A few weeks back I read a column by somebody about this class warfare thing, and the issue most people have with income inequality. The basic point was that a good part of the problem was not how much money somebody made but rather whether they really earned it. Did they lie, cheat, and steal, did they get special treatment from the gov't, did they in effect provide enough worth to society relative to their income? I don't think many people care that Albert Pujols got a couple hundred mil to play baseball, or Denzel gets 20 million or whatever to make a movie. Or even that Steve Jobs or Bill Gates were well paid for the success of their company. It's another thing though, if you got rich at the taxpayer's expense, or by breaking the rules.
And it ain't just the rich guys either, people don't like it when the guy down the street gets a bailout and they don't. They don't like to see stories of people on the dole living well without working for it. I think the class warfare being waged on the rich is foolish; what we oughta be doing is going after the cheats, the frauds, the thieves at every level. And that includes those in Washington who continue crony capitalism practices, that's where our war should be aimed first. Mostly on the rich guys, that's where the money is, I get that. But not all rich guys are bad guys, some have earned the rewards of years of climbing the income ladder and do not deserve to be whacked for their diligence.
First step - throw out the ridiculous tax code we have now, and put in a fair tax with a graduated rate up to say 25%. Not a flat tax, and without most of the exemptions and credits you get now. Maybe a limit on deductions, say 20% or whatever of your AGI. That would include mortgage interest, IRAs and 401ks, and any tax free contributions such as munys and other tax shelters. I still think capital gains should be taxed at a lower rate until the economy gets stronger, we shouldn't be doing anything to reduce our chances for economic growth and more jobs.
I don't think we need more laws, although a thorough review might be wise. Toughen up some, eliminate the ineffective ones, and improve enforcement. We've gotta get after the crooks, and make it hurt when they get caught. I think the "tax the rich" mantra is wrong, why don't we clean up the current system first.
And it ain't just the rich guys either, people don't like it when the guy down the street gets a bailout and they don't. They don't like to see stories of people on the dole living well without working for it. I think the class warfare being waged on the rich is foolish; what we oughta be doing is going after the cheats, the frauds, the thieves at every level. And that includes those in Washington who continue crony capitalism practices, that's where our war should be aimed first. Mostly on the rich guys, that's where the money is, I get that. But not all rich guys are bad guys, some have earned the rewards of years of climbing the income ladder and do not deserve to be whacked for their diligence.
First step - throw out the ridiculous tax code we have now, and put in a fair tax with a graduated rate up to say 25%. Not a flat tax, and without most of the exemptions and credits you get now. Maybe a limit on deductions, say 20% or whatever of your AGI. That would include mortgage interest, IRAs and 401ks, and any tax free contributions such as munys and other tax shelters. I still think capital gains should be taxed at a lower rate until the economy gets stronger, we shouldn't be doing anything to reduce our chances for economic growth and more jobs.
I don't think we need more laws, although a thorough review might be wise. Toughen up some, eliminate the ineffective ones, and improve enforcement. We've gotta get after the crooks, and make it hurt when they get caught. I think the "tax the rich" mantra is wrong, why don't we clean up the current system first.
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