Posts Tagged ‘Taxes’

My Rant on Raising Taxes on the Rich

Sunday, July 10th, 2011

This week a friend posed the following question to me and another conservative about President Obama’s tax assault on the so-called rich Americans in this country. Needless to say, it set my hair on fire and my following rant ensued. Please read the exchange below.

Question: This article summarizes why I do not ideologically side with Republicans. To me, it defies logic. I hope some of my republican FB friends will enlighten me on this one. Tax the poor, the elderly, and the middle class while allowing the richest American a free pass. Why?

Answer: 47% of Americans pay ZERO taxes, which “defies logic” to me as a small business owner, single woman who is taxed and TAXED to death because I have no children and stupidly decided to start my own business and pay all sorts of additional taxes at state and federal level because of that. Some weeks I have to work 7 days a week. It’s beyond logic and what our Founding Fathers intended that those who work more should pay more in taxes. This irrational policy heralded by Democrats is anathema to achieving the American Dream and don’t even get me started on the ESTATE TAX=DEATH TAX, which is nothing more than a money grab by government to redistribute wealth.

I’m certainly worse off than I was before Obama rode his hope and change horse into the White House. My earnings have declined under and I can’t hire subcontractors like I used to, which adds to the jobless rate+economic decline of this country. EVERY AMERICAN SHOULD PAY TAXES INCLUDING LOWER EARNERS, Yes the poor and so called middle class. When you have no skin in the game you think other Americans and the government will always be there to help you. Well the government is bankrupt. I have a real problem raising taxes on higher earners $250,000 and more, when these folks already pay 35% tax rate. (News flash: $250,00 may have been rich 50 years ago, but it is not RICH today.)

Nearly all small businesses (75%) file taxes on as sole proprietors, partnerships or LLCs and taxed at an individual rate. You raise their taxes to nearly 40% and see how fast the jobless rate climbs to 10%. About 80% of the US economy is fueled by small business so Obama trying engaging in a class warfare assault on the so called rich is stupid policy. Many economists will tell you that when you raise taxes on higher earners, tax revenue declines because there is no incentive for people and small businesses to work hard and earn more. They also find creative accounting ways to reduce their taxable income, reducing Uncle Sam’s take in revenue, and WILL SHED JOBS. At a time when unemployment is 9.2% and climbing, it’s real STUPID policy for Obama to give the GOP and the American people an ultimatum of tax increases in exchange for raising the debt ceiling. Republicans must call Obama’s bluff and let him look like the failure he is as president. In last year’s mid-term election, the American people voted against Obama’s policies and yet he still will not wake up to reality.