Taxing rich runs afoul of market incentives, American values

oval has hit an all-time low. In the 2010 midterm election, Republicans took over the House. Nancy Pelosi was replaced by John Boehner and some said it was a wake up call to Democrats.

Why are approval ratings tanking? It’s time to face the truth: the liberal policies of the Obama administration and those who are aligned with the progressive agenda in Congress. However, it is not just the Democrats but also the RINO’s (Republican in name only) who are responsible for the shape our country is in.

In 2006, the Democrats won both houses of congress and we have seen failed policies, and out-of-control spending ever since. The economy is a disaster and the unemployment rate is 9.1 percent (because of technicalities in the way the number is crafted the actual percentage is higher). But the only idea Democrats can come up with is to print, borrow and spend.

Instead of coming up with solutions, this administration along with those in Congress who support it, has come up with campaign slogans, recycled proposals and pointed fingers. Democrats are now blaming the Tea Party and igniting class warfare with the millionaires tax. Seems they finally got tired of blaming George W. Bush. Democrats in Congress are fear-mongering anyone who has an opposing plan. They put out a jobs bill, basically another model of the failed stimulus. It will cost $447 billion for infrastructure, education and extensions of unemployment benefits. What happened to the stimulus packages that were already passed? How many new jobs were created?

The stimulus was suppose to stop unemployment from rising over 8 percent. It was to put people to work on so called shovel ready jobs. No, the money went in the form of bailouts to companies that were too big to fail, those who had donated large sums to finance Obama’s campaign and other Democrats running for reelection.

It also went to Green companies who were to free us from dependency on foreign oil. We see that worked, read: Solyndra. With the last jobs bill that went through Congress, Republicans caved, giving Obama the go-ahead for more ruinous, debt-clinging spending. Now he is touting a jobs bill and paying for it with a proposed tax hike (the Buffett Rule). Sure, tax the rich, Democrats say, they can afford it. But think about it. It’s the trickledown effect, only this time with taxes. In the future, those who are taxed will not readily invest their money because they will be taxed even more due to capital gains fees. That slams the brakes on any job creation.

This should scare those of us who are counting on a job when we graduate. And because of higher prices the tax increase will be passed on to everyone.

I have a novel idea. Let the Democrats in Congress pay their back taxes. 638 employees, or about 4 percent, of the 18,000 workers on Capitol Hill owe money and 41 employees in the executive office of the president owe $831,000, according to an article in the Washington Post. Don’t Timothy Geithner, head of the treasury and Charles Rangel, who writes the tax code. Recently, Rep. Jason Chaffetz (R-Utah) introduced legislation this year to fire federal workers who owe back taxes unless they have entered into a payment plan. It’s not surprising that not one Democrat has signed onto this bill.

Warren Buffet, the billionaire behind this new tax bill, has been saying that he doesn’t pay enough and should be taxed more. Hey, he’s right, he owes the IRS, roughly $1 billion dollars. And what about General Electric, they took stimulus money, made record breaking profits and never paid taxes. The American public is sick of the double standard in government. But what makes us even sicker is that those who promulgate it have failed to get our economy back on track.