President Obama--Tax the Rich
During the negotiations in which both parties are supposedly trying to work out a compromise deal on deficit reduction, President Obama has been repeatedly saying that the rich need to pay their fair share of taxes. He's been saying that we can't afford to give tax breaks to the rich because of the severity of the national debt. The rich must pay their fair share of taxes, according to the thinking of President Obama. Why is it that General Electric and its CEO Jeffrey Immelt were exempt from paying taxes in 2010? Is the Obama administration playing favorites with the super wealthy? One question I would like to ask is which income category should pay higher taxes? Is it those with income levels of $250,000-$1 million? Does he believe billionaires should pay higher taxes? All this talk about the rich is very ambiguous because I don't know which group of wealthy people are going to be taxed. Will the super wealthy be subject to an increase in their taxes as well, or can they exempt themselves from paying higher taxes by buying off the government? Who will the Obama administration play favorites with? These are important questions. I do agree he wants to target the emerging rich. However, the super rich always find a loophole or buy their way out of paying taxes.
What about government officials? There are many in Congress such as House Minority Leader Nancy Pelosi who are wealthy? President Obama is wealthy. Are they going to pay higher taxes? They are always trying to lecture us that we can't afford to give tax breaks to the rich. Why don't President Obama and Congress set the example by contributing 25% of their incomes to taxes, for example? I'm tired of the hypocrisy of President Obama and the Democratic leaders in Congress. Those same people who preach the rich should pay their fair share more than likely don't pay their fair share themselves. If they really believe we can't afford to give the rich tax breaks, then why don't those in Congress who are wealthy donate 25% of their incomes to reduce the deficit. As wealthy as some Congressmen are, they have more money to spare to donate to the government than the average taxpayer. I think it's time they start putting their money where their mouth is and donate a percentage above and beyond the percentage they already pay. I believe that's fair and just. Those in Congress and the Presidency are on the public dole. Our tax dollars fund their salary. Since revenues have been down the last 2.5 years, why don't they donate a larger percentage of their incomes to rein in federal spending? I guarantee you they are far more capable of paying a larger percentage of taxes than the average taxpayer.
The people who are going to be the most affected are those who can't afford to pay it. Those who believe that the rich should pay a higher percentage of taxes don't know what they're talking about. First of all, the rich are the ones who create jobs in America. Loading them down with new taxes means they'll pass them onto their customers in the form of higher prices. If taxes are increased on the oil companies it will result in even higher gasoline prices. The oil companies will pass those costs to the consumer. Who is the consumer? The consumer is the person who purchases a product and they come from every kind of socioeconomic class. They range high income earners all the way down to low income earners. However, there are many more lower wage earners than higher wage earners. The brunt of higher taxes will be felt by middle or lower income earners. Increasing taxes on the wealthy will boomerang on the average American. The average American is always affected by higher taxes on the rich.
The $14.5 trillion national debt isn't partly the result of tax cuts for the rich, like Alan Colmes and some liberals like to say. It's always right to reduce taxes upon the American people. I personally believe we need to revamp the tax code and scrap the progressive tax system. I believe we should implement either a flat tax or a national sales tax. The tax code should be made simpler. The problem is the governemnt is all about controlling the American people. There's an old adage that says that the power to tax is the power to destroy. The federal government is trying to squeeze every penny they can out of the average American. They're hypocrites! I guarantee you they wouldn't subject themselves to a tax increase. But they want to tax those in the private sector who are responsible for creating jobs. I'll repeat what I said in the first paragraph. President Obama and the Democrats need to place their money where their mouth is and donate an extra portion of their incomes to reducing the national debt. That's fair. Since they lecture us that the rich need to pay their share, Congress needs to lead by example. They won't do that. They're all about destroying the capitalist system in America. They're nothing but socialists.
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