This plan is called the “Buffett rule”, after billionaire Warren Buffett. That’s funny, because Buffett constantly pushes for higher taxes, yet he pays an army of attorneys to seek out every loophole for himself and always pays the minimum required. In fact, he owes back taxes but is appealing the case. He ships Americans’ jobs overseas with the best of them (like Obama’s Jobs czar Jeffery Immelt and G.E.). And though the IRS accepts donations, Buffett has never gotten out his checkbook to give voluntarily. No, he got his billions, but wants to buddy up with those trying to deny the American dream (be as successful as you can be) to others.
“The rich” (employers and investors) want to get richer, as we all do. Employers want to employ more to produce more and investors want to invest more to get more returns. They can’t do that in the environment of uncertainty Obama and the Progressive Socialists have created. It costs more in taxes, mandated health care, punitive regulations and artificially expensive energy than they can earn by putting their cash reserves to work. The “deal of the week” from the administration doesn’t extend into the future, so why hire a worker when the advantages disappear in a year or two and you have to fire him? Lastly, when anyone is successful, they pay existing taxes and buy goods and services from neighbors. When those people do better, they can buy more stuff and pay their taxes, too. They also support charities, which historically dwarf government hand-outs, but are shriveling under the Progressives.
Maryland and New York recently passed “millionaire taxes” and productive people retired, limited production, or moved out of state. Boeing wants to build (not move) a new plant and hire 1,000 new workers in ‘right-to-work’ South Carolina, but was illegally denied by Obama’s stacked Labor Board. Taxation and regulation result in higher unemployment and lower revenues.
A rising tide raises all boats. A heavy hand smothers prosperity.
Who is John Galt?