I’ve been listening to the arguments about the tax cuts extension, and I have to say that I’m being swayed. I originally thought it would be a good thing to extend them all, but now I’m having second thoughts. Perhaps the Democrats and the left are right about letting the tax cuts expire on the wealthiest.
Set aside the partisan issues for a moment. Never mind that it’s the Democrats who are pushing the issue. Let’s look at the reasoning, and it’s amazingly persuasive.
First up, look at these charts. The top one percent of taxpayers — who make over $380,000 a year — are currently paying 38% of all income taxes. The top five percent (about $160,000 a year) pay about 59% of income taxes, and the top ten percent (about $114,000 a year) pony up 70% of income taxes.
These are the richest, the wealthiest among us. They can certainly afford to pony up a bit more.
Because, after all, (here’s the second argument) the government needs the money. It needs even more money to spend. It’s only went up about 20% from 2008 to 2009 (2.9 trillion to 3.5 trillion); that’s really not that bad. And it’s all for really, really important stuff.
Besides, it’s just money. It’s just stupid little pieces of paper. If we need more, we can just borrow or print it.
Look, principles are fine things, but only when you can afford them. And we can’t afford them right now. The rich have the money, and we need it, so they gotta fork it over.