Gosh I just love this. D&B told everyone I could, do not vote for Bambam. He is child. He knows virtually nothing. He has spent his life living off of OPM. Oh well, I don’t know enough people and some didn’t listen. And you know who you are!
I freely admit there is a valid fiscal argument to increase tax revenue in certain circumstances, but those circumstances E.G. a growing economy, spending cuts, a restructuring of the tax system, do not currently exist.
Whether he knows it or not BamBam admitted two key points today and invalidated his rational for increased tax rates. First, he said tax rate increases for “non-wealthy” taxpayers would not help the economy. Now hold on, if tax rate increases for the “non-wealthy” would hurt the economy then tax rate increases for the “wealthy” would hurt the economy as well.
Secondly, the same logic applies to the can’t afford the lost revenue argument. If the federal government can’t afford the $700b or so the tax rate increases for the “wealthy” “cost” the federal government, then the federal government can’t afford the $2-3 trillion the tax rate increases on the “non-wealthy” “cost” the federal government.
It’s a mess, because some or many or most politicians and citizens do not talk about taxes honestly. D&B has been one of the “wealthy” the last few years, but I was not and am not, yet, wealthy. Rather, I have been a relatively high earner and being a high earner does not immediately translate to being wealthy. Yet, our leadership talks about how much a citizen should be able to keep rather than what the federal government needs to run an efficient government. It is all give and give and give, with no discipline or honest discussion of why a citizen should give.
I want all citizens to pay the same income tax rate. I want no deductions. Take 10% off the top and leave me alone to live my life and manage my money. Well, that’s not going happen. So my solution is this: I will pay the required tax and if you think my taxes are too low, then you are free to pay a higher tax rate on your earnings.
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