Pages: 1 2
Memory lapses in Washington seem as ubiquitous as dementia in a nursing home. When Obama tried to make his case for including revenue raising in a bipartisan debt-cutting plan, he advised GOP lawmakers to talk to their constituents to ask them if they were “willing to compromise your kids’ safety so some corporate jet owners can get a tax break?” Obama had supported just such tax breaks as part of his 2009 fiscal stimulus package that would make buying such aircraft cheaper for companies.
Mysteriously, many seem to have amnesia about the risks in trying to tax the rich. Jimmy Carter and his colleagues enacted a stiff tax on the buying of yachts. Most of the rich therefore managed to do with last year’s yacht or they went abroad and bought a yacht where there was no high tax. The only people hurt were middle class Americans who build yachts in the U.S. Obama faces the same problem with corporate jets.
Taxing the rich has become such a sacred mantra with the Left that there is as much chance of their giving up that worn-out war-cry as there is going out to dinner without their pants on. The fact that there are more left-wing millionaires in Congress than there are Republican millionaires is a fact lost to the media and to most Americans.
Even though the richest 5 percent of Americans pays 60 percent of the federal income taxes and the bottom 50 percent of payers send Uncle Sam less than 3 percent of all income taxes, Obama keeps harping on the mythical complaint that the rich should pay “their fair share.”
Our tax code could be less distorted than it is, but it can’t squeeze a lot more money out of the economy. Taking more than people are willing to give entails more force than our government can get away with, and is, in the end, self-defeating.
Pages: 1 2