Thursday, February 26, 2009

Too Much Reverence for Wealth

One of the problems hobbling our current efforts to make a budget on the state and federal levels is our reverence for wealth and fear of the people who are wealthy. It is useful to keep in mind that most of the very wealthy people in this country (over $500,000 in annual earnings from all sources) were born into their money, or have been overpaid for the services they render, or have made one or a handful of clever investments or friendships. Do some of them work hard, build businesses and provide useful products and services? Sure, but why should we be afraid to tax them? Why do we grant them special status? Why shouldn't a higher percentage of their money go back into the society that gave them the opportunity to be rich? In Connecticut, our Republican legislators (mostly) act terrified of the prospect of raising taxes on the wealthy. It's time to grow up and stop being afraid of rich people. At this point, I don't know which is worse, the Democrats afraid of state employees or the Republicans afraid of their wealthy constituents. Both tendencies are very harmful to the budget-making process.

4 comments:

Anonymous said...

And so, how much shall we take from the most productive workers?
You think people who generate pay of $500,000 a year do not earn it?
Do I hear take 100% above a certain benchmark?
Then how long before no one cares to work past an average pay level? And so why have large successful businesses that hire people?
Will govt be the only employer?
How long can we support that through income taxes?
If 40% of adults pay no income tax but get benefits. who do you want to pay for them?

IF you do not have $$$ to tax, by putting ceilings on earnings, how will yo get taxes?
Are we all to pay 60 to 75% as in Europe so we can all have free govt services that are monitored by the bureaucracy?
How long to do want to wait for a needed surgery? Or how old should someone be to get denied for a knee replacement?
You are not going to be happy when govt makes these decisions for you. And you are paying much more each year for the service than through insurance now.

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