Marcus Aurelius: AmEx CEO Blasts Obama and Buffet

03 Economy, 09 Justice, 11 Society, Cultural Intelligence
Marcus Aurelius

MSNBC had Mr. Golub on the Dylan Ratigan show yesterday. The Clintonesque sub for Ratigan was aghast that Golub did not want to buy into higher tax rates and that he advocated making the 50% or so of Americans who pay no taxes pay their share. The follow-on segment had three talking heads, at least two of whom were also aghast that Golub might want to keep more of the money he earned.

My Response To Buffett And Obama

By HARVEY GOLUB

Wall Street Journal, 22 August 2011

Before you ask for more tax money from me, raise the $2.2 trillion you already collect each year more fairly and spend it more wisely.

EXTRACT:

Today, top earners–the 250,000 people who earn $1 million or more–pay 20% of all income taxes, and the 3% who earn more than $200,000 pay almost half. Almost half of all filers pay no income taxes at all. Clearly they earn less and should pay less. But they should pay something and have a stake in our government spending their money too.

. . . . . .

In addition, the extraordinarily complex tax code is replete with favors to various interest groups and industries, favors granted by politicians seeking to retain power. Mortgage interest deductions support the private housing industry at the expense of renters. Generous fringe benefits are not taxed at all, in order to support union and government workers at the expense of people who buy their own insurance with after-tax dollars. Gifts to charities are deductible but gifts to grandchildren are not. That’s just a short list, and all of it is unfair.

Governments have an obligation to spend our tax money on programs that work. They fail at this fundamental task. Do we really need dozens of retraining programs with no measure of performance or results? Do we really need to spend money on solar panels, windmills and battery-operated cars when we have ample energy supplies in this country? Do we really need all the regulations that put an estimated $2 trillion burden on our economy by raising the price of things we buy? Do we really need subsidies for domestic sugar farmers and ethanol producers?

Why do we require that public projects pay above-market labor costs? Why do we spend billions on trains that no one will ride? Why do we keep post offices open in places no one lives? Why do we subsidize small airports in communities close to larger ones? Why do we pay government workers above-market rates and outlandish benefits? Do we really need an energy department or an education department at all?

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