Recently, Obama conjured up $1.5 trillion in new taxes for the richest Americans and the largest businesses. Supposedly this will help reduce national debt, an estimated $3 trillion over the next decade. (Right now the United States’ debt is over $14 trillion…I don’t see how $3 trillion in a decade will make a dent in it). He also called for the wealthiest Americans to “pay their fair share.” (http://content.usatoday.com/communities/theoval/post/2011/09/obama-unveils-3-trillion-plus-debt-cut-plan/1?csp=34news)
I’m not a millionaire, nor am I financially wealthy by any means. (And I say “financially” wealthy because I don’t often associate the word “rich” with money matters. I guess everyone’s definition of “rich” may vary—but I’ll just say that America’s definition of poor is vastly richer than “poor” in other countries around the world.) But it makes absolutely no sense to me to require those who earn money on their own merit to give their “fair share” of it back, simply because others aren’t at a certain level of wealth or corporate stature.
If I earn money, I think I know best where to spend that which I earn. And honestly, I will have no problem donating money to private charities and organizations of my choosing. But I have a problem with the government telling me where to put my money that somehow isn’t rightfully mine, even though I spent the time and labor to earn it.
I would like to ask our fearless leader, how is taxing the rich going to improve the economy? And how is taxing the rich going to create jobs? How is spending more money than our country takes in going to reduce our national debt?
Our economy is struggling to keep its head above water and is sinking fast. What do you think our economy needs at this point? More spending? Serious spending cuts? Higher taxes for the rich? More entitlement programs?
Personally, I agree with your opinion. I also think that this is written pretty well. And honestly, I think we should cut a lot of our spending. Because if you tax the rich and businesses too much, eventually they'll just decide to move and we won't have that income at all. That's why so many companies outsource.
ReplyDeleteIn the best of times, increasing taxes is a bad idea, its even worse in financially difficult times. Our government does not know how to live within its means. Adding additional tax dollars inter the coffers of the goverment and expect them not to spend it and then some is like giving crack to a crack addict and expecting responsible behavior. I believe that there should not be $1.00 more in taxes to the government in any fashion until our government learns to live withing its means.
ReplyDeleteWell written. Good points. Tough love.
ReplyDeleteJoe likes (though I do not agree with the overall message).
Just to bring up a point, Warren Buffett wrote a really compelling opinion piece on why Congress should impose taxes on the rich. (I'll link to it, its actually an interesting read).
But as Voltaire said, "I disagree with what you say, but I will defend your right to say it."
http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1&scp=1&sq=buffett%20and%20taxes&st=cse
Thanks for commenting, Joe.
ReplyDeleteMr. Buffett's altruistic concern is touching, but perhaps he should settle up with the IRS the several millions in taxes he still owes from past years (2002-2009) before he volunteers himself and other wealthy Americans to pay more.
http://nation.foxnews.com/warren-buffett/2011/08/24/buffetts-berkshire-hathaway-trouble-irs