Wednesday, July 11, 2012
Thom Hartmann: "No more billionaires!": The Socialist Answer to Income Inequality
The fact is to have a strong economy anywhere in the World, people have to have the incentive to work hard and be productive. The Peoples Republic of China a Communist State figured this out thirty years ago and once people are productive, they have to see the fruits of their labor, be rewarded. For their production and then be taxed based on their ability to pay taxes but not taxed so high, that they aren't incentivize to be productive in the future. Another words millionaires being taxed more then people making 50K$ a year. The answer to Income Inequality is not to take money away from people who are very productive and give that money to government to take care of people who aren't productive. The answer is to empower the people who aren't very productive in life who don't have the skills to be successful, to get them the skills that they need to be productive in life. There are people who are very wealthy in this country and have gotten that way by taking advantage of the system and taking it out of people who don't have the power to get the same breaks as the people who do. But you don't fix that problem by taking all of their money from them, you fix that problem through better regulations.
Imagine if Congress were to pass a Billionaires Tax, keep in mind there's at best fifty Socialists in the House and maybe five at most in the Senate. So good luck finding the votes for it but lets say something like this were to pass, what would be consequences of this be. You pass this tax tomorrow, keep in mind the President isn't a Socialist, which is shocking news for Republicans but its true. I've actually talked to Socialists who say the same thing, so there wouldn't be someone to sign this tax but what would the consequences of a Billionaire Tax be. Before this tax would become law, billionaires would send most if not all of their money out of the country, where they don't mind or even like rich people, like in the Caribbean, Switzerland, Germany, Japan, Saudi Arabia, other places in the Middle East. They would send all of their money that 1B$ or North of that out of the country to avoid the tax.
A Billionaires Tax would be a solution in search of creating another problem, because it wouldn't generate the revenue its targeted for. And end up sending more money out of the country, Socialists have this fantasy that there aren't any rich, middle or poor people in the country. That we are all the same but thats exactly what a fantasy is, there are people who are simply more successful in life then other and the answer is to empower the people who aren't successful, to be successful. Not punish the people who have made it in life.