Those crazy Regressives keep trying new avenues to convince us that “trickle down” economics actually “works” and their latest scam is the “Fair Tax,” a misnomer if there ever was one!
Steve Hagar of Mesa took issue with my last letter claiming I was misinformed. He was partially correct as I only did a rather brief revenue of the website.
But I’d like to point out a few idiosyncrasies I’ve since taken notice of and wish to share!
The Fair Tax is really little more than a slightly revamped “flat tax” that many Republicans and Libertarians have tried to push for decades now. From Steve Forbes to Ron Paul and many others in between! Ever notice the proponents of the Fair or Flat Tax are almost always multi-millionaires? Can’t say I’ve heard many people making less than $40,000 a year heralding its virtues, have you?
I also wonder what these Fair Tax believers would say if we asked them why the only countries currently using a somewhat similar flat tax type system are former Eastern European Communist countries like Bulgaria, Czech Republic, Hungry and even Russia and Iraq. If it’s such a great deal, I wonder why more traditional economies have not adopted it already?
Pope Francis had this to say about “greed” and “unfettered capitalism” in his recent 223 page papal exhortation; “Just as the commandment ‘Thou shalt not kill’ sets a clear limit in order to safeguard the value of human life, today we also have to say ‘thou shalt not’ to an economy of exclusion and inequality.”
Then yesterday Goldman Sachs CEO, Lloyd Blankfein, spoke the ultimate truth when he said, “This country does a great job of creating wealth, but not a great (job) of distributing it.”
We don’t need more fair tax or flat tax schemes to further reduce taxes on the wealthy! We need to go back to a top tax rate of 50 percent or higher on incomes over $1 million as it was from the 1950s through 1980, on the excessive wealth being generated by a very small percentage of the population. Why you ask? Because just as it did through the three decades mentioned above when the middle class grew exponentially, once the “job creators” notice that ‘taking it all’ for themselves means giving up half or more of their income in taxes ‘after a certain point‘, they will realize that passing more of their ‘companies income growth’ on to their work force is a better way to go. Wages will rise, benefits will come back again and the middle class will once again expand, rather than contract, as it has since regressive “trickle-down” economic folly became the rage under Ronald Reagan!
I bet we’d also see the crazy NBA, NFL and MLB salaries begin to come back to earth and ticket prices start to go down rather than up!
America does not need more multi-million dollar homes in gated and guarded enclaves. America needs safe bridges, new roads, better schools and affordable neighborhoods filled with happy well-paid families with secure futures! And you don’t get the latter by cutting taxes on those who already have way more than they’ll ever need!