There was a great article in the WSJ, debunking POTUS’ and Buffet’s claim of “fairness” in raising taxes on the “rich”.
The article clarifies some misinformation in their “15%” argument, but my deeper concern is the more fundamental dishonesty in what they are proposing: despite all the talk about Buffet’s billions and the tax on “millionaires and billionaires”, they’re really asking for a much broader tax on those making far, far less – small businesses and entrepreneurs, independent farmers, and professionals who make less than 200K. In most of these cases, those they want to significantly increase taxes are the ones who have made sacrifices, risked their livelihoods or deferred reward to build something, create jobs or develop a valuable skill.
Certainly there are some paper shufflers who are are making millions, who leech on misfortune or take advantage of the system, but they are a minority compared with hardworking independent farmers, professionals, small businesses and entrepreneurs who represent the best opportunity to create more jobs and get the economy back on track.
Surprisingly some still argue that ratcheting up more debt and more taxes on stimulus and government spending is the solution; despite the demonstrative fact that it hasn’t worked for the past 4 years (covering two separate administrations).
Small businesses, investors and venture capitalists are sitting on trillions of dollars – the potential job growth they could generate represents a far bigger benefit to the country than yet another tax increases that would drive those dollars out of the economy.
“Tax the billionaires” makes a great headline that on the surface might appeal to people who are struggling, but it’s little more than a campaign “promise” designed to placate people who need (and deserve) real solutions rather than just another rhetoric laced speech.
America is facing monumental challenges; we need a President who is bigger than their speeches; not the other way around.