Why Taxing the Rich to Help the Poor Doesn’t Work

How many of you remember the Comedy Central game show: “Win Ben Stein’s Money?” The host, Mr. Stein, would challenge his opponents in answering trivia questions and actually give away his own money to those who beat him. That show has long been off the air, but the game show host, turned conservative commentator is apparently still OK, with giving away his money…sort of.
According to a recent commentary, from Mr. Stein, he says that even if the democratic presidential candidates take more of his money and give it to the poor, it won’t help the poor get out of poverty. Mr. Stein noted that he is happy to pay his taxes and has no problem signing his income tax check, as he should. However, he says even if you gave the poor all the money from the rich, it still wouldn’t help the poor long-term. He claims it wouldn’t be long before they most likely returned to their bad habits.
That’s because according to Mr. Stein, it takes hard work, dedication and discipline in order for people to be successful and become rich. Mr. Stein’s comments come after Hillary Clinton, and Vermont Senator Bernie Sanders, who are running for president, both recently made comments about wealth inequality in America. Mr. Stein noted that there has “never been a time in history when the poor were made rich by making the rich poor, and I don’t think it will work this time either.”
Mr. Stein also noted that he is all for people making money and becoming wealthy in the U.S., but he does not believe it should come at the expense of those who are currently wealthy. Those who obtain wealth typically reach that status by getting an education, working hard and living with self-discipline.
Testimonials
Testimonials Over the years, the partners and staff at GROCO® have earned the appreciation and respect of their clients. This has been achieved through hard work, expertise, and a dedication to excellent service. Read the following testimonials to see how GROCO® has succeeded in not only meeting but surpassing client expectations. Do you a have…
A Mortgage Refinance with Bad Credit – The Pros and Cons
A Mortgage Refinance with Bad Credit – The Pros and Cons To many, the term ‘bad credit’ is the end of the world when it comes to getting financing in the near future. However, it doesn’t always have to be like that, you can take the bad credit mortgage refinance option! Mortgage refinance vs. equity…
Deducting Job Search Expenses
Deducting Job Search Expenses If you or someone in your family is looking for a new job, you should be aware of the income tax deduction that may be available with respect to job-search costs. Qualifying expenses are deductible even if they don’t result in a new position being offered or accepted. What are job…
Investing in India: Big Splashes and Little Drops
Investing in India: Big Splashes and Little Drops By Elizabeth Bowden-David Last week at our breakfast table here in India, the local business newspaper offered a back-to-back pair of attention-grabbing headlines. First, the homegrown e-retailer Flipkart announced that it had secured $1 billion in fresh capital to support its expansion strategy. The very next day,…