Gameboy, Can I get you on record saying that lowering taxes on businesses/business owners is a bad thing?
And I am freaking DELIGHTED you made the mistake of mentioning the rich buying megayachts. That you did is so ironic as to make me feel bad for those that think that way.
I'll explain: the rich guys buy an insanely expensive yacht. Most likely built in the US by dozens of "us regular guys". Let's say this yacht has loads of fiberglass... Who makes that fiberglass? Who makes the resin? Who drives the truck that delivers that resin and fiberglass?
Does the yacht use paint? Yes, gallons of expensive paint. Who makes the paint? Who delivers the paint? Who manufactures the compressor and gun to apply that paint? Who maintains the compressor? Who builds the truck that the maintance guy drives, who makes the tires on that truck?
Who makes the leather and the flooring and the cabinets, the steering wheel, the fabrics, the countertops, the stainless steel, the electronics...
Think about the HUNDREDS of real people that are employed just to make one of your irksome magayachts.
Then you say jobs are created by "demand" while at the same time decrying the rich for creating the demand.
Not trying to be a jerk but you guys need to come up with a much better, entirely new argument.
"When Congress imposed a 10 percent luxury tax on yachts, private airplanes and expensive automobiles, Sen. Ted Kennedy and then-Senate Majority Leader George Mitchell crowed publicly about how the rich would finally be paying their fair share of taxes. What actually happened is laid out in a Heartland Institute blog post by Edmund Contoski titled "Economically illiterate Obama, re: Corporate Jets" (7/12/2011).
Within eight months after the change in the law took effect, Viking Yachts, the largest U.S. yacht manufacturer, laid off 1,140 of its 1,400 employees and closed one of its two manufacturing plants. Before it was all over, Viking Yachts was down to 68 employees. In the first year, one-third of U.S. yacht-building companies stopped production, and according to a report by the congressional Joint Economic Committee, the industry lost 7,600 jobs. When it was over, 25,000 workers had lost their jobs building yachts, and 75,000 more jobs were lost in companies that supplied yacht parts and material. Ocean Yachts trimmed its workforce from 350 to 50. Egg Harbor Yachts went from 200 employees to five and later filed for bankruptcy. The U.S., which had been a net exporter of yachts, became a net importer as U.S. companies closed. Jobs shifted to companies in Europe and the Bahamas. The U.S. Treasury collected zero revenue from the sales driven overseas."