‘Tax the rich when things aren’t going well.’
I introduce you to Larry Summers’ fail-safe strategy for boosting the economy. Larry Summers, if you recall, was the architect of the stimulus package.
Summers’ “ideas”: Let’s tax their stock gains before they cash them and let’s close the loophole called the Estate Tax.
Rich people, for Summers, are the problem not the solution.
Why are rich people rich? They have money and they take risks, and these two factors are key in stimulating the economy. What Summers is advocating would reduce income and incentive to take risks, which would have a negative effect on the economy as a whole.