According to the New York Times, President Obama called for $1.5 trillion in tax increases, primarily on the wealthy. That was a clever excuse to make the upper class of America pay even more taxes to our government. The top one percent of earners pays 21.5 percent of all federal and state taxes in the U.S. That’s a lot for one percent! What will happen if the government continues tax increases on the rich?
Obama wants the American public to think this will help solve our problems. But really, we fix a problem with a problem. And that problem is known as socialism. Why do I say this? In Marx’s “communist Manifesto,” he says the first step in creating a socialist state is to adopt economically inefficient ways to make capitalism fail. Sound familiar?
If the government continues to increase the tax of the rich, there will come a point when people won’t want to increase their wealth because of the heavy taxes. When people increase their wealth, other’s benefit, and that helps the economy in big ways. Another reason is the fact, for a long time, rich and famous people have immigrated to the US for lower taxes and better living, bringing their frivolous spending, culture and trades with them. With a heavy tax environment for the rich, we won’t get an influx of wealthy, taxpaying and popular people coming to the U.S.A.
Yet a more damaging issue that applies to all Americans is this. Increasing the taxes on the rich will ultimately result in further damage to the economy, by removing the urge to make more money and increase personal wealth from the rich. Losing that will take away more jobs, lower living standards, and many other damages. In closing, I want to say; yes the rich can be taxed a little higher than everybody else, but the top 1 percent shouldn’t be paying 21.5 percent of all federal taxes! I hope you don’t want to see this nation lean towards socialism. Think about these things when you go to vote.