Democrats are not ruling out raising taxes for the wealthiest people to help pay for tax cuts for middle-income families, House Speaker Nancy Pelosi said.
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“As we review what we get from … collecting our taxes and reducing waste, fraud and abuse, investing in education and in initiatives which will bring money into the Treasury, it may be that (repealing) tax cuts for those making over a certain amount of money, $500,000 a year, might be more important to the American people than ignoring the educational and health needs of America’s children,” Pelosi, D-Calif., said in an interview aired Sunday.
Here are the problems, Madam Speaker, with your way of cutting taxes:
First, repealing Bush tax cuts on the highest earners really doesn’t do anything for you except penalizing rich people for simply being rich. Second, it undercuts productivity and initiative to put toward wealth creation and investment of capital for those in the highest tax brackets. Third, higher earners who run businesses may have to cut back on workers, wages, investment, and possibly raise prices on products they sell. This passes the cost unto the “middle-class” consumer you’re so interested in protecting and ends up putting an indirect tax on them. This fact goes for not only the so-called “rich,” but also corporations, especially those your party is targeting like oil companies.
You want to cut taxes Ms. Pelosi? Here’s an idea - introduce a flat tax as they have in Russia and some South American nations. There won’t be anymore class warfare in regards to taxes because everyone will pay their proportion. Revenues will rise to the U.S. Treasury, helping to offset and pay the deficit. You on the other hand, will receive all the credit from conservatives for reforming the system and would truly make the United States a better country to live in.
But Ms. Pelosi, you’re a leftist, so you really have no clue how to give the government back to the people. All you care about is increasing your power in Washington and taking more of my money. I can’t wait to vote against your party in 2008.