My argument for the wealthy.
I’m here to stand up for the wealthy. And by that I mean the ridiculously wealthy. You know…the Scrooge McDuck types. Is it because they need it? Obviously not. Is it because I’m one of them? Obviously not (If I was, you’d know it because you’d see my awesome blog (and face) on huge billboards. Everywhere.). Is it because I hope to be one someday? No. In fact, the longer I live, the less I care about how much money I make. I’m perfectly happy spending my weekends scaring my neighbors by mowing my lawn shirtless while drinking PBR. I’m going to stand up for the wealthy because, well, I’ll get to that later.
As you may know by now, Washington is all a-twitter with the debt ceiling debate. Apparently Congress needs to authorize itself to spend more of our money, and it’s having a difficult time securing such authority. The right wants huge spending cuts…which include cuts to the entitlements. The left doesn’t like to cut any entitlements, but instead, wants to raise taxes on the dirty rich people. Many people out there think asking the ultra-wealthy to carry a little more of the burden, as opposed to taking food out of the mouth of grandma, is fair. I say many people are idiots (and no one is trying to take food away from grandma, by the way).
‘The president has proposed some very sensible tax reforms that would eliminate loopholes and ask the wealthiest Americans to pay a modest additional share of the burden,’ Geithner said.
“Modest additional share of the burden.” To that request, I ask this: why? It’s an undisputed, proven, absolute fact that the United States has the most progressive income tax in the industrialized world. What does that mean? This:
The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.
In other words, the wealthy are paying the majority of income taxes, while earning a comparatively disproportionate amount of the money. At the same time, the bottom 50% pay virtually nothing as far as income tax. What’s the point? The wealthiest Americans already shoulder far more than their fair share.
Why do I care? Because citizens of this country should benefit from their success. We should all get to keep more of what’s ours. And everyone should actually have to pay their fair share. In fact, I’d bet you my lunch that if everyone actually did have to pay their fair share, you’d see both parties drop tax rates real quick. But I digress….
The idea that we should tax the wealthy more because liberals can’t stop throwing money at the “most vulnerable” is nonsense. And don’t start talking to me about “doing what’s right.” Liberals lost the right to make the morality argument once they offered the assertion that an unborn baby equates to an appendix. Oh, and if you’re really interested in “helping your vulnerable neighbor,” try walking next door and offering them some help. That’s what most of us do.
None of this matters at the end of the day though, because real reform won’t occur without the economy truly crashing. What’s real reform, you ask? Allowing me to opt out of Social Security. Allowing me to opt out of paying for public schools that my kids don’t attend. Reforming the tax code and related legislation so that there are simple low rates for everyone (and every business), and all subsidies and deductions are eliminated. That means no more of my money going to a solar energy plant that can’t light my house in January. So, in a round about way, it’s all about me.
Tags to Note
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