Matt Towery finds it ironic that Warren Buffett and Bill Gates support Barack Obama, who wants to increase their taxes. In his piece A Very UnAmerican Answer to Solving Our Financial Woes he describes a “soak the rich” tax plan that a lot of middle class conservatives could get behind.
He points out how Bill Gates and his wife control a charitable foundation that distributes billions of dollars to help people around the world. They have control over where the money is spent and they are lauded for their philanthropic activities. Towery has a better idea.
Rather than arbitrarily declare someone “rich” when they cross that $250,000 level, let’s raise the bar. Heck, let’s even let an individual keep the first $1 billion he or she earns. After that, let’s let them have a taste of what real taxes are all about.
How about a net worth tax? I know I’ve kidded about it before, but it’s even more fun thinking about it under the current circumstances, both political and economic.
Let’s tax the excess amount of anyone’s net worth that exceeds $1 billion at 90 percent. Of course we would have to undo those charitable foundations where the super-wealthy have the ability to demand, say, accountability and successful results for the use of their generously given dollars. They would instead have to let the old wheel of fate known as the federal government spend those dollars. There would be no huge parties honoring them, no honorary doctorates for their donations, not so much as a thank you letter.
I think Obama’s campaign should hire Matt Towery as an economic advisor. This is change I can believe in.
The Chinese proverb goes, “Give a man a fish and he will eat for a day. Teach him how to fish and he will eat for a lifetime.”
Such is the decision on economic policies of the two candidate. Obama’s wealth redistribution plan amounts to giving a man a fish. Over the course of 4 years the downward spiral will crush an already delicate economy.
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