From Fox News Sunday.
“If you tax something more, Chris, you get less of it,” Rep. Paul Ryan (R-WI) told Fox News’ Chris Wallace. “Class warfare, Chris, may make for really good politics, but it makes for rotten economics. We don’t need a system that seeks to divide people and prey on peoples’ fear, envy and anxiety. We need a system that creates jobs and innovation, and removes these barriers for entrepreneurs to go out and hire people. I’m afraid these kinds of tax increases don’t work.”
“This is being called the ‘Buffet rule” because it comes after Warren Buffet, the multi-billionaire owner of Berkshire Hathaway said, ‘I get so much of my money from capital gains, I end up paying a lower effective tax rate than my secretary who gets her money in salary,’” Wallace noted. “What about the question of fairness, sir?”
“What he forgets to mention is that is a double tax,” Ryan insisted. “Capital gains and dividends are taxes on money that has already been taxed once before based on income… It looks like the president wants to move down the class warfare path. Class warfare will simply divide the country more, attack job creators, divide people and it doesn’t grow the economy.”
That’s the way it is – we may not like it, but the rich create jobs. If you attach the rich, they move their capital overseas and the jobs go with the capital. That’s the way the world works. If you tax job creators less, and regulate them less, the jobs stay here.