In the Bible, you will read about robbing Peter to pay Paul.
Althought there might have been some token tax relief for some individual taxpayers in lower income groups, there was no tax relief for higher income or corporations. If you tax higher income or corporate groups more then they will just pass it on to the lower income groups. For example, the higher income family might hire a gardener, a nanny, a landscaper, contract out to get their house remodeled, a babysitter etc. Now they are getting taxed more this year, then they will simply do without some of those luxuries. What about all the products and services in the community that the higher income families utilize? Lets take the Lexus dealership. Hundreds of people in the local community work there to include mechanics, salesmen, secretaries, etc. What happens to them when the higher income families decide to wait another year to buy nother Lexus? All those boats out in the harbor require hundreds or thousands of laborers in the process of manufacture, upkeep, etc.
A big bank like JPMorgan employs well over 200,000 people. So if you impose more taxes on them then they will just slash their work force or simply not hire any additional people on. Tax raises on a company like JPMorgan could easily put 15-20000 people out of work in a flash.
So when you raise the taxes on corporations or high income earners, then someone is going to be put out of work. The nanny, the bank teller, etc....You might be jealous of some high income guy who owns a jet or a ship, but lets face it...they employ multitudes of people in the process of owning such luxury items. If they no longer buy a ship or jet, then you are putting out of work a lot of people...
You cannot rob Peter to pay Paul. They understood that concept 2000 years ago, however for some reason, its not being understood today.
Obama lives in a mansion isolated from the realities of the world. He sits behind a large fence and has made millions from book sales. He imposes taxes on these banks while giving a small token tax cut to the little man. If he went into the local JPMorgan/Chase bank and realized that Ms. Smith, bank teller, is no longer there due to his tax raises and penalties then he would see the error of his ways. As it stands, he does not see any of that and just reads from the teleprompters from day to day what others have written for him...the truth is that he is punishing the humble man who voted for him. The rich man or big corporate bank can still live comfortably without Ms. Smith, but the reality is that Ms. Smish cannot live without the rich man or big corporate bank...
Quote from longleaf:
Demand was pulled forward for too long. As for taxes, the ARRA did lower taxes for most taxpayers. Maybe they weren't lowered for the top few percentiles, so you don't hear any applause for this sort of tax cut from the corporate media.
