It’s not my favorite topic but its one that can’t be avoided…let’s talk taxes. More specifically, let’s consider whether or not we should be taxing the wealthy.
Recently Warren Buffet, one of the most successful investors this world has seen (and ranked number three in the wealthiest people of 2011), said that he would like to see federal taxes on those Americans who make more than $1,000,000 be raised.
There are many in our country that has the mindset that the wealthy should be giving out more. But let’s consider the motivation behind this. Is it because we feel that they don’t deserve to be wealthy? This is the thinking of some. “Why should they get everything they want?”
But yet we fail to also understand that while some wealthy people happened to come into the money, many others have worked hard to get where they are. They have made smart investments, used business sense and toiled endlessly to be the crème de la crème. So does that mean they should be punished for their hard work and efforts?
Do we believe that the wealthy “owes” it to society? Quite honestly, those that I think owe something to society are the ones who don’t pay taxes. Some statistics say as much as 47% don’t pay income taxes. I also think that those who are receiving government handouts, yet drive BMW’s and purchase shrimp from the local grocery store owe something. So we have to really think about our reasoning behind taxing the wealthy.
Another consideration we need to make is that many wealthy Americans do give back to society in a number of ways. Some donate to charities. But isn’t giving back something we do in America as a way of demonstrating good will? It’s not supposed to be forced. True giving comes from a heart that desires to.
As Michele Bachmann has said, maybe Warren Buffet should go ahead and write a big ole check to government. Nothing is stopping the wealthy from giving more, should they choose.
While some have said that the wealthy have a moral obligation to help our economy that means we are once again taking our focus off the real problem. The real problem isn’t the wealthy…the real problem is our government.
In reality our tax code needs an overhaul. And taxing the wealthy is not our way out of the economical mess we are in.