Simon Theory: “Why The Rich Needs Taxing”

SPOILER: This is a very biased Op-Ed piece.

Warren Buffet, the richest man in the world, has taken a bold step on behalf of Patriotism and demanded the U.S. Government tax him more! In his New York Times piece aptly titled “Stop Coddling The Super-Rich”, Right-leaning Capitalist Warren Buffet claims “While most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.” While many were already keenly aware of this, what many don’t know is “Some…who earn billions from our daily labors are allowed to classify our income as ‘carried interest’ thereby getting a bargain 15% tax rate.”

So even when the rich are getting taxed at 20-22%, the lowest in the history of our country, many aren’t even paying that. And furthermore, you can click here and see the 10 Biggest Corporate Freeloaders who, not only pay ZERO corporate taxes, but in some cases, makes a profit off of Government subsidies and major tax refunds. But how do they get away with it? With one of the most ridiculous claims since the JFK Single-Bullet Theory. Republican claims that “taxing Job Creators” will result in less jobs. And if we tax them less, they’ll “Pay It Forward” with more jobs.  This infuriates me that no one’s challenging this logic so I’ll take a shot.

1995: Millionaires’ Tax Rate was 30.4% and unemployment was 5.6%

2009: Millionaires’ Tax Rate was 22.4% and unemployment was 9.3%

Look. Bush promised lower taxes would create more jobs and we gave the rich 10 years of lower taxes and they havent produced squat. Especially when considering the 2 wars we fought and how, historically, unemployment has always declined during times of war. Thats what made Bill Clinton’s breakout, successful economic boom so astounding. He did it without fighting wars. Meanwhile, George Bush gives our country the very first war-time tax cut in the history of our country stating in a pretty clear fashion that the rich are a higher priority than our troops in a time of war.

This is probably why 63% of Americans think taxes should be raised on high-income Americans and Corporations (admittedly, those 63% are most likely low-middle income Americans). And instead of coming to terms with the fact that “Job Creators” aren’t creating any jobs with their cushy tax breaks, cuts, incentives, and Republican-sponsored subsidies, they have decided to attack the poor instead. The millionaires, and Republicans who speak for them, are now launching an attack on the 50% of Americans who pay no income tax because they make less than $20,000 a year. This is their plan. Instead of admitting the Bush tax cuts to be a failed experiment in job growth and return their tax rate to a more prosperous time, they are demanding that the poor getting by on less than $20,000 a year start paying more taxes.

This is a truly low, immoral kick in the balls for one reason: The Republicans are defending themselves by claiming returning the upper-class tax rates back to what they were during our finest economy in the 20th Century is “Class Warfare” and the people are “picking on” the rich (The nerve of these guys). So they, in turn, decide to wage class warfare on the poor. Its spiteful, greedy, bullying when you want to take more money from those who cant afford it nor can they afford lobbyists to speak on their behalf in Capital Hill. Maybe if the rich stopped paying lobbyists and unethically donating to Super-Pacs, that money would be better spent in taxes that would stabilize our economy, create confidence in Wall Street, and lessen the strain welfare and benefit programs take on the middle-class.

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About This Week's Obsession

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2 Responses to Simon Theory: “Why The Rich Needs Taxing”

  1. pay it, or we’ll take it.

  2. momequity says:

    I like you! And I have to say, I think there are many wealthy people who would willingly pay more taxes. There are a ton of average-earners who don’t want tax increases for the wealthy because they have a mis-guided notion that they themselves are going to be in that bracket someday. Going back to the pre-Bush tax rates someone making 500k would only pay 10k more in taxes than they do now. You’re right, this whole trickle down thing doesn’t work. It’s actually why I disagree with Obama on doing payroll tax cuts for small businesses (generally I agree with his politics). It won’t help. When Americans make more money they keep it or spend it. They don’t hire more people or increase wages.

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