Hey guys, get a clue! Just who else can get us out of this mess?
By Jack E. Lohman
We painted ourselves into a corner, and now we want out of it.
Nobody is denying that the rich got richer in the last decade. The highest paid are the hedge fund managers with the top 25 bringing home $25 Billion total, the highest at $4 Billion per year. That’s billion with a “B.” For the moment we won’t even discuss whether it was justified or even legal money, but will ask “when is enough enough?” How much more must one siphon off before they are happy?
No, we shouldn’t be in this mess in the first place. The cost of maintaining a civilized and capitalistic country is high enough, but our politicians have made it worse. And some of our elites have helped dig the hole deeper, and they’ve made it look bad for even the justifiably rich.
So where do we go from here?
Fact: High taxes are caused by high spending. But reducing that is going to require campaign finance reform because spending results when campaign contributors give cash bribes to politicians to achieve government spending on their project.
Fact: The poor people cannot pull us out of this, only the rich people can. And those who got all of the breaks of the last decade should be the people who are tapped first. Now, whether they can buy themselves out of this is yet to be seen.
Fact: The banking deregulations of 1999 are the main cause of the crash, but the Bush tax cuts turned a budget surplus into a deficit and dug the hole deeper. The high end elites are now taxed too little and we must tax all income the same as wages.
Fact: The cleverly-named “fair” tax is not fair at all. We must have zero taxes for those under $25K, highly progressive taxes over $250K, and a flat percentage tax in between.
Fact: Business taxes should be zero if companies meet certain requirements! Like manufacture their goods in the US and don’t outsource to lower-wage countries. And allow their shareholders greater autonomy on setting CEO salaries and spending profits on political bribes.
Fact: Current business taxes are regressive because they are passed to the consumers disproportionate to their incomes. So are national sales taxes and Value-added-taxes (VAT). And for the same reason so are health care costs. Only a progressive tax on wages can be fair, and only taxing all income at the highest rate can be fair. Eliminate the different tax rates, and pass a Medicare-for-all system that will bail out ALL employers, not just the banks and car companies.
But whatever you believe…
Even if you disagree with the above, you cannot believe that a corrupt political system is in the best interest of our nation. When our politicians take cash bribes from special interests, they are no better than the bank robber that steals your retirement account or steals from your family. They have to go.
Taxes are too low, spending is too high and wrongly directed, and all are caused by political bribery. The guys you are paying to represent you are giving away your assets. Only public funding of campaigns will fix it.