I'm always hearing about the need for people to take personal responsibility. Well, I think it's time to ask America's highest paid CEO's to take some personal responsibility, now that our economy is more at risk than ever.
After all, if they didn't demand their extortionist salaries and bonuses, their companies could hire many more people. If a person receiving a million dollar salary would settle for $500,000 (how many of us couldn't dream of a fabulous life with that amount of money?) the same company could add 10 more $50,000 jobs, or at least 10 more $40,000 jobs with good health care benefits.
And take that one step further. Which spurs the economy more? How many refrigerators will one rich person buy? How many refrigerators will 10 people with a moderate income buy? Which is better for the economy?
Bring back higher taxes on higher income. It's not taxing the rich. It's taxing the riches, and there's a big difference.
I've heard people say a flat tax is a fair tax. I remind those people that the progressive tax is a flat tax for each income level - meaning, people are taxed the same on the first $40,000, and the same on the next $20,000. But the next $20,000 are taxed at a higher rate. The problem then becomes the rich can afford to hire tax lawyers to get out of taxes and the middle class people usually can't, so in real terms they're paying more even though at any given income level, the rate is the same.
As Katrina pulls media focus, Trent Lott is trying to pull a fast one, doing away with the inheritance tax. Don't buy into the frame by using the term "death tax." No one is taxed for dying. Money that is passed from one person to another is taxed in every
other instance. I've heard the double taxing argument, but so what? You're not taxing the money itself - you're taxing people receiving income. Who cares how many hands touched it first? You're taxed on game show winnings and gambling jackpots. Being born to privilege is similarly lucky money that should be taxed.
Ever since the assassination of President Kennedy, our country has experienced a massive redistribution of wealth in a perverse twist on the Robin Hood story - stealing from the poor and giving to the rich. Real wages for most occupations have gone down while executive pay has soared. We are a culture with greed issues. And until we face those squarely, and realize that the fate of one affects the fate of many, and that we're stronger economically when money is spread around rather than concentrated, our culture may go the way of the dinosaur, and in a lot less time.
A rising tide doesn't lift all boats if it only happens in a private pool.
