A while back I wrote about the Buffet Rule, which is basically asking for a tax increase on the rich, or and end to the Bush Tax Cuts, however you want to look at it. In short, by getting rid of the tax cuts, the U.S. would cut the deficit by $1.2 trillion over the next 10-12 years, unless of course we go to war again… Anyway, some people didn’t like my article, blasting Buffet, blasting my theory, and basically saying that it won’t work. I even had my first “twittargument”. Well for those mathematically challenged citizens, I’m sorry to say, it will work, and the proof is right there in your calculator. I traditionally don’t stand with either Democrats or Republicans, but on this, it’s DEMS all the way. Finally, the Democrats have put a solution on the table that could get this country back on financial track. Don’t get me wrong, though, I still belong to the “Politicians Are Morons” party, but you work with what’s there…
Anyway, an article came out today with the headline “U.S. millionaires ask Congress: ‘Raise our taxes’“. Well, I just had to read it. These rich do-gooders went on and wrote Mr. Obama and Congress with the simple idea of raising taxes on themselves. This group of 138 millionaires calls themselves the “Patriotic Millionaires for Fiscal Strength” (all that money and they couldn’t come up with something more catchy?). Now they’re reaching out to the super-committee that has been tasked to get both parties together on the matter and make a decision.
The main point of Republican contention is that by taxing the rich, people would lose their jobs. Really, how exactly does that work? The tax dollars that could be generated would pay off some U.S. debt, and more importantly be used to create infrastructure programs to build bridges, schools, etc (The New Deal sound familiar?), which would lead directly to more jobs. The problem with the Republicans is that they are just going against the Democrats because that’s what they do. All at the expense of the country’s well being. And the same can be said for the Democrats. But I digress.
It is also important to keep in mind that our lovely Congress has a spending problem. They get money and earmark it, pocket it, embezzle it, and pass on just enough to make it look like they care. We need politicians that know how to manage a checkbook and be fiscally responsible. What am I saying, that’s impossible. What we really need is a non-political, third party oversight committee to monitor the money that is spent by Congress. I mean an accounting firm is used for the Oscars, why can’t the U.S. hire Ernst & Young to help ensure money goes where it needs to first, then whatever is left over can be used for whatever. Maybe then we can see a surplus economy. Again, I digress.
The article had a great quote by the chairman of the CampusWorks, Inc. They are a tech company that focuses on higher education. Chairman Eric Schoenberg said, “if Congress ended Bush-era tax cuts it would affect him and his fellow millionaires in the group ‘about as much as a dead fly interrupts a picnic.’”
That just goes to show that this man looked at his life, his rich life, and said I can afford to help my country. And that’s what all the rich need to do. This country is not a charity case, but we all live here and need to do our share to keep it the best place to live.
Click here to check out the Chicago Tribune Article
These are just my thoughts, I hope you agree. If you don’t, even better, just let me know how you’re going to fix the economy. And don’t say, “we need more jobs”, because that’s not the answer, that’s just a symptom of the problem..