On "Taxing the Rich"...

The following responding quote is sourced from the deep mind of "Old Soldier" over at Gayle's excellent Dragon Lady blog. Not only is it one of the very best, succinct explanations of the perils and pitfalls of the socialistic policy of "taxing the rich", it underscores the vast informational exchange that occurs through blogging. I would be remiss to ignore an opportunity to further share his wisdom, so I will do so now. He is responding to another commenter's words which were...

"Regarding Senator McCain's tax policy, his move to keep the Tax cuts for the wealthiest americans don't add up and if you do the math, his tax policies cost the american people over 1 trillion dollars compared to Senator Obama's policies which average about 880 milion [sic]. Therefore given the current state of the economy, how can we rely on Senator McCain?"

Old Soldier replies:

"...to better understand your position, I would first have to ask why you believe higher tax rates for ‘the rich’ is fair? Is it because: ”they can afford it,” or “poor people cannot afford to pay higher taxes?” If you believe it is ‘fair’ to tax ‘the rich’ at every increasingly higher rates, then you truly do not believe in equality and fairness, you believe more in socialism; from each according to his abilities… If you believe the poor cannot afford to pay higher taxes, you’re right, but the poor do not pay income taxes. Under “Earned Income Credit” they actually receive a refund for income tax withholding that they never paid. Most GOPers refer to this as wealth redistribution; because those who do pay taxes are essentially subsidizing poverty.

‘Tax cuts for the rich’ is merely a straw man that liberal politicians love to employ to rally the poor around the Democratic Party. The idea that the Democrats ‘care about’ or actually ‘fight for the little guy’ is not supported by history. Tax cuts for tax-paying citizens generates spendable funds which in turn are spent buying goods and services, or invested in small businesses by adding employees. The ‘trickle-down’ effect benefits our economy far more than letting the government [inefficiently] control more tax income. Indigo Red provided a very clear example of the ‘trickle-down’ effect.

I have yet to see a plausible explanation as to why the McCain tax cut extension (not new tax cuts) would cost Americans “trillions of dollars.” Undoubtedly, the Obama tax increases will cost Americans in lost jobs, lower income, etc. JFK, RR, and now GWB have proven that tax cuts stimulate the economy, which, in turn, results in more taxes paid in to the government. It is hard to argue with historically recorded outcomes, yet some folks will do so with [political] impunity.

”…how can we rely on Senator McCain?”

McCain has a long history that exemplifies his morals and ethics and includes actions that reinforce those values. Obama’s qualifications to lead America are embarrassingly little when compared to McCain. So, obviously, my question is, how can we rely on Senator Obama who has no such history. All we have by which to ‘measure’ Obama is his rhetoric; and that is dependent upon his audience rather than his values.

...support the candidate of your choice, but please know for what that candidate actually stands.

Very, very well done... and without being condescending to boot!

The only thing I can add to that is pertaining to the original commenter's reference to "the current state of the economy". Contrary to what the media would like for the American people to believe, we are not in a recession (so far anyway). I am backlogged some ten months in my business and the businesses I work with are similarly swamped. I will submit that without the Bush tax cuts and the robust economy that we still retain to this moment, we would long ago have been sunk by the repeated waves that have come over our bow. Just consider the stunningly widespread impact of fuel prices more than doubling in the last 17 months, yet we still have not seen true negative economic activity or production. It is fragile and near the tipping point, with many factors like Iran poised to change this quickly, but we have thus far moved forward and persevered economically. I am convinced that without the stimulation that the tax cuts provided, we would not have been able to resist the huge negative tides and continue forward progress.

Great job, Old Soldier!