Saturday, August 7, 2010

TIM GEITHNER SAYS RICH SHOULD PAY MORE TAXES????

Am I the only one who thinks it's the height of hypocrisy for Tim Geithner to be on his high horse about the Bush tax cuts?  Correct me if I'm wrong, but isn't this the same guy who almost blew his appointment as Treasury secretary for failure to pay all his taxes?  So now he would have us believe that the United States economy is doomed if the Bush tax cuts remain in place, tax cuts which he most likely benefited from. 

I would like to remind Mr. Geithner that not all people who benefit from dividends and capital gains are "rich".  I certainly would not be considered "rich" by any standards, but I do benefit directly from dividends, capital gains and interest on my investments.  Is there any good reason hard working Americans, who manage to save and invest for their future, should be forced to pay higher taxes to support those who fail to do so?  I don't believe there is.  

You can't fix unemployment and insufficient government revenues by taking money from one group of citizens and giving it to those who are less productive.  It's this type of thinking that is giving fuel to the rumors of the current administrations move towards a more socialistic form of government.  It did not work in the Soviet Union.  It did not work China.  It did not work in Cuba and it will not work in the United States of America.  

Promoting savings by low taxes encourage investments, which in turn generate capital for businesses.  When businesses have adequately capitalized and are free from excessive government taxes and restrictions, they hire more workers.  When more people are working, more people are spending and state and federal governments benefit from greater tax revenues.  It's just that simple.  If Mr. Geithner and anyone else in Washington doesn't understand this, they should not be there.  We should all keep that in mind during upcoming elections.

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