Taxing the rich would prevent job creation, and here is the reason why:
One example: An Asian Indian I know, he came to the United States legally, got a bachelors degree in engineering - this was in the early 1980s.
Now he owns two factories and employees several hundred people. If he had been taxed at 70% - 90% he would not have had the money to reinvest. Those new jobs would not have been created as the money would have been in the hands of the government. The employees get full benefits such as health insurance, vacation, 401k, paid holidays.... and this is not a union job.
There are part of the one 1% who create jobs. When was the last time you had a payroll of $100,000 a week? That is how much one company I worked for paid out in wages along every week.
The question is, how would you tax the 1% at 70% - 90%, but still allow those people to create jobs?
Or maybe not tax the job creators and jus tax people who build wealth through stocks and bonds? Then again, that would prevent people from investing. If someone is going to be taxed at 70%, why would they risk investing in a start up comapny?
One of the benefits of investing in a start up is big risk, big reward. What would happen when the government takes 70% of that reward?
Even Forbes says lower taxes helps create jobs:
Trump's Tax Cut Leads To Doubling Of Job Growth In Low-Tax States Vs. High-Tax
https://www.forbes.com/sites/chuckd...-of-job-growth-in-low-tax-states-vs-high-tax/
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