Taxes on the Wealthy – No

Any time I hear a president suggest more taxes I cringe. Once you open the tax-gate, regardless of class, it will cost us all something eventually and here is why; as soon as government ups the ante for moneymakers, like the Sam Walton Empire, you can bet your bottom dollar it will end up being the consumer who foots the bill. Before you can say budget, cost will rise in the market place and/or jobs will continue to dwindle. We all know from experiences no one takes a tax hit lying down.

While the notion of fair taxes to everyone is ideal, remember this if it is to be truly fair everyone’s rate must rise eventually. You simply cannot raise one without the whole chart increasing, according to the IRS. Why not lower everyone’s taxes and get the economies flowing again? Tax reform is long overdue, according to Boehner, closing loopholes and simplifying the tax formula would be a good place to start, but piling on new rules to the “titanic,” simply to stick it to the millionaires is a step in the other direction.

A tax increase on tycoons won’t really accomplish an ends to the means, which is to get our government debt under control and bring relief to the recession. It might help pay a bill or two but that’s just a Band-Aid fix and as we all know Band-Aid’s have a way of peeling off when they get “soaked.” Even Obama can see that. In fact, if you read the fine print in his latest proposal you will already see there are hidden fees on everyone from retired military to welfare recipients. I imagine even Obama supporters are tempted to mute his speeches these days mainly because of the credibility deficit. All of his early campaign rhetoric versus the recent job act speech and claims that it “will not add to the deficit,” sounds more like static.

Remember after the last big financial hit, bail out money was the government’s chief effort, but printing more money to pay the mounting debt is ludicrous, just another soaked Band-Aid. Think about it, the money has always been there, we have seen it before, take a look at fiscal records from back in the 80’s, it simply hasn’t been managed well these last thirty years or so. Government wasting tax dollars and revenue without restraint or accountability is the real culprit and the fix will have to begin there.