Let’s say, for a moment, that I’m rich. What does that mean? Maybe it means I enjoy flakes of real gold on top of my custard made from dolphin milk. Maybe I pay hobos to fight to the death in my 11,000sf rumpus room. Maybe my real name is Richard. The word “rich” is a very subjective one.
Let’s just agree that if one is “rich,” one probably has pretty much everything one could want. Otherwise, what’s the point, right?
Some exist in an economy that is life and death, where the money that a millionaire finds in his sofa cushions could mean keeping a job or losing a job, keeping a home or losing a home, getting medical care or not.
And, in this economy, we don’t buy a lot. I don’t; do you? You’re probably so busy sustaining that you forgot to buy impulsively, which is the engine of the U.S. economy. Surely, this economy could use a little stimulus.
Now different actions have different stimulative effects. For instance food stamps have a $1.73-stimulative affect for every $1.00 spent. That’s because food stamps help you eat; an important expense. By that measure, infrastructure spending is good, too. About $1.60 for every $1.00 spent. Goes right back into the economy.
But to pay for that, we’re going to need to raise taxes on the “rich,” where “rich” means over $250,000. (You may be one of those who think that $250,000 isn’t rich. Bravo.)
This will cause the tax rate on the “rich” to skyrocket from 33% and 35% (as it is right now) to 36% and 39.6% respectively. Now, that’s real money. If you make a Million dollars this year, $350,000 is going to the government.
If the tax cuts expire, then it’s $400, 000.
My property taxes in the City of Milwaukee went up 7%.
Brother Millionaire, can you spare a dime?
When we fight over the expiration of certain tax cuts, that’s what we’re fighting about. Now, I’m not suggesting that we stop fighting; yell, spit and snarl! Just know that this is what we’re yelling, spitting and snarling about…that and Socialism or something.