…And while we are at it, there needs to be more of them. Since we elected Barack Hussein Obama president, this government has been at war with business. They pledge to increase TAX PERCENTAGES so that “Millionaires and Billionaires can pay their fair share.” During the election, Obama agreed that an increase in the capital gains rate might net no gains at all, even perhaps less would be collected, but that he would do it anyway, as a matter of fairness. (He did not raise that rate. He didn’t have the votes, but the investment chilling message was sent anyway.)
Obamacare will put a tremendous unfunded mandate on employers, who have struck back by refusing to hire unless it was absolutely necessary, and who have withheld raises, reduced investment risk, and reduced quality of life issues to save for this upcoming disaster.
Little noticed by the mainstream media, our world has changed dramatically when businesses have to deal with bureaucracy. The level of regulations seem to be doubling every six months. Oil platforms in the Gulf cannot get the permits to reopen, and energy companies cannot get the permits to explore. Coal companies that have already received their permits seven years ago are having them taken away from them, and businesses are being told which states they are allowed to operate in. This takes as large a toll on business as taxes or Obamacare, but it takes the largest toll on small business. Carl Jr’s CEO Andrew Puzder told the California Chamber of Commerce that it takes 8 months to get a permit to build in California and the same permit takes six weeks in Texas. The additional cost is more than 250 thousand per store. Small businesses do not have that kind of additional startup capital, so the company does not open and the jobs are not created.
Need proof? Texas gained a million plus jobs in the last decade while California lost them. As Puzder said “You can’t build stores in California, you can’t manage them in California, and, even if you can build them, you have to pay a big tax. In Texas, you can build them and run them, and you don’t have to pay (income) tax.”
Still, the Democrats have a point. We will not get out of this crisis unless the rich pay more. It won’t due to pick around the edges, and a couple of percentage points won’t add anything to the coffers, as it will only serve to dampen the entrepreneurial spirit of our investors. A whole lot of percentage points will demolish what prosperity we still have, and in any case, we couldn’t balance this budget with this economy, even if we confiscated the total income of our “Millionaires and Billionaires”.
No, we will need to take a radical path, a path untried by our left leaning friends. We will need to help the wealthy create new wealth, so that they can pay more taxes.
The first step would be to get rid of the Orwellian notion that a Tax Percentage Increase raises taxes. Oh, sure it does, if the nominal sum is so small that an increase would go unnoticed, but in the world that we live in, an increase in tax rates would likely mean less money collected, not more. The tax increases that are proposed pretend that the economy will stay the same or even grow as we sap the lifeblood of every small businessman, and every company that contributes to the economy. That is a conclusion that lives somewhere between deceitful and dumb.
No, we will not be able to get the rich to pay more just by raising their tax rate. We cannot force them to be prosperous while we declare war on them. Instead we will need to entice them to pay the government more. We need to promise that their tax rate will either stay the same or DECREASE.
We need to repeal Obamacare. It only makes sense if we are completely oblivious to the damage it costs our economy on every single level.
We need to reduce or eliminate regulations that sap the strength of businesses and the will of investors.
Of course these businesses and investors will need help to get richer, and some ordinary people will need help just to get rich in the first place. If only we had 14 million people sitting on the sidelines, willing to help them, and get paid for it. Wait! We do. They will take the jobs that are being created and then these people collecting unemployment, will start paying taxes themselves, and Social Security, and Medicare too.
Stock brokers and fund managers will take advantage of a rising stock market, and they will pay much more in taxes. Indeed, many will pay three or four times what they pay now. C’mon, admit it. In Obama’s wildest dream he was never thinking about getting three or four times the money from fund managers as he is now. Let’s face it. That is real money.
All those 14 million newly minted workers will have new wants and needs as they move from hopelessness and destitution to prosperity. They will buy things. The sellers will make more money and Bingo! They will pay more taxes as well. Small businesses will have an environment where they will want to open their doors and they will be permitted to do so. Regular people will become wealthy. Wealthy people will become millionaires and millionaires will become billionaires! Better yet, They will ALL be paying more taxes, and happy to do so as well!