Tax the rich! What a wonderful catch phrase. Who wouldn't agree with that? Aren't the rich evil? Don't they hold onto their money and count it every day? What do they contribute to society?
After listening to the president's plan to tax the rich (whoever they are), I've decided there is no incentive to be successful.
To begin with, his supposition that Warren Buffet is paying less in taxes than Buffet's secretary is comparing apples to oranges. Warren Buffet's salary from Berkshire Hathaway is $100,000 per year. From my experience in the corporate world and knowledge of executive secretaries, I'm sure his secretary makes more than $100,000. The bulk of Warren Buffet's income comes from interest and dividends on his holdings. Therefore, raising the income tax on the salaries of millionaires does not change anything and is not fair and raising taxes on interest, dividends and capital gains takes away any incentive to invest and save.
Why should a person work hard, save money, invest and then see the results taxed heavily, in some cases doubly taxed. It's much easier to show up at your job for eight hours a day, collect your salary and then spend that salary and more. If you run into trouble, you can always file bankruptcy and start over again. I once worked with a woman who did just that and saw nothing wrong with it.
I have often cynically said that in this country at this time we punish the successful and reward the lazy. It seems that this is becoming more true every day.