Watching my fellow Buckeye and Speaker of the House John Boehner whine incessantly about how bad off millionaires have it in these troubling times, I am almost beginning to feel sorry for them. Just look at poor Mitt Romney and think of what he and Ann could buy at Costco with the money he saves paying zero tax instead of nine percent, as he would under Paul Ryan’s proposed budget. He should also be getting a big check from Uncle Sam, as you just know he has already filed an amended tax return for last year claiming the entire four million dollar charitable contribution instead of just half as he first filed to make his tax rate a somewhat less laughable fourteen percent. However, one comment made by the speaker did catch my attention. Boehner stated that President Obama will be responsible for the largest tax hike in American history if Congressional Democrats fail to approve his plan for extending the soon to expire Bush tax cuts for all income levels, however, he failed to state the obvious.
What Speaker Boehner really meant is that these two massive tax cuts, mainly benefiting the wealthy elite and signed into law during George W. Bush’s first term as president were the largest tax cuts in American history. Since when is a soon to expire temporary tax cut a tax hike? Only Republicans could spin that logic. When combined with President Bush’s two unfunded and unnecessary wars, these tax cuts comprise a major portion of the record budget deficits that have plagued this nation the past seven or eight years. Moreover, when combined with a stagnating automotive industry and collapsing housing and financial bubbles, these enormous cuts played a very large part in the economic chaos and deteriorating economy that plagues this nation to this day.
I have written for many years now that the next great depression makes the Great Depression look like part of the Roaring ‘20s due to the migration of manufacturing jobs, first to Mexico then to China. It is hard for any economy to rebound when its entire work force is in sales or customer service. This was the first time in this nation’s history that taxes were cut during a time of war, let alone two tax cuts during two wars. Instead of cutting taxes, they should have been raised to fund these two wars, both the longest in our history and one still ongoing. Longer than both world wars and our civil combined. George W. Bush was once quoted questioning why his administration was giving another round of tax cuts to the rich.
It has been reported that Speaker Boehner’s “Plan B” tax proposal, which he evidently pull from the house floor himself last night, professes to be a moderate increase for millionaires but would actually decrease their tax liability, raise taxes on the working poor and cuts food stamps for the poor. Instead of extending all tax cuts except for those income levels greater than one million dollars, they should all be allowed to expire. This would be the only way to greatly reduce our annual trillion-dollar budget deficits. Yet, very few politicians has the cojones to speak out against our disastrous fiscal policies. Another tax adjustment to implement would be to remove the current cap on Social Security taxable income at $110,100.00. Tax total income so everyone pays the same percentage. The current cap restriction is very regressive and greatly favors the wealthy and as always at the expense of the working poor.
Only ten more days until America crashes over the proverbial fiscal cliff, which could possibly result in worldwide financial chaos, and Congress has left town for its Christmas break.
Steven H. Spring