Re: Last Word on Tax Cuts
Wick, I agree with your strategery in theory — raise personal income tax rates to 70 percent, pay off the $3 trillion war debt, and then watch the country rise up in a fiscally conservative revolution in four years, wherein tax rates and spending will be cut by 80 or 90 percent and tax collectors get tarred and feathered. But the reality is the two parties will spend it on socializing medicine, another pointless war, or maybe both. I just don’t think you can help Lindsay Lohan by giving her even more cash for bar tabs.
That said, the listing of “stable and prosperous” nations as ranked by Jane’s is fatally flawed. According to this report (see last paragraph), the United States ranks 22nd 24th because of “the ‘porosity’ of American borders and the prevalence of guns.” I’m sorry, but I tend to think the porosity of the borders is a plus, and that there’s a name for the kind of stability that comes from disarming free people.
Smarter folks than me make an argument on this in today’s WSJ.
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Lord knows I’m not financial genius. Otherwise, I’d be writing Marty Cortland’s column for him. However, that doesn’t keep me from having a perception of this whole tax the rich, tax the corporations, tax the personal income of everybody who has a job concept. It reminds me of my first wife.
At the thought of getting a new credit card, or line of credit, she would go on a shopping spree. At one point in her second marriage she owed $6k/month in credit card payments. So, she took me to court to increase my child support. (She’s no longer married to her second husband, btw.) Congress seems to have the same attitude – let’s go spend, because the bill will come later, and even then we only have to pay the minimum monthly charge. Or, if we have trouble paying it let’s charge the people/corporations (the ex-husbands) more taxes (child support/alimony). Paying just the minimum monthly charge on a $1000 credit card bill will take approximately 30 years to pay off – per finanical reviews I’ve read.
Now, I’ve got a good wife who agrees with me to pay cash for as much as we can. But, we pay a penalty (higher interest rates, more down payment) when trying to buy a house or car because we’re not in debt up to our eyeballs. There’s a leadership saying, “Morality flows from the top down.” Apparently, this economic morality of high debt = good credit flows from the top (Congress) down to the American people. “Charge it today (because I don’t have willpower to wait), make the minimum payments (so I can keep my cash flow for fun things), and hope I stay employed.”
Personally, and again based upon my financially challenged perceptions, I favor a flat 10% tax – along with reducing government (programs, workers, entitlements, etc) by 50% or more. I welcome any insight as to where I’m wrong in this.
Alas, Babylon – what are we to do?
Why am I getting dragged into this? The most salient point that I noticed on the “S&P” country list itself was the country actually occupying the 22nd slot: France. The U.S. was 24th. (Can’t believe that the Times is that sloppy. Either that, or those devious Brits are insulting us by considering the U.S. interchangeable with France.)
Marty, I was just saying that if I was as financially smart as you……
It was a compliment; and btw, I really like your columns.
Trey, that’s sure is some strategery you posit there. Too bad it makes as much sense as KB-H did in hers.
Trey, Our ability to collectively own guns is stopping the possibility of a police state? Really? So you and I can ward off the US Marines, and a string of B-52’s with our 9mm’s? I’m sorry, but that seems a tad bit alarmist.
Waaaaaait a second…were you one of the those guys that spent a year’s salary on canned vegitables and Ozarka water jugs in the days leading up to Y2K?