I've often been asked why I favor tax cuts for the wealthy. It's a fair question, and deserves a fair answer, especially considering:
- I've never been rich
- I'll probably never BE rich
- Nobody in my immediate family, or circle of friends is rich.
Well, the main arguments I have already presented in other blogs and won't mention them here. But one of the key arguments I rarely see considered is the fact that an increased tax burden on the wealthy STILL falls disproportionately on the poor.
Now don't get me wrong; there are some very responsible wealthy individuals out there, who pay their share of taxes, and then some via charities, foundations, and such. These individuals have done a great service to American society, and their contributions should be commended. But there are also individuals who possess excessive wealth who will counter an increased tax burden by increasing their salaries, and thus, costs to the consumer, or by removing their income from the US tax base altogether by moving to some Carribean island. The remaining wealthy Americans are then stuck with an enlarged tax bill due to the irresponsibility of their peers.
When finding solutions to the fiscal problems with which we are presented as a nation, we need to look PAST tax increases. When a family is hit with economical hard times, they tighten their belts. The US government needs to recognize that the era of excessiveness and indulgence is over, and that they need to find solutions to the fiscal problems with which we are presented WITHOUT further fleecing the American public.
And we, the American people, need to be the ones to serve notice.