First of all, wealthy Americans received an undeserved tax break for 12 years. That happened when Republicans initiated foreign policy and wars that America could not afford. Therefore, they contributed significantly to the revenue shortfall that we realize today as national debt and deficit.
It is unrealistic to recoup the windfall, but it is realistic to stop it by closing loopholes and streamlining the tax code.
Part of the message that President Obama has already made is that corporations and individuals who create opportunity should receive an earned tax break as an incentive that is based on results. You see, part of the problem with Republicans is that they want the reward before making investments that create jobs in America.
For persons sitting on their assets and not investing in job creation via new product and new business unit development, they should be taxed at a higher rate.
Important lessons from this analyst’s viewpoint are that rewards are rendered for results and not promises. You cannot rest on your assets.
"Obama still won't take any big risks on entitlement reform unless Republicans agree to raise taxes again, he declined to say whether he would approve the Keystone XL pipeline, and he still won't slash discretionary spending. Within a couple of hours of leaving the Capitol, Obama issued a threat to veto a job-training bill championed by House Majority Leader Eric Cantor (R-Va.). So much for the bipartisan note Obama struck in his closing remarks. Or, as some House Republicans concluded as they shuffled out of the meeting room: Meet the new president, same as the old president.”
Comments