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The road to Utopia (or somewhere else?) Opinion by Emil Marino Back in August 2010, I wrote an Editorial I called ‘The Ultimate Doomsday Scenario’. What I was trying to inform readers about at that time was what I felt to be the breakdown of our Democracy, and our Capitalist system. What’s going on today, in many cities around the country, and the world, are the so-called protesters, many who are nothing more than “Socialists, Communists, and Progressive liberals”. Also, just old-fashioned deadbeats who want to feed off the government’s teats, from the cradle to the grave.
With that said, I must also say that some of what these protestors decry, I absolutely agree. They shout about the One (1) percent who control over 40% of the wealth in the country, which is true. That they should be taxed more, and pay their fair share, and not be “bailed out” (banks and corporations) by the government, which is also true. But here’s the rub in this thinking. The wealthy people already pay most of the taxes in our country, although the top ten percent control eighty-five percent (85%) of the stock and bond markets. Most make their money through ‘Capital gains’ taxes (15%), and avoid paying the 35% ‘income tax’ (Warren Buffet). His secretary pays 28%. Injustice? You bet it is. So, where does that leave the rest of us? Holding the preverbal bag, which is usually the case in a capitalistic society? As the saying goes, “the rich get richer; the poor get children.”
Am I sounding more and more like a liberal? Yes I am. (My wife calls me Mr. Softie”. However, being an “Independent Conservative”, I do not fall into the realm of most of my brethren who write at the L.C. Sentinel. That makes me a 5% social liberal, and a 95% financial conservative who DOES believe in the Capitalistic system, although it has taken one hell of a beating because of pay-offs to our “elected leaders” by corporate lobbyists, and environmental groups who in my opinion, will destroy this country if left to their own devices, and desires. Its one thing to have a clean air, and water, but not at the expense of jobs, and the forward movement of our economy. Now, there’s the new oil pipeline from Canada to Texas that would provide 50,000 new jobs if Mr. Obama would O.K. it. But he has those that control his re-election funds to O.K. the deal first. Our so-called leaders should not jump through hoops for those that pay for their re-election. We, the common folk are their employers, not those that spin their golden weave, and silver tongues.
Now here’s where I’m going to give readers some sound economic policies I would initiate if I had the President’s ear. Since he wants more revenues, let’s give him more revenues, but not through taxes. Close up the deductive loopholes that wealthy people and corporation now enjoy. Without delving into tax details, a dozen or more “pandering” loopholes could be closed, increasing the present tax system by at least a Trillion dollars. Next, limit the Capital Gains tax only to REAL (real estate) property), not paper assets (stock, etc.). Also, means test Social Security, and Medicare. That means for all those with personal net worth of $2,000,000 and more, pay them off and get them out of both systems. I could go on, and on, but what I’ve just outlined, amounts to trillions over the years.
I hope I haven’ t rubbed some people the wrong way, But I have to say what I know is the truth, not just my opinion. For those that would venture to step into my world of finance and economics, I welcome you. But not as an adversary, but one who may just listen a bit more of what I call common sense; looking not at the forest, but each of the trees, and the impact that bas economic policies would muster on us all.