President Obama wants the rich to pay their fair share. During a news conference the other day, he stressed the need to raise taxes on America's wealthiest:
If we do not have revenues, that means there are a bunch of kids out there who do not have college scholarships ... [It] might compromise the National Weather Services. It means we might not be funding critical medical research. It means food inspection might be compromised. I've said to Republican leaders, 'You go talk to your constituents and ask them, "Are you willing to compromise your kids' safety so some corporate-jet owner can get a tax break?"
Apparently fat cats are responsible for paying for other people's kids to go to college. Remember the good old days when kids were expected to take out loans or work their way through school? Or excel at something and win a privately funded scholarship?
Our economy is in the crapper and President Obama is putting pressure on Congress to raise taxes on those making over $250,000 a year, or as he calls them, the jet owners. Never mind that a person has to make way more money than that to even charter a plane on a regular basis, let alone own a private jet.
There's another word for The Rich – Job Creators. These are the bosses, the people that employ others to create and sell and serve, the ones that sign paychecks that keep roofs over heads. If you excessively tax these people to pay people that don’t work, they’ll have less capital to hire people that will work.
Even if the Bush tax cuts were completely repealed, it would raise revenue by only about $60 billion. The federal deficit for 2011 alone is expected to hit $1.5 trillion. Which means that the deficit is twenty-five times the amount the ‘fat cats’ are ‘stealing’ from the children.
Don’t be swayed by persuasive rhetoric. Government spending is out of control. Pigford. Shrimp on treadmills. Crack monkeys. Farm subsidies. Out of control pensions. The list goes on. The money is there; it’s just not being spent well.
We don’t have a revenue problem. We have a spending problem.
Image via kretyen/Flickr