Friday, July 29, 2011

Bernie Sanders is Right! Americans are Angry! He Just Has No Idea Why.

In today's Wall Street Journal Sen. Bernie Sanders (I-VT) spins his version of "Why Americans Are So Angry". He is absolutely correct in his assertion, however his reasoning as to why is way off base and is a testament to his out of touch socialist ideology.

Why Americans Are So Angry 
The rich are getting richer. Their effective tax rate, in recent years, has been reduced to the lowest in modern history. Nurses, teachers and firemen actually pay a higher tax rate than some billionaires. It's no wonder the American people are angry.
I don't understand this accusation. I pay taxes and I have seen the progressive tax tables. I invite someone to show me some math as to how this is possible, unless of course it's due to tax loopholes that were granted by Congress.
Many corporations, including General Electric and Exxon-Mobil, have made billions in profits while using loopholes to avoid paying any federal income taxes.
Yes. We are very angry about this. This is why we want a short term deal on the debt ceiling. We want you to have just enough time to reform the tax code, and deliver on promises of spending cuts. The Corporate Tax rate should be lowered to 20% or 25% and all loopholes should be eliminated. 35% is the highest corporate tax rate in the world, and what good does it do you if you can't collect it, other than scaring away other multi-national corporations who might come here and create some jobs, and hurting the small businesses who do have to cough up the 35% because they don't have armies of accountants searching for loopholes. Imagine if we collected 20% of General Electrics profits?
If the Republicans have their way, the entire burden of deficit reduction will be placed on the elderly, the sick, children and working families. In the midst of a horrendous recession that is already causing severe pain for average Americans, this approach is morally grotesque. It's also bad economic policy.
This type of demagoguery does not help. What American's want Congress to do is to increase revenue by fixing the tax code and to reduce spending. Just increasing taxes doesn't even come close to fixing the problem. It's like pissing in the ocean in an effort to raise its temperature. It shows that liberals are more interested in scoring a victory in their culture war rather than fixing the problem. Sen. Sanders sanction of the victim argument is just an excuse to ignore the tough reality we now face.
What's more, Mr. Boehner's plan would reopen the debate over the debt ceiling, which is now paralyzing Congress, just six months from now.
Exactly Bernie! We don't trust you! We don't trust the promises of tax reform and spending cuts. If we give you the money to keep on spending thru the election you and the rest of Congress will move on to less important issues. We will have let you "kick the can down the road". We want you and Congress held accountable. We want this debate to happen again in six months so that we can take measure of your performance in advance of the election. If you do not increase revenues by fixing the tax code and you do not deliver on your promises to reduce deficit spending then we will send you all packing.

Now shut up and get to work!
blog comments powered by Disqus