Why does nobody speak out for the most oppressed minority in America, especially you bleeding heart liberals? Where is your compassion?
Let us take pity on the poor rich, for mercy’s sake! Yes our persecuted minority of economic elites are unhappy with their “rich man's burden”. That would be taxes. Next to financial regulation and enduring a Democrat in the White House, taxes are the most terrible persecution for our pampered Plutocrats. Take the sad tale of Steve Schwarzman of the Blackstone Group. Perhaps persecution is too mild a term for this poor man’s plight. Americans put out of their jobs by his fellow economic royalists know little of the real pain Mr. Schwarzman suffers. When Obama suggested closing a tax loophole allowing him to pay only a 15 percent tax on his meager income, instead of the 35 percent the rest of us pay, he knew just what to compare his situation to. Schwarman declared it was like “when Hitler invaded Poland”. Ach, Gotterdammerung!
We hear the rage of the Tea Cult. We hear the rage of Limbaugh, Beck, Hannity and Savage. But their rage and suffering must pale in comparison to the injuries endured by exponentially wealthier hedge fund managers and major Wall Street swindlers. Thank Mammon at least our Right Wing propaganda machine feels their pain.
But wait. What’s this little peep I thought I heard about some wealthy person who thinks the super rich can afford to pay higher taxes? Can this be real? Surely not in the US of Republistan?
Hold on to your seat. There was an article in the LA Times last month called I’m Rich; Tax Me More. It was written by Garrett Gruener, the founder of Ask.com, chief executive of Nanomix, the co-founder and director of the venture capital firm Alta Partners and a member of the advisory board at NDN, a center-left think tank in Washington. Ah, I was right. He is, of course, no Republican.
He said, “Congress should let the Bush tax cuts expire for the wealthiest Americans and use the additional tax revenues that are generated to invest in infrastructure and research.”
How radical! He sounds like me. He also reveals the truth that no Republican wants you to know;
For nearly the last decade, I've paid income taxes at the lowest rates of my professional career. Before that, I paid at higher rates. And if you want the simple, honest truth, from my perspective as an entrepreneur, the fluctuation didn't affect what I did with my money. None of my investments has ever been motivated by the rate at which I would have to pay personal income tax.
And for some reason the corporate media never seem to tell us:
As history demonstrates, modest changes in the tax rate for wealthy taxpayers don't make much of a difference if the goal is to build new companies, drive technological development and stimulate new industries. Almost a decade ago, President George W. Bush and his Republican colleagues in Congress pushed through a massive reduction in marginal tax rates, a reduction that benefitted the wealthy far more than other taxpayers.
We were told the cuts would accelerate business growth and create jobs. Instead, we got nearly a decade of anemic job growth, stagnating wages, declining incomes and high inequality.
The supply-side, trickle-down economic policies of the last decade benefitted people like me, but the wealth didn't trickle down. So while we did quite well, people who live from paycheck to paycheck didn't.
What? Can it possibly be true that the sacred prophecy of Saint Reagan was wrong? And even more astonishing, can there be someone like FDR, a “traitor to his class”, who actually cares about the country that provided the environment that nurtured his prosperity? Amazingly, we hear from a rich man, through corporate media, telling us Republicans are wrong and shared prosperity is, in fact, desirable.
What American businesspeople know, and have known since Henry Ford insisted that his employees be able to afford to buy the cars they made, is that a thriving economy doesn't just need investors; it needs people who can buy the goods and services businesses create. For the overall economy to do well, everyday Americans have to do well.
Now that the Bush tax cuts are about to expire, Republicans are again arguing that taxes should remain low for the wealthy. The idea is that this will spur people like me to put more capital to work and start more ventures, which will create new jobs, power the economy and ultimately produce more tax revenues. It's a beguiling theory, but it's one that hasn't worked before and won't work now.
Thank you, Mr Gruener. You inspire more hope with your wisdom and honesty than we shall ever see from Washington DC.