Tag Archives: wealthy Americans

economic news

Taxing the rich: sensible

President Biden’s decision to seek greater tax loads for wealthy Americans makes sense on a couple of levels.

He unveiled his plan while announcing a proposed $7 trillion federal budget he said would reduce the deficit by $3 trillion over the next decade. Biden wants to protect programs such as Medicare, Social Security, Medicaid and the Affordable Care Act. As an elderly American patriot, I welcome the president’s initiative.

Taxing those who make more than 400 grand annually? That makes sense too.

It does because even by increasing the tax burden by a few percentage points will not make rich Americans “un-rich.” They’ll still be wealthy beyond belief. They just will have to pay more to finance the government from which they seek favors.

Billionaires will still be billionaires.

Moreover, it makes no sense to realize that working-class Americans pay more per capita in taxes than rich folks.

Spare me the argument that taxing rich Americans will harm the economy. It damn sure won’t! We’re all in this together, isn’t that right? So, make the rich men and women pay their fair share of taxes and — so help me! — find some method of closing those damn loopholes through which they avoid paying taxes.

johnkanelis_92@hotmail.com

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'Transfer of wealth' talk likely to surface

Can we now discuss one of President Obama’s key points in his State of the Union speech?

It’s about that tax cut for the middle class.

He took considerable pain Tuesday night to extol the virtues of middle-class Americans and the work they do to make our country strong economically. He wants to give middle classers — folks like my wife and me — a break on their taxes. To pay for it he wants to ask more of wealthy Americans. They need to pay more in taxes to finance the tax relief he’s planning for the rest of us.

http://www.msn.com/en-us/news/politics/republicans-have-one-word-for-president%e2%80%99s-proposals-and-veto-threats-%e2%80%98no%e2%80%99/ar-AA8pnAq

Those on the right and far right have a term for it. We’ll hear it. It’s called “transfer of wealth.”

Let’s try to set the record straight.

As I understand the meaning of the term “transfer of wealth,” what would have to occur is that the federal government would have to actually take money earned by rich folks and give it to not-so-rich folks. Legend has it that Robin Hood did that in medieval England when he “took from the rich and gave to the poor.”

That’s wealth transfer.

What I heard the president propose Tuesday night was nothing of the kind.

A tax cut for the middle class wouldn’t deprive rich Americans of their wealth. They’d still be rich. They’ll get to keep their yachts, fancy cars, summer/winter homes and all their bling.

The middle class would get to pocket a little more disposable income to spend on things they want or need.

All this being said, I do understand GOP criticism of the president for proposing something he knows won’t ever be enacted into legislation he can sign into law. On that score, Barack Obama has proved his political deftness, as his proposal was met in the congressional chamber with applause from Democrats and silence from Republicans. How do you suppose that looks to millions of middle-class Americans watching who actually favor a tax break?

I don’t intend to tolerate any demagoguery about wealth transfer in describing what the president has pitched.

How about debating the proposal on its merits: Do the folks who control Congress favor a tax break for middle-class Americans or not?