Eat the Rich
Oh yeah baby, the new plan is here. Raise Taxes on those Rich Sunsabitches. Once again confirming the old adage “Democrats Tax and Spend, and Republicans just spend”.
In what would appear to be a last ditch effort to get out of the basement in Presidential rankings, President Obama is proposing an increase of taxes on the “super earners” of America that may in fact close the gap on the deficit enough to restore America’s credit rating.
The one question I have yet to see asked is: Who does a better job with money, the government, or top private earner? The question that has been asked (and answered) is how much would increasing taxes on top earners actually increase revenue? And I would like to expand on that:
Warren Buffett, who has spoken out about “not paying enough taxes” made about 43 Million last year according to one report I read – and he paid about 18%. That’s about $7,740,000. Want to know what that covers in terms of Federal Government Spending? $3.9 Trillion Divided by 365 days, divided by 24 hours, divided by 60 minutes = $7,420,091.So obviously, doubling Mr. Buffett’s taxes will get you…. One whopping minute of spending.
Or put another way…. It’s just shy of 1.5% of what the federal government just lost with Solyndra. Apparently though, $535 Million is a “drop in the bucket”. You need seventy Warren Buffetts just to pay for the Solyndra theft loss… that doesn’t seem like a drop in the bucket to me.
And now a different perspective… how much is fair? I cringe every time I hear the phrase “their fair share”. Honestly, how much is fair? Regardless of the amount of income, is it fair to collect over one million dollars annually from any single person or family? 2 million? Ten? Quite frankly, I like a $2 million annual cap on taxes. That’s more than 90% of the country will come close to paying in an entire lifetime.
And let’s face it. Buffet does more with 7 million than the government can do with 535.
Class warfare, jealousy, and all out hatred of the rich is driving far too many in the general public. It seems like not long ago people actually understood what (and who) creates jobs and did not let jealousy get the better of them.