Mother Jones Opposes Making the US A Business Tax Haven
I had to reply to one commenter:
"virtually all Balloon Economies are created by Tax Cuts to the rich...the Rich...were only investing/gambling with the unexpected new found pocket change they received from the Government"I wonder if any Jonesian eyeballs will spurt blood.
JL, The poor can't get income tax cuts because they pay no income taxes to begin with. A large part of the middle class doesn't pay income taxes either. That is a terrible policy, both morally and practically. Everyone who has income should pay income tax, and at the same rate. The rich, with crazy big incomes, would pay their fair share, and so would you and I.
If we want a federal government which soaks up 24% of GNP -which it does- we should all fork over 24% of our income. No charitable deductions, no mortgage interest deductions. That is fair. We would all have skin in the game, we would all contribute equally to our government.
Some, the working poor, would receive in return far more value than they contribute, but they would still see their own money leaving their own pockets. The rich would pay out far more than they receive in return.
It is vitally important, both morally and practically, for us all to accept that the things we demand from government come at a real cost, and that we personally bear that cost. We should stop the system which lets us demand services in the belief that someone else will pay for them. We must stop the system which allows us to demand and receive services payed for with borrowed money. That part of the system will stop for a simple reason: that which cannot continue, won't. If we as individuals put 43% of our annual spending on credit cards -as we as a collective are doing- we would be bankrupt in a couple years. Our government can merely print money, like Zimbabwe or Weimar Germany, and we know the consequences of that.
As for the rich receiving money from the government: it was their own money, now wasn't it? Does a thief leaving some money in your pocket mean he has given you money?
If moguls like Bill Gates or Steve Jobs never paid a dime in income taxes, they would have made greater contributions to our country than any among us: they have created tens of thousands of jobs.