Our president proposes to extend the tax Bush Era tax cuts for the first $250,000 of earned income. The remaining income in excess of $250,000 will be taxed at Clinton Era levels or 3% higher than the first $250,000. Now let’s do some math, shall we? Presenting, Mr. Austan Goolsbee the White House chairman of the Council of Economic Advisors.
Henry Ford when asked why he paid his employees more than his competition. He said, to keep his best employees and so that they could afford to buy his cars. What has happened to the to the business community that once made this country great? They believed in the middle class. They had the wisdom to see that if the middle class thrives then, they will have more consumers for their products and thus increase their profits and thus increase their income.
I’ll tell you what happened to them. They left the guidance of businesses to spoiled and greedy children who know nothing of a work ethic or the value of the middle class to the country as a whole. To them the middle class are the great unwashed. “Poor people pay taxes, we don’t” This quote can be attributed to any member of the plutacracy that has evolved in this country since money has found a mate in government – goes back too far to know.
Forbes Magazine counts 403 billionaires in this country. Most of whom acquired that wealth from the decimated middle class. There are those billionaires who do good, Buffet, Gates, Winfrey. OK 3, what about the other, 400? Oh yeah and Facebook creator, Mark Zuckerburg who has found philanthropic religion since the movie about him paints him in an unflattering light. I praise him for his generosity but wonder if not for the movie…
Dammit, how much is enough? When the average American family is in many cases homeless, unemployed, and hopeless, what does the bode for the prospects of this country as a whole? I for one think that a billionaire would not even miss an additional 3% tax which gets paid by their accountants. Buffet once said he pays a lower percentage of tax on his wealth than his maid.
Sleep well, plutocrats and enjoy your wealth while you have it. Who will pay you tomorrow if you destroy your customer today? I will leave you with the following video courtesy of Mr. Alan Greenspan, former Federal Reserve chairman who oversaw our economy during the best of times, the Clinton years, for more common sense:
President Obama signs a bill that will allow small businesses to grow and hire new workers by providing tax breaks, better access to credit and other incentives. September 27, 2010.
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Originally posted 2010-09-30 19:37:07.