Despite the fact that this video is from 2011, it holds great truth to the way in which the economy is running today.
This young venture capitalist claims that taxing the rich will induce economic growth once again. This begs me to question why governments in developed countries ever started creating major tax breaks for the millionaires and billionaires of this world? As I have said previously, I am in no shape or form a radical socialist, however when I see middle class families in Ireland being squeezed for every cent in tax to cure Ireland’s debt burden, I question the world. To make matters even more crazy, these greedy rich boys created the financial mess we are in today.
So why are the governments constantly squeezing money from the middle class if they
are the principle consumers? This feed-back loop Nick Hanauer speaks seems like common sense, so what’s the problem?