Tuesday, December 31, 2013

Tax the rich

Bernie Sanders the only avowed socialist in the United State Senate was on TV echoing The Presidents call for a more equal distribution of income and he suggested higher taxes on the rich. I have to believe that both of these gentlemen understand that this will not work because there are too few rich and too many not rich. In 2010 the 1.35 million taxpayers who represented the top one percent earned 19% of the total gross income and paid 37% of all federal income tax which means they paid in 354 billion dollars in taxes. If we double their taxes and collect another 354 billion and distribute that to the remaining 99% they would each receive $3,000. This is not a very effective way to help the 99 percenters. A much better solution is to grow the economy and a proven way to do that, is free market capitalism and a good starting point, is the energy sector and specifically start using natural gas for power plants, and change over to natural gas in transportation. This is all shovel ready stuff and is underway in certain areas. I don’t understand what we are waiting for!

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