Patriotic Millionaires

"Letting tax cuts for the top 2% expire as scheduled would pay down the debt by $700 billion over the next 10 years"

That's $70 billion a year.

Obama blew $535 billion just on Solyndra in a year - for nothing.

Would raising taxes on the millionaires really make a difference?

I believe that the technical term is "throwing good money after bad".

 

Three things:

1. I don't think it is a virtue to be patriotic, but rather a vice.
2. I do not think it is compassionate to want your taxes increased.
3. I don't think it is wise to give an responsible government more money.

Thoughts:

1. Patriotism is overused by both Republicans and Democrats. For me, I live in American and am thankful for my freedom, but I think patriotism places undo honor to the state. In the New Testament, I do not see any hint of patriotism by the Christians and I offer none for America. It is a government, corrupt at times and good at times, but it does not deserve my patriotism. It only deserves the honor mandated to it by the Bible.

2. If you want to show compassion, volunteer to help those most in need and give out of your pocket to a need. Taxes are are not "compassionate" but a necessity.

3. My main moral reason against raising taxes is that our government is entirely irresponsible. Not just irresponsible when Obama is in office, but with Bush as well. Clinton with a Republican Congress became somewhat responsible. But, both are like children addicted to credit cards. The cure is not more money or more credit cards, but more discipline.

To ask more money when you are entirely immoral in your responsibilities with money is immoral.

 

Actually, the way Congress has acted in the past 10 years, this should read:

"Raising taxes to the pre-Bush era levels for the top 2% would bring in $700 Billion for fresh spending in the next 10 years."

 

Or you could word it another way, to raise $700 Billion in tax revenue takes that much more out of the private sector to create private sector jobs.

About a month ago, Allen Greenspan noted on Meet the Press that our two options, cutting federal spending or raising taxes, both will hurt the economy. He said, though, that the IMF and he both agree that raising taxes will do more harm to the economy dollar for dollar. I do not like Greenspan and strongly disagree with his economic policies. However, I agree with his assessment.

 

Taxing the wealthy has an indirect effect on job creation, but it's not that simple of an equation.

 

Yes, but economically there is more jobs created per every dollar in the private sector in comparison to that same dollar in the government. As the two sources I cited, the net effect is actually negative by taking that $1.00 out of the private sector to create economic growth when compared to the government with that same dollar. Can both create a job? Yes, just the private sector is more efficient and will do more with that job.

 

Solyndra received $535 Million, not Billion

 

Oops - typo.

 

But the spirit of his post is dead-on. Team zero has promised over $30 Billion in guaranteed loans to "green tech" companies. If they are as well researched and executed at this one was, , it won't take long to see the billions of flushed cash go into double digits.