Once again the left and the right and the center is fighting about money. Liberals want more taxes. Conservatives want fewer. I agree with them – but… everyone needs to pay NOT their fair share but the same percentage rate. That’s a very big difference. Unfortunately, neither side seems to grasp the concept. I suspect because neither side wants to be seen as giving in to the other side. Income taxes are too high. Bernie Sander’s proposal for a millionaire tax for the DOD is absurd, but, if he would listen to reason, and the right would listen to reason, they could just enforce a specific percentage and require everyone, including corporations, billionaires, and political pimps to pay all the same percentage, with a specific deduction for each and every person. It would work.
Right now, the highest tax level is far to high. No one needs to be required to hand over up to 39% of what they made in any given year, along with state taxes which can be upward of 13%. You pay local income taxes. Then, there are the property taxes and sales taxes. New Mexico has a progressive gross receipts tax which is killing business. There are then capital gains taxes. There are inheritance taxes.
No one should pay more than 20% in income taxes, federally, no exceptions, no deductions other than a base of something like $45,000/per couple, and maybe $25,000 per person. You take care of the lower income brackets, where they are ‘saved’ from income taxes. It protects the middle. Everyone is treated exactly the same, no exceptions. As for charitable, if someone wants to donate a percentage of their income to a viable charity, then they should be allowed. Thing is, if Ayn Rand Billionaire Libertarian wants to donate 50% of his income to charity, then let him deduct 50% from his taxes. The money is going to a charity. He won’t see it as part of his income. I can live with that. If I make $100,000 a year and want to donate $10,000 or 10% to charity, then I should get 10% deducted from that $100,000.
The liberal is going to say that we need these taxes to pay for government services and to allow for some redistribution of income. How’s that working out for you? Conservatives way we are paying far too much, that the wealthy are paying well over their fair share. Yes, they are paying too much – when you look at it this way. When you look at actual percentages, the ultra wealthy corporations are basically paying absolutely nothing. Add to it the fact that money is being stashed off-shore to prevent taxation, and trillions are literally sitting in banks, doing nothing, and they aren’t paying near their fair share.
We are currently in the middle of the usual budget battle. Everyone is being nasty and pointing fingers at everyone else. There are no grownups in the game, only megalomaniac billionaires who so controlling and over the top that they make a James Bond villain look sympathetic. We need government spending – done smartly.
We need government jobs. They are good paying, and employ good people. Libertarians and those on the right have a tendency to forget that just because a person is employed by the government, they are different from other people. They pay state and federal income taxes. They pay property taxes. They pay sales taxes. Their government salary goes to pay for new homes, colleges, cars, refrigerators, shoes, clothes, and groceries. The money spent employing them goes right back into the community. What difference does it make who employes them.
Here in New Mexico there were more federal job cuts than anywhere else in the country per capita. Lost jobs federally cause lost jobs locally. We’re now dealing with a double dip recession which has no sign of ending. More cuts are threatened. If you want to know what happens when federal jobs are cut, just look at this state.
When jobs are added, that money, which is tax-payer generated, goes back into the local economy. Non government jobs are then added, generating more jobs and improving the economy. The quickest way to truly help the economy is to get to work on highway improvements. Oh, wait, libertarians want highways to be privately owned.
This leads to libertarian philosophy which now controls the GOP. The world of the libertarian is one of fantasy. It is not feasible. It doesn’t work. It’s great if you are ultra wealthy, but it destroys everyone else. Maybe that’s what the ultra wealthy want. When you have no laws, you can pay people what you want to pay them. You can make them work the hours you want them to work. You can keep working conditions as unsafe as you want. It doesn’t matter. Everything is based on selfishness. It will work for a time, but after awhile, libertarian economics are going to reach critical mass. With only the ultra wealthy able to afford anything, their profitability is going to eventually collapse because no one can afford their products or services. It is unworkable.
Socialism doesn’t work, not well. Neither does ruthless capitalism. The economic philosophy which works best is moderation. Neither ruthlessly capitalist or annoyingly socialist. It is a blend. Unfortunately, moderation is grossly out of style these days.