Economy and the Government

In light of current events, and some of the phrases being thrown around by our politicians, I was just curious what the wealthy think about all this. Being in the financial minority here, my point of view is not likely going to be shared by many. I'm not trying to stir the pot or earn enemies, just curious. (and maybe a little venting)

I keep hearing the phrase 'redistribution', and I don't like it, smacks of communism. The phrase I hear that I like is 'fair share', and it's this one I'll elaborate on.

If it were up to me, I'd either A) get rid of income tax altogether, and increase purchase taxes, or B) institute a flat rate income tax, that all would pay, no matter your income. So let's say 10%, whether you made 50k or 5m, you pay 10%, no deductions, no shelters, no BS. Businesses the same, take your income, minus your operating expenses, and 10% of your profit goes to Uncle Sam.

Welfare and social security (disability kind), no more free rides. If you are legitimately disabled, fine, you get SS, and welfare is no longer a free ride. Let's make it a work program, with conditions of employment: regular drug tests, mandatory birth control, and you WILL do something productive for society. If someone doesn't agree to the terms, fine, then go GET A JOB!

Medicare: Thankfully I haven't had the need for much in this vein. I do believe that the co-pay should be higher for higher incomes. Of course, one would expect that those with higher incomes would and could afford better insurance, and that would take care of the problem.

Lastly, let's make hypocrisy a crime. I.E. Immelt’s new position at the helm of Obama’s “Council on Jobs and Competitivenes" while shedding US jobs and employing the Chinese. Oh, and GE not only NOT paying taxes, but taking stimulus and bailout from the tax payers?

I guess I'm just frustrated as I expect everyone else is, but I don't have any outlets, so I thought I'd vent here where I can get some intelligent feedback, or co-misery. :)

Yankee, For a s long as there have been civilizations ,there have been politicians some may have had good intentions at first but alas became rotten like the rest of the barrel, Sadly this has always been the norm for thousands of years, and I don't see it changing, also it weakens the country involved and has been in the past, there downfall. Hopefully God will continue his blessings on this country. Gary

The politicians in Washington do not want to do ANYTHING that might loose them a vote and that might not get them reelected because they know that they have destroyed all of the jobs and if they were on the street back home they would be unemployed.

YES! Geoff Murphy for President! :D

I share many of your concerns. The continued redistribution as advocated by one party is of particular disgust to this tax payer. When one half of the population pays no taxes whatsoever, how do you define fair share. This republic has been founded and defended by extremely courageous and brave patriots that would not recognize what passes for conventional wisdom. It is my belief that all citizens should have some skin in the game regardless of the percentage. Although I am in favor of a flat tax, I recognize that will never happen, and am OK with a progressive tax rate so long as we all have a stake. We are near the tipping point where there will be more takers from the government than there are contributors to it and at that point we will become just another PIG (Portugal, Ireland, Greece). I have no faith in either party or any politician to cure the ills of the country. There is only so long a country can build debt at the rate of 4 billion dollars per day and not be crushed under its' own weight.

Although I disagree with many of Immelt's positions and tactics, I cannot blame any corporate CEO for dealing/abiding or otherwise governing under the rules that the marketplace dictates. This goes to government regulations, or in some cases, lack thereof. I could go on and on with things that I agree or disagree with, and I don't know if any of this answers your call for input but it sometimes helps to vent a little as well......

I like Warren Buffet's idea, balance the budget or lose your seat . Politicians are all self serving to a large degree, hence all the cartoons and jokes.
Great leaders are few and far.

Here's the thing, if your a teacher, your first priority is to teach. Not to join a union to preserve your job.
If your a Politician, your first priority is to serve the people who sent you there, not to serve lobbyists and other politicians.
They don't have a conscience.