Last week, National Public Radio had a segment about a letter (and video You Tube Video) to our leaders from The Patriotic Millionaires. Given my professional past, anything about taxes piques my interest. I remember years ago reading The Rape of the Taxpayer where I got an understanding of how tax policy can shape social policy.
It also took me back to my September 2009 blog where I hadn’t thought about the tax side of things. “It got me to thinking of how our money beliefs and values have caused an ever widening gap between those who have and those who have not. That gap has grown so that at times it seems impossible to bridge the gap. The two sides believe the opposite of each other and can’t even begin to understand those on the other side.
One side believes that nothing good comes with money—while across the gap they believe if you don’t have money, you’re no good. One side believes you did something “bad” to get money, and the other side believes if you just worked or tried harder you wouldn’t be in the financial mess you’re in. So, this gap between the “haves” and “have-nots” gets bigger and bigger based on baseless “truths” and unexamined beliefs.”
The Patriotic Millionaires solution to this widening gap is; please raise taxes on individuals earning more than a million dollars. I don’t remember the exact figures quoted but by taxing these individuals that are less than 1% of the population, they would contribute a gazillion dollars to our ever-growing deficit. Seems like something to seriously think about.
But (there’s always a but) there are other viewpoints. Just google Patriotic Millionaires and you’ll find lots of commentary. But, I want to know, what do you think?
To tax or not to tax: that is the question!
4 thoughts on “Tax Me, Please.”
Jane and all, I have not read the Patriotic Millionaires blog but from what you have said I agree with them. Those who are opposed tell those folks to just donate their money to the government (after all isn’t it deductible?)…but honestly, I think it would make the most sense to tax those who are making more than a million year.
For the record, it wouldn’t be deductible (only state taxes are). And, it sure would help to stop the divisiveness of this society, if we could all work together rather than just a few taking the lead.
I haven’t read the Patriotic Millionaires blog, but I also think this is a terrific idea. I also think we should, immediately, raise the social security ceiling so you continue to pay into SS no matter how much you make. It’s ridiculous to cap it at $106,800. If you make $250,000 or $300,000 or more, you can certainly afford another 4.2% coming out of your check.
Jane: I commend you for bringing up an important topic. Since 40% of the country’s wealth now belongs to just 1% of Americans and since 20% of income goes to this group of the super rich (up from 10% in 1980)….of course it’s time to tax millionaires. Before 1980 the top tax rate was 70% and now it’s just 35% (with capital gains taxed at only 15%). Wealth distribution is seriously out of balance in our country, and we are losing the middle class. Here is a link to a simple and direct discussion of the problem –it only takes 2 minutes and 15 seconds. I think you will appreciate it.
http://front.moveon.org/scribbling-sharpie-illustrates-the-truth-about-our-economy/?id=28084-18943887-rifPKGx
Karen