Millionaires

The President has proposed that we tax millionaires and billionaires to help balance the budget. He has not stated the specific tax rate. There are 80,000 Americans who earn more than 1 million and they average 4 million. If we take all of their money we would bring in 320 billion dollars. (80,000 x 4,000,000). That would reduce this year’s deficit from 1,270 billion to 950 billion. Taxing the rich is OK by me but we must tackle the entitlements. Social security, Medicare and Medicaid cost 1,600 billion dollars per year. We have to reduce spending as well as increase revenue something like the Boles/Simpson plan prepared last year but ignored.
The advantage of arguing over taxing the rich is that no one has to talk about entitlements. The President doesn’t want to talk about them neither do the Republican candidates. They all saw what happened when Paul Ryan came out with his plan which he reiterated today. He proposed changes in entitlements and got crucified.
There is a tendency to blame elected officials for lack of courage but taking on entitlements is a sure way to get kicked out of office and for that you can blame the voters. It reminds me of what Pogo said about the government, “we have met the enemy and they is us”.
Until we voters are willing to bite the bullet and reduce some of our benefits the politicians will continue down the path we are on.