Posted on 10/24/2010 4:39:58 PM PDT by Chi-townChief
Congress should do the responsible thing and let tax cuts for high earners expire at the end of this year.
As someone who has benefited from these tax cuts, I believe we must restore balance to a federal tax system that has been tilted in favor of the wealthiest 5 percent for a generation.
I've had a lifelong interest in the vital role of social entrepreneurs, the local heroes who take risks to lead innovative nonprofit organizations to solve problems at the local level.
I'm a big believer in the importance of mentorship, of helping the next generation of business and community leaders find their way.
But I also view efficient government and adequate tax revenue as essential ingredients in fostering the fertile soil for business development and healthy communities. Just as a healthy farm or garden needs a balance of nutrients, our country needs a balanced and fair tax system.
Yet the overheated anti-tax rhetoric is alarming. There are loud voices that will object to any tax and claim that raising taxes on higher-income people will destroy economic growth and punish success. They argue that we don't need additional revenue, that we simply can reform entitlements, cut spending and root out waste.
We obviously should press for greater government efficiency and accountability. But it is irresponsible to suggest that we can proceed without increasing tax revenue. No gardener or farmer would expect their crops to grow year after year without regular additions of fertilizer.
We have racked up more than $13 trillion in national debt, thanks to borrowing to pay for two wars and a decade of tax cuts. Yet we have long overdue investments in education, reducing our dependence on foreign oil, and public infrastructure, such as roads, bridges and broadband access, and market protections. Where will the money come from?
Generous tax cuts for the wealthy, passed by Congress in 2001 and 2003, are due to expire at the end of this year. Between 2002 and 2009, households with incomes of more than $250,000 received more than $700 billion in tax cuts, according to the Center on Budget and Policy Priorities. This essentially was added to our national debt.
The higher-income people I know didn't lobby for these original tax breaks and recognize the need to allow them to expire. If we retain these tax cuts, we'll add another $700 billion to the debt over the next decade. These are funds better spent in deficit reduction and targeted investments.
The retired business leaders I serve with on community boards are thankful for the opportunities we've had to do business and grow wealth in this remarkable nation and free market economic system. None of us exist on an island, and no wealth can be created without a society that provides a fertile ground of opportunity for everyone.
In the 30 years after World War II, 1947 to 1977, we taxed ourselves at significantly more progressive tax rates than today. The highest earners paid twice as much of their income in taxes in 1960 as they do today, according to a new study by Wealth for the Common Good.
With that money, we made investments in public infrastructure, affordable homeownership and expanded education at all levels. Far-sighted leaders supported policies that propelled millions of Americans into the stable middle class.
Today, young people are graduating from college with $100,000 in school debt as undergraduates. We're coasting along on previous generations' investments in water treatment facilities, bridges and other essential infrastructure - and we're leaving too many talented young people behind. Our failure to make investments today will undercut prosperity for the next generation.
Congress will be under tremendous pressure to continue providing tax breaks to high-income groups. Let's hope it has the fortitude to let mine expire. The fertilit y of our economic soil depends on it.
PETER HEEGAARD IS RETIRED FROM BANKING AND IS A FORMER MANAGING PRINCIPAL OF LOWRY HILL, A SUBSIDIARY OF WELLS FARGO. HE IS FOUNDER OF URBAN ADVENTURE AND AUTHOR OF "HEROES AMONG US: SOCIAL ENTREPRENEURS STRENGTHENING FAMILIES AND BUILDING COMMUNITY" (NODIN PRESS). DISTRIBUTED BY THE AMERICAN FORUM.
With that money, we made investments in public infrastructure, affordable homeownership and expanded education at all levels. Far-sighted leaders supported policies that propelled millions of Americans into the stable middle class."
It always amazes me how these fools like Mr. Heegaard always hark back to a time that's impossible to recreate with the USA being the only major manufacturing nation in the world, most womwen not in the workforce, and about 1/2 the standard of living that we have today. But it was good for a wealthy banker like himself.
what a fruitcake
Alas, how do they get away with this out and out lie time and time again?
I’ve got a better idea. We have so many liberals out there whining and screaming to pay higher taxes, WHY DON’T WE MAKE PAYING THEM VOLUNTARY!? You can send in all you want to the politicians in Washington and they will spend your money for you.
And, what do we do when the so-called rich cease to exist due to being taxed out of existance.
He’s a “social entrepreneur”...hmmm,sounds like an Acorn employee. Social and Entrepreneur are opposites. One makes money, the other leaches...
Sir, if you think you are not paying enough taxes, there is a simple solution that won't hurt anybody. All you hae to do is sit down, pull out your checkbook, and write a check payable to the Treasury of the United States for whatever taxes you think you should be paying. They will cheerfully accept it and cash it.
If you do this simple task, you can assuage your guilty soul and leave the rest of us the f*** alone.
Mr. Heegaard may want to set aside a little of his fortune for the purchase of a new “I” key for his keyboard, because the old one’s just about worn out. Pete, buddy, if you want to give more of your money to the government, there’s nothing stopping you from cutting a check. Have at it.
Well, Pete, there is nothing preventing YOU from paying more. You can dig into your pocket and pay however much you wish. You first.
What “Pete” doesn’t mention is that from 1947 to 1977 there were tons of loopholes and deductions that no longer exist today.
Someone should explain to Pete that cutting taxes GROWS the economy, while raising them causes economic stagnation.
We might indeed have to pay higher taxes to reduce our debt. The problem is paying ever higher taxes to fund ever higher government spending.
re: “Because of the 2001 and 2003 tax breaks and borrowing to pay for two war we’ve racked up 13 trillion in debt.”
So, we’re in debt, not because the government spends too much - no, it’s because we’re not all paying our fair share and wasting money on the “ficticious” war on terror.
HEEGAARD is a MORON
yeah I wonder what his genius answer would be to that question. People of his idiot ilk make me just shake my head at their stupidity
Atlas is fixin’ to shrug.
With a few exceptions, here and there, our side (the gutless politicians) rarely challenge it. I think that is one reason the leftists get away with it.
Guy sounds like some kind of nut.
“Congress should do the responsible thing and let tax cuts for high earners expire at the end of this year.
“
These people are economically illiterate.
let tax cuts for high earners expire at the end of this year.
I worked for a high earner for 38 years and recently retired.
Thanks to that high earner, several thousand people and I
were employed for many many years. That high earner paid me a salary, paid for my healthcare, bought my home, bought my cars (many over the years)fed me and paid all of my living expenses. The high earner matched my social security contribution and paid me enough to pay taxes to government and pay the sales taxes on my purchases. Add several thousand others who worked for this high earner who benefited from their careers with this family.
So when I hear that the high earners have to pay their fair share I think it is safe to say that they have not only paid their own various taxes but have also paid for the taxes of all of their employees, thousands of them. This high earner should be encouraged, not punished for producing the wealth they have.
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