The Rich Get Richer and the Poor Get Poorer
One of my bloging friends is against the rich paying more taxes while the poor get more benefits. Go to: http://brendabowers.wordpress.com and read the article.
I have decided to be an advocate for the poor and respond to some of Brenda’s comments.
“It is still a fact that 1% of the population is paying 70% of the income taxes. I get so mad when I hear anyone, Obama or anyone else say “Tax the rich!”. We are and have been taxing the rich. I am far, far from rich. In fact, much closer to the poverty line but I know a nations needs the wealthy to invest their money to create jobs and if we tax them too high they will simply move.” BB
You have made some good points here, in response to this article, but there are some that you have missed. Now, I understand where you are coming from. You want everyone to pay his or her fair share. I would like to point out that this 1% of the very wealthiest that pay most of the taxes also make most of the money. In other words, of course their percentage is going to be higher.
Your theory seems to be if they pay most of the taxes then they don’t have the money to invest in business expansion.
I would like to look at this premise from a somewhat different point-of-view and just throw it out there for consideration.
Well, I would like to point out that many of these wealthy of the wealthiest business people have been investing their money and expanding their businesses, but just not in OUR country, they’re investing overseas. The rest who do not own businesses have made their money getting paid outrageous yearly bonuses, because they have saved their companies Billions of dollars, thru everyday business decisions, like setting up off-shore, tax free, bank accounts, in the Cayman’s for instance, which again have allowed their wealthy employers to have that extra cash to invest in more manufacturing overseas.
Then we have the fund managers who were not given the proper oversight required by the SEC and the CFTC and who succeeded in wiping out many American investors’ stock portfolios, retirement and pension funds thru risky stock investments and unethical commodity day trading practices (remember Enron)? But these fund managers still collected commissions on trades, risky or not and made millions.
And then the ultimate big business practice of just out and out lying to the employees and investors convincing them that “the company is doing really well” and that you should “Invest more of your hard earned dollars, cause we’re doing great”, tactics. Oh, and by the way, telling their employees that they must hold on to their shares for a certain period of time (enough time for the management to dump theirs and make a profit and by so doing bring down the price of the stock). Oh and let’s not forget all the loop holes in the tax law that the wealthiest of the wealthy’s tax attorneys specialize in and help their clients utilize this knowledge by getting some use out of them.
So, for now at least, since these wealthiest of the wealthy, have succeeded in putting so many Americans out of work by making it possible for their employers and corporate clients to outsource the American manufacturing and service industries and in so doing, hammering that last nail into the American workers coffin, well then I think they deserve to pay for it, in some way, and if it’s paying more taxes then, so be it. The wealthy are the only one’s left with any money.
I agree with the concept that all Americans should carry their own weight and pay their own way, but in order to do that they need jobs. Somewhere, I think it was during the State of the Union address, not too long ago, I know I heard our President say that this year he was going to concentrate on JOBS. LOL!
The strangest thing happened after he said that, he has gone on a series of whirlwind trips campaigning for the passage of the Health Care Bill. In fact he’s put off leaving on one more of his international campaign trips (sarcasm here) to Guam, Indonesia and Australia, for 3 more days so he can do more arm twisting, and back room deals in order to pass a Health Care Bill, that more than half of the American people polled, do not want. Congress has talked only of Health Care, all I’ve heard is “Health Care, Health Care”. Well you can’t afford Health Care no matter how cheap it is, if you don’t have a job. Yes, remember this is supposed to be the year we talk about JOBS, JOBS, JOBS. ss
Just a short note here* (finally) If Congress succeeds in passing the Health Care Bill, we won’t need to have this discussion at all, because we will all be paying taxes for some time to come.