I live (quite well) off financial investments — no need to work any more — and my taxes every year are ridiculously, embarrassingly low. Meanwhile tens, hundreds of millions of hard workers who spend all their money — enriching entrepreneurs like me, and spurring economic growth — are throttled by tax bites that far exceed mine.
This tax structure and its terrible incentives are destroying, for my children and grandchildren, the opportunities for personal fulfillment and enrichment that America provided me. I wholeheartedly support the specific initiatives of Patriotic Millionaires, but I think far more is needed to create a national tax structure that actually is progressive above $60 or $80K a year in income. Us rich folks aren’t paying nearly our share of the bill — paying for what we receive — or re-investing in the country that gave us such remarkable opportunities. Don’t we care about our kids?
Americans have told us what they want — rich and poor, tea partiers and raging liberals (the polls aren’t hard to read) — and we need to pay for it. True conservatives pay their bills.
Cross-posted at Asymptosis.