Debunking “tax the millionaires and billionaires” fantasy.
There was a great article in the WSJ, debunking POTUS’ and Buffet’s claim of “fairness” in raising taxes on the “rich”.
The article clarifies some misinformation in their “15%” argument, but my deeper concern is the more fundamental dishonesty in what they are proposing: despite all the talk about Buffet’s billions and the tax on “millionaires and billionaires”, they’re really asking for a much broader tax on those making far, far less – small businesses and entrepreneurs, independent farmers, and professionals who make less than 200K. In most of these cases, those they want to significantly increase taxes are the ones who have made sacrifices, risked their livelihoods or deferred reward to build something, create jobs or develop a valuable skill.
Certainly there are some paper shufflers who are are making millions, who leech on misfortune or take advantage of the system, but they are a minority compared with hardworking independent farmers, professionals, small businesses… Read More