Eamon Javers (CNBC) informs of the recent developments concerning the ‘fiscal cliff’. On this debate about the tax raise on top earners, we have the CEO of EPC (Euro Pacific Capital) Peter Schiff and Richard Brodsky – senior Demos fellow.
In his words, Peter Schiff’s total income, as a top earner, is almost in half going to the federal government, due to taxation. And next year, when those new tax hikes strike, more than 50% of his earnings will be spent on government taxes. He claims that the majority do not have the right to ‘steal his money’ just because they voted to do so.
Those taxes are going to be paid by employees – Schiff says. The wealthy will invest abroad and stop working as hard as they do now. They won’t give so much money for taxes and neither will they recruit as many employees.