There was a letter from Robert Wassman in the May 11 Columbian called, “Taxes depress economy.” Let’s review.
“The rich usually keep only a minute portion of their wealth in cash, in a safe, or in a bank.” That bank usually being in Switzerland or the Cayman Islands.
“Almost all of it is invested in whatever industry made them rich.” Or in elevators for cars, and 400-foot yachts (called opulence).
“When the government increases their tax rates, almost all of it must come from downsizing their business, laying off workers, and reducing the amount of goods or services they’d sell to the public at affordable prices.” Or they just outsource millions of American jobs to Asia as started in the 1970s and continuing still today.
