Actions speak louder than words.
- A lot of people will lose their jobs or have their hours reduced.
- Businesses will close and the jobs they created will disappear.
- This will affect small businesses heavily.
- Young people will lose that “entry-level” job opportunity.
- Having a entry-level position usually teaches an individual – new to the work force – basic responsibilities (e.g. showing up on time, working together with others, knowing how to follow instructions, providing customer service, etc.)
- No one can get the better job until they have their FIRST job.
- The cost of ALL workers will have to go UP.
- Increase in labor cost to workers – will lessen the profit of that business
- If there’s less profits – the unintended consequence is that the business will cut the hours (as referred above), hire less people, and not expand their business.
- Fewer people will open businesses.
- A company that does not exist never employs anyone.
- Prices for everything will go up
At the 1:10 minute mark.
He does make a valid point.
It doesn’t matter what kind of business you operate or if you’re just an employee for a company… Under the progressive tax system, the more money that you make, the higher tax bracket you’ll be put in and more taxes you’ll pay out of your own pocket.
Obviously, the higher tax bracket you start being into, you find ways to lower your taxes or you just work less.
This adds on to what one of John Stossel’s videos mentioned, the higher the taxes there is imposed – the wealthy or big businesses making big bucks find ways to lessen their taxable income (e.g. work less hours) or move their business outside were they can utilize favorable tax incentives, etc.
Concept of basic Economics of “Cause and effect.”