As everyone in this country keeps blaming everyone else for our high unemployment rate, one assertion gets repeated so often that it is now regarded as fact:
Rich people create jobs.
Specifically, the argument goes, entrepreneurs and investors create jobs.
So if we want to create more jobs, the argument continues, we need to cut taxes on entrepreneurs and investors--to increase their incentive to create jobs.
Now, I'm an entrepreneur, and Business Insider employs about 75 people, up from zero four years ago. So if this assertion were true, I'd happily espouse it. It would make me feel great, believing that I had created all those jobs. And it would make me feel perfectly justified in paying historically low tax rates. (After all, I created these jobs!). Read more....