Hoarding the Wealth

As our country approaches an artificially contrived "fiscal cliff," our leaders are telling us we need to reduce the deficit and yet generate growth. That's great; we can all agree on that. So what's the problem? Let's do it.

The problem is we want to do that without sacrifice. We want the "other" people to  make the sacrifice. We are not interested in doing our fair share.

George W. Bush tried to tell us that if we gave a "temporary" tax break to the obscenely wealthy, they would invest in America and create growth and jobs. The result was the "Great Recession". As a result the government had to infuse large amounts of money (probably not enough) to keep the Bush Recession from becoming the second Great Depression.

Now, the Republicans are trying to extend those very same tax breaks for the extremely wealthy. It should be obvious to everyone that this did not work and it's time to end this gift to the wealthy. It's time they pay their fair share. This is a no-brainer first step.

Then what?

I would suggest that Congress:

1) eliminate oil and gas subsidies. These companies are wallowing in profits; they do not need tax-payer support - welfare.
2) eliminate agricultural subsidies. As with oil and gas subsidies, they may have been a good idea when initiated, but now it is simply welfare for the wealthy. In fact, agricultural corporations receive a subsidy for the gas they use in their farming operations.
3) penalize corporations that move American jobs out of the country.
4) reward corporations that move over-seas' jobs back to the US.
4) institute a "Stock Transaction Tax" of .005% ( 1/2 penny per transaction). Tax based on the number of transactions -- only fair. Much like the fee on a toll road. Whether I drive a large Cadillac SUV or a Smart Car, I pay the same.
5) adopt Warren Buffett's proposal for a minimum tax on high incomes:
          30%     for $ 1 million to $ 10 million
          35 %   for anything above $10 million
6) refuse to fund military projects that the Pentagon does not want.
7) eliminate the mortgage-interest deduction for vacation homes. You can deduct mortgage-interest on only one mansion, the one you designate as your residence.

If these measures were taken, we would not need to talk about defunding school lunch programs, Social Security, Medicare etc. The wealthy would still be obscenely wealthy, and the middle class might have a chance, and the old, the disabled, the impoverished, the veterans and the children might a chance of sharing in the American Dream.

Our great country is not broke. The money is available, but it's being hoarded.  We have to require that the wealthy (and therefore powerful) stop hoarding and pay their fair share.

It has been said: "For everyone to whom much is given, of him shall much be required." (Luke 12:48)