Reply to Do you think taxes will increase to pay for the nation's debt?

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[quote=Anonymous][quote=Anonymous]If you try to tax the truly wealthy, they will just leave. It’s better that they stay and hire staff and buy goods here.[/quote]

I think a lot of local economies and products/services are supported by middle classes with upper middle spending and borrowing.  "truly wealth", I am guessing is what we call mega wealth (ultra high networth individuals) do spend, but they spend differently.  It would be interesting to see how much they truly contribute to local economies, local businesses, retail, dining, etc.  IDK if anyone had done such analysis but it's way overdue to break down how ultra wealthy spend and where it usually goes and who benefits from their spending.  Also comparing their investment in creation of businesses that employ people on middle/upper middle class pay with how much tax breaks they get by not living off W2 or other forms of highly taxable incomes.  I am guessing a lot of "we need ultra wealthy to prop our economy" is bunk. But IDK really.[/quote]

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