Raise Taxes on the Rich Only to Pay down Debt
I have an alternate idea to President Barack Obama's proposal to increase taxes on the wealthy to fund programs for the middle class and the poor. According to Republicans his proposal is "Dead on Arrival."
Increasing taxes on the wealthy should not be "Dead on Arrival." Using the increase tax revenue to fund more subsidies and entitlements should be.
Here is a very good idea: For this discussion lets define wealthy as an individual or couple earning more the $1 million a year, either as wages or a combination of wages and income from other sources.
The increased revenue should directed to pay down our national debt. It is now somewhere near $18 trillion. By earmarking the revenue for debt reduction, the debt will begin to go down slowly, causing the interest paid on the debt to also decrease.
The interest on our debt is a major expenditure each year. Lower interest payments will free up money to either pay down more debt or fund life saving programs of the federal government.
Starting new programs such a free tuition for community colleges and expanding existing government handouts is not a good idea. Most of us know there is no such thing as a "free" anything. Apparently, the President is not part of the "knowing" group.
Education should be affordable, but not free. Most community schools are affordable and controlled by state or local entities. Why bring in the feds to fix this "problem"?
Without some personal buy in to improving one's lot in life, we are perpetuating the nanny state. A very bad idea.
My rich friends may not like paying more in taxes, but if they know the money will be used to begin moving us out of debt I think they will quietly accept the idea, knowing their money will help all of us, not just those "selected" by the President.