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Neil Cavuto Wants Us All To Cater To The Wealthy

Reported by Guest Blogger - November 15, 2009 -

Guest blogged by Brian

On last Monday’s (11/9/09) Your World, Neil Cavuto argued that if we don’t base our tax policy around pleasing the rich, then we’re all screwed. Can you say "self- serving?" With video.

Cavuto began, "Let me ask you something. If you were just audited by the IRS and you faced a huge tax bill or your furnace and hot water heater both blew up at exactly the same time, would you be in a mood to spend any time soon? Probably not."

Cavuto continued, "The top (tax) rate will go back up to nearly 40% and if health care reform goes through, another 5% on top of that to pay for the darn thing. That is a new top rate of 45%, and I am leaving out higher state taxes and surtaxes on top of those taxes. So, knowing you'll be paying at least a third more in taxes, would you buy a third more of anything or even a tenth more or a twentieth more? Of course not… You just shut down and the economy shuts down too. Because that's the thing about the rich: Their numbers are small, but their cash is contagious. They spend, we spend… Until the merry-go-round stops and the ride isn't fun. And Washington isn't getting it and the rich they love to bash have bashed back, without saying a thing or spending a thing."

Comment: So just how do the rich lead us in spending? What numbers does Cavuto have to back up his point? He didn’t say.