Tuesday, April 14, 2009
More Tax Fun!
I couldn't resist. Ari Fleischer says we need to be realistic about funding President Obama's government expansion. In this WSJ article, he makes the case for raising taxes on all Americans, not just those in that magic highest 2% bracket. Cutting taxes on 95% of the Americans who will most benefit from the American Safety Net is unfeasible and, honestly, borderline irresponsible. He wants even the poor to "get some skin in the game". It's worth a read.
I promise, no more tax posts until next April. We just sent our check out today. So here are my final thoughts and recommendations on this rather desultory topic:
1) I'm all for a true progressive tax scheme. But let's be honest about it. Let's define "rich" in a realistic fashion. We have rich people in this country, over 3 million millionaires. We have backup quarterbacks in the NFL pulling down seven figure salaries. The stars of lousy network television sitcoms (I looking at you Charlie Sheen) are raking in hundreds of thousands of dollars per episode. I say, bring back the 90% tax bracket. Anything over $2 million/year gets taxed at 90%. Why not? At the very least, it might spare us another ten years of Two and a Half Men.
2) Why shouldn't those who pay in the higher tax brackets get to partake in the fruits of the national safety net? If I am working from January till June for the US government, shouldn't I be able to get my health care paid for? That's the difference between the US and the European model of free market socialism.
3) I've found it's best not to look at the final tally on your tax bill. Trust your accountant. Send him a blank check and enjoy your blissful ignorance.