The top one percent of the taxpayers of this country have gained 80 percent of the gains in income over the past few decades!
Therefore, the move by Senate Majority Leader Harry Reid to conduct a vote on raising taxes on all income of those who have over $1 million net income is fundamental tax justice!
This is a tax on income and capital gains OVER $1 million, so using the example of someone earning $2 million, he or she would pay $56,000 more for the second million dollars. Would anyone in reality decide not to earn or acquire another million dollars by investment because they have to pay $56,000 extra to the government? The answer is obviously NO! That person has gained an extra $944,000, certainly enough to be a motivation to earn or invest it!
But if this tax were to go through, which it will not, unfortunately, the ENTIRE cost of the American Jobs Act of President Barack Obama, $447 million, would be covered! And this would assist economic recovery and lower the unemployment rate!
This is an example of not only fundamental tax justice, but also of the famous line, “shared sacrifice”! If one is successful economically, he or she owes a debt of gratitude to the nation that allowed him or her the opportunity, and should not complain about contributing more to the welfare of the nation, particularly after having gained such a tremendous advantage in income acquisition in the past ten to thirty years!
This vote will show the difference between the FUNDAMENTAL TAX JUSTICE party, the Democrats, and the PARTY OF THE WEALTHY, the Republicans!