The Two Sides Of Taxes
The elections are just barely over a week away, so I don’t think it’s inappropriate to discuss politics, especially since they do have an affect on how we conduct our businesses and financial affairs.
Don’t worry, I won’t be shoving any opinions down anybody’s throat, whether on the right or the left. I just thought I’d throw out the topic of taxation for general thought and/or discussion.
Because this election year, much has been made about taxes. We’re not in our finest hour as a country or a global community, and the government “needs” more from us in order to keep the country running.
Is that fair? No, not really. But don’t you remember that obnoxious saying your parents used to admonish you with when you began whining? Chances are, if you have children of your own, you’ve used it yourself more than once. It’s a short sentence composed of only three words which still stops wheedling short with a shrug: Life isn’t fair.
Mr. Obama. Mr. McCain. Please Give Us Your Definition Of The Word “Fair.”
But of course that doesn’t mean we shouldn’t strive to make it as healthy as possible. So in one of the smaller questions that make up our single big decision next week, we have to decide which is more “fair.”
- Is it really fair to live securely, comfortably and even luxuriously while hundreds of thousands of fellow Americans struggle with paying their bills and making ends meat?
- Obama’s proposed tax hikes say no. He’s based much of his spending proposals (e.g. healthcare) on taxing those people making $250,000 a year or more, more heavily. His philosophy: It’s hard to get anywhere without help.
- Is it really fair to take people’s hard-earned money and tell them that they don’t deserve it, but that other people who might not work as hard do?
- McCain has declared the only way to really boost the economy is to lower taxes, giving people more opportunity to live their lives and further the “American Dream.” His philosophy: It’s hard to get anywhere when the government keeps taking your money.
That Tax Bracket
I usually turn directly to Yahoo or BusinessWeek’s web pages for my morning scoop on finances, the economy, stocks and investing. But today none of their stories really grabbed me, though I browsed a few anyway. Today, it was surprisingly CNN’s link to a Fortune article that snagged my interest instead. Surprising because it was from CNN on the negative affects and everyday lives of those fortunate few who do make $250,000 a year or more.
Very interesting stuff…
I have to say that I’ve never really felt all that sympathetic or antipathetic towards those people who make enviable amounts of money. It’s their lives, not mine, so why spend too much energy thinking about them? It always just seemed rather pointless, hence my aversion to knowing all of the ins and outs of celebrity going ons.
But since they’ve taken the national spotlight as a group, I’ve been forced to study them a bit more closely than I normally would.
The stories recorded in the Fortune article were very homey; caring couples trying to provide the best possible life experience for their children and themselves. Just ordinary human beings like you and I. And here’s the real shocker: They were worrying about finances too.
How were they going to afford the necessary $50,000 a year for their daughter to attend college? What about retirement? With the economy looking the way it was, none of them mentioned early retirement, while one husband and wife team actively fretted about when they would be able to afford such a luxury at all.
The Bottom Line
Their stories sound oddly familiar, but rather incomprehensible as well. How can people making that tidy sum not have enough money to do as they please worry free?
But wondering whether they should or shouldn’t be worrying about money is really besides the point. What this is really about is ownership: who does the wealth belong to? Does it belong to the government who has the job of protecting us, or does it belong to the people putting in the time and dedication required to earn the paychecks?
This is one of those situations where it has to be one or the other. As both candidates have charged repeatedly, there’s a right or wrong in this situation, and they’re both adamantly certain as to what’s what.
Either we’re helping out our fellow Americans or we’re stealing from hard-working citizens. We’re letting people determine what to do with the fruit of their labor or we’re crippling the needy.
I’ve got my own opinions of course, but that’s something each of us has to decide for ourselves on November 4.
Monday, October 27, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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