tax cuts are allowed to expire, I will at that time criticize Obama or Congress or both or whoever is responsible. But the fact that he's not going to increase them right now is something we should all applaud. Some of you are not going to be happy with Obama no matter what he does.

I don't believe it's ever unpatriotic to criticize a President or politician. But when they perform actions that you approve of, and you still choose to attack them simply because you're not prepared to ever admit that they might have done something right, well, that is an attitude I have very little respect for.

 

[TheFanatic]

Props to BO for this move.

I wonder what the Kos crowd thinks?

What move exactly? He hasn't done a damn thing.

Well except for basically admitting here that McCain WAS right.

you mean Obama is going to increase the Bush tax cuts?Letting Bush tax cuts expire <> increasing Bush tax cuts.

This is driving me crazy. Are you guys incapable of giving this guy any credit at all??IF and WHEN the Bush tax cuts are allowed to expire, I will at that time criticize Obama or Congress or both or whoever is responsible. But the fact that he's not going to increase them right now is something we should all applaud. Some of you are not going to be happy with Obama no matter what he does.

I don't believe it's ever unpatriotic to criticize a President or politician. But when they perform actions that you approve of, and you still choose to attack them simply because you're not prepared to ever admit that they might have done something right, well, that is an attitude I have very little respect for.

Whatever Tim. Tell us again how it has been your lifelong quest to eliminate the Progressive tax you have been paying your entire adult life....

 

[timschochet]

But I have a job. currently the unemployment rate is under 7%. That is not the great depression part II. Raising taxes on the top 5% of the country does not have a major impact on employment rates. How much actual buying power does the top 5% have? Not nearly what the middle class has. Because a VP at my company gets taxed more does not mean he's going to be looking to cut jobs. Moving his tax rate back to what it was when Clinton and Reagan were in the WH will not cost me my job....

Almost everything you wrote here, other than "But I have a job", is wrong, IMO:1. The latest unemployment figures do not reflect all of the companies slated to close down after the first of the year, especially in retail. It's already effectively higher than 7%, and will increase throughout 2009.2. This could very well be the Great Depression part 2; the only question is what we are prepared to do about it.3. Raising taxes on the top 5% of the country, which would include most of the larger corporations, would have a significant and dramatic effect on employment rates. 4. While I do not know the exact ratio between the buying power of the top 5% as compared to the middle class, I'm almost 100% certain it is more signifcant than you are stating here. Furthermore, reducing the buying power of the rich will also reduce the buying power of the middle class.5. Taxing a VP at your company more may not mean a cut in jobs; however, taxing the company's earnings more almost certainly will mean a cut in jobs.6. I hope that a change in the tax rates will not cost you your job. There are plenty of people, however, who will not be so lucky.

 

[timschochet]

Props to BO for this move.

I wonder what the Kos crowd thinks?

What move exactly? He hasn't done a damn thing.

Well except for basically admitting here that McCain WAS right.

you mean Obama is going to increase the Bush tax cuts?Letting Bush tax cuts expire <> increasing Bush tax cuts.

This is driving me crazy. Are you guys incapable of giving this guy any credit at all??IF and WHEN the Bush tax cuts are allowed to expire, I will at that time criticize Obama or Congress or both or whoever is responsible. But the fact that he's not going to increase them right now is something we should all applaud. Some of you are not going to be happy with Obama no matter what he does.

I don't believe it's ever unpatriotic to criticize a President or politician. But when they perform actions that you approve of, and you still choose to attack them simply because you're not prepared to ever admit that they might have done something right, well, that is an attitude I have very little respect for.

Whatever Tim. Tell us again how it has been your lifelong quest to eliminate the Progressive tax you have been paying your entire adult life....

I wouldn't say it was lifelong. But ever since college, yes!

 

[Chadstroma]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

But raising taxes has surprising positive impacts on reducing the debt...I for one would be happy to pay extra so my 7 month old son doesn't have to...I'm unselfish like that though and not all about me, me, me....

It is kind of hard to pay more taxes if you do not have a job because the economy is in the dumps. What do you think will be better for your 7 month old son... less taxes and a healthy economy which means more revenue or more taxes and a destroyed economy which means less revenue?

But I have a job. currently the unemployment rate is under 7%. That is not the great depression part II. Raising taxes on the top 5% of the country does not have a major impact on employment rates. How much actual buying power does the top 5% have? Not nearly what the middle class has. Because a VP at my company gets taxed more does not mean he's going to be looking to cut jobs. Moving his tax rate back to what it was when Clinton and Reagan were in the WH will not cost me my job....

It is not impossible to end up in the Great Depression Part II with the wrong policies. The Great Depression was avoidable but error after error made it happen- including raising taxes. So, that VP in your company paying more in taxes does not impact you? I think that is shortsighted. If the VP watches as he is getting less in take home and the psychological impact that most everyone is feeling is at play as well, then he is more than likely not going to go out to dinner that much and maybe not buy the shiny new BMW he had his eye on. That has real impact on real people and real business that are not being taxed more. At some point that can impact you in most any industry. Further, why is Obama not following through on his campaign promise and repeal it right away? Because he knows that doing so now would not have any impact? Because higher taxes on the rich have no impact? Because it will not cost jobs? Because it will not impact the economy? Obviously Obama understands something you do not.

 

[Black Label Society]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

Yes, except when your have a "- D" behind your name on a ballot in November of an even numbered year.Here's the part that fries my chicken. These Obamaniacs (and not all Obama supporters are maniacs FWIW) will say "he's doing what's best for the country", etc., as an explanation why he's ALREADY deviating from him campaign platform. If you wanted a guy who realized that taxing anybody is bad, you should've voted for McCain.

 

[Delusions Of Adequacy]

Do any of you really believe Obama is certain about any actions he may or may not take as president at this point?

 

[Marvelous]

I think we've all learned an important lesson here.

Yes. Don't raise taxes.

Raise taxes before the crap hits the fan.

 

[CrossEyed]

Do any of you really believe Obama is certain about any actions he may or may not take as president at this point?

He's pretty much been making it up as he goes along, so I don't really expect the next 4 years to be any different.

 

[Marvelous]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

Deficit spending can cover up a sick economy for a while, but not indefinately. So after 8 years, we have huge budget deficits AND a sick economy. Not a good arguement for massive tax cuts.

 

[Marvelous]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

But raising taxes has surprising positive impacts on reducing the debt...I for one would be happy to pay extra so my 7 month old son doesn't have to...I'm unselfish like that though and not all about me, me, me....

It is kind of hard to pay more taxes if you do not have a job because the economy is in the dumps. What do you think will be better for your 7 month old son... less taxes and a healthy economy which means more revenue or more taxes and a destroyed economy which means less revenue?

No Bush tax cuts in 2001 and 2002. Everyone wins. There is no financial crisis. There is no or little budget deficit (unless Bush thougth a surplus is a mandate to start a 3rd war), and Fanatic's 7 month old son isn't paying for our debts.To all the tax cut advocates, you can't cut taxes forever and keep raising revenue. Common sense says as some point it will do more damage than good.

 

[TheAristocrat]

I think we've all learned an important lesson here.

Yes. Don't raise taxes.

Raise taxes before the crap hits the fan.

Are you suggesting that crap hasn't hit the fan yet?

 

[TheAristocrat]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

Deficit spending can cover up a sick economy for a while, but not indefinately. So after 8 years, we have huge budget deficits AND a sick economy. Not a good arguement for massive tax cuts.

Can we cut spending?

 

[Statorama]

Props to BO for this move.I wonder what the Kos crowd thinks?

What move exactly? He hasn't done a damn thing.

Well except for basically admitting here that McCain WAS right.

you mean Obama is going to increase the Bush tax cuts?Letting Bush tax cuts expire <> increasing Bush tax cuts.

For the record, McCain was campaining on a promise of making the Bush tax cuts permanent, not increasing them.

 

[Marvelous]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

But raising taxes has surprising positive impacts on reducing the debt...I for one would be happy to pay extra so my 7 month old son doesn't have to...I'm unselfish like that though and not all about me, me, me....

It is kind of hard to pay more taxes if you do not have a job because the economy is in the dumps. What do you think will be better for your 7 month old son... less taxes and a healthy economy which means more revenue or more taxes and a destroyed economy which means less revenue?

But I have a job. currently the unemployment rate is under 7%. That is not the great depression part II. Raising taxes on the top 5% of the country does not have a major impact on employment rates. How much actual buying power does the top 5% have? Not nearly what the middle class has. Because a VP at my company gets taxed more does not mean he's going to be looking to cut jobs. Moving his tax rate back to what it was when Clinton and Reagan were in the WH will not cost me my job....

My employer is making boat loads of money. It has laid off 30% of its workforce the last two months and does serial mass layoffs. I guess it also creates jobs, hiring new people every year too. If tax cuts are supposed to create jobs, TELL MY EMPLOYER. They apparently did not get the message.

 

[Marvelous]

But I have a job. currently the unemployment rate is under 7%. That is not the great depression part II. Raising taxes on the top 5% of the country does not have a major impact on employment rates. How much actual buying power does the top 5% have? Not nearly what the middle class has. Because a VP at my company gets taxed more does not mean he's going to be looking to cut jobs. Moving his tax rate back to what it was when Clinton and Reagan were in the WH will not cost me my job....

Almost everything you wrote here, other than "But I have a job", is wrong, IMO:1. The latest unemployment figures do not reflect all of the companies slated to close down after the first of the year, especially in retail. It's already effectively higher than 7%, and will increase throughout 2009.

2. This could very well be the Great Depression part 2; the only question is what we are prepared to do about it.

3. Raising taxes on the top 5% of the country, which would include most of the larger corporations, would have a significant and dramatic effect on employment rates.

4. While I do not know the exact ratio between the buying power of the top 5% as compared to the middle class, I'm almost 100% certain it is more signifcant than you are stating here. Furthermore, reducing the buying power of the rich will also reduce the buying power of the middle class.

5. Taxing a VP at your company more may not mean a cut in jobs; however, taxing the company's earnings more almost certainly will mean a cut in jobs.

6. I hope that a change in the tax rates will not cost you your job. There are plenty of people, however, who will not be so lucky.

Number 3 is incorrect. Obama has never proposed increase the corporate income tax. And most corporations pay under corporate taxes, not personal income taxes. Smaller businesses that are not incorporated (such as sole proprietors) pay taxes under the personal income taxes. But their income and their companies incomes are really one in the same.

 

[Marvelous]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

Deficit spending can cover up a sick economy for a while, but not indefinately. So after 8 years, we have huge budget deficits AND a sick economy. Not a good arguement for massive tax cuts.

Can we cut spending?

Based on the track record of Reagan, Bush, Clinton, and Bush, no, we can't. And that is 20 out of 28 years wth Republican presidents.

 

[Marvelous]

I think we've all learned an important lesson here.

Yes. Don't raise taxes.

Raise taxes before the crap hits the fan.

Are you suggesting that crap hasn't hit the fan yet?

I have already posted that right now is the worst possible time to raise taxes. But the flip side is the best time to raise taxes is when the economy is healthy, It is also the time to balance the budget and start paying off the national debt.The Bush tax cuts are partly to blame for the budget deficits and the finnaical crisis. It wasn't right to cut taxes back then and go into massive debt.

 

[Chadstroma]

I think we've all learned an important lesson here.

Yes, raising taxes is bad for the economy.

But raising taxes has surprising positive impacts on reducing the debt...I for one would be happy to pay extra so my 7 month old son doesn't have to...I'm unselfish like that though and not all about me, me, me....

It is kind of hard to pay more taxes if you do not have a job because the economy is in the dumps. What do you think will be better for your 7 month old son... less taxes and a healthy economy which means more revenue or more taxes and a destroyed economy which means less revenue?

No Bush tax cuts in 2001 and 2002. Everyone wins. There is no financial crisis. There is no or little budget deficit (unless Bush thougth a surplus is a mandate to start a 3rd war), and Fanatic's 7 month old son isn't paying for our debts.To all the tax cut advocates, you can't cut taxes forever and keep raising revenue. Common sense says as some point it will do more damage than good.

Please provide one instance in the world's history that high taxation was good thing for a country. Meanwhile, history is filled with examples of high taxation ruining economies and countries.