Quote from nitro:
Ok,
1) For me, it is likely to be detrimental if all I measure is how much money I take home after taxes.
2) For the general economy? Very difficult to say. Most of the employment in this country is done by small businesses. Taxing these guys at $250k is going to cause the following effects: a) Prices are going to rise and be passed on to the consumer. b) small businesses will fire one person to make up for lost profits.
3) On the other hand, there is no way to measure the immense hope that it will give people that felt there was no way out. The smart ones will take this opportunity to raise themselves out of poverty and raise their level of training/education. Now that most of these people [may] no longer have to have two or more jobs just to survive, they may take that spare time to increase their education, and perhaps for the first time in their life take it seriously. That will have huge implications for our economy.
4) The entire rest of the world likely will see us in a more benign light. We will export medicine, technology, education, services, etc etc, instead of bombs. That should make our world safer and will create new customers.
In conclusion, I think it will overall be beneficial to us all, even though out of my pocket I will pay for it in the short term.
nitro
