Taxes are a touchy subject. Almost as much so as religion. In fact for some folks it is religion. But here's the thing. If America doesn't do something, and soon, we'll be in very serious trouble. We've got to cut spending, which everyone approves of, so long as it doesn't affect themselves adversely. The other thing we've got to do is increase taxes, which nobody wants, unless it's the other guy that has to pay.
Mostly people want to hit up the rich guys, some want to give additional tax cuts, mostly for the rich guys, again. But there are some who think giving tax cuts is the opposite of what we need, which is additional income to apply to the deficit. But what income? That's the question.
Well there's some movement toward the capital gains tax. Everybody else has to pay 28% or more. But capital gains tax is 15% The president has suggested 20%, but others have preferred 28%, just like the tax on wages. They claim that would raise $300 billion. Not enough, but a very good start.
So who would that hurt? Most multi-millionaires make most of their income that way. But so do retired middle-class workers with savings they've invested. Capital gains is money making money. As opposed to hard work making money. My question is, why should money get a tax break but not my back?
Let's remember, America needs extra income. You can't get anywhere near enough from the poor. You can't get enough just from the multi-millionaires alone. There's a saying about having skin in the game. Well cutting entitlements will hit the poor and lower middle-class. That only leaves the upper middle-class and the wealthy. So don't look so surprised. After all, you're the folks who profited most from the good times. And it was those good times that caused us to have the problems we have now. At least in part.
To be fair, I think elected officials should be required to pay an extra percentage for the problems they've caused. Something along the lines of 100% would be fair.
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