Rich Americans Fortify Banking System with Tax Cuts

According to data from Moody's Analytics Inc, when taxes were cut under President George W. Bush in 2001 and 2003, the rich responded by increasing their savings, putting more money into the banking system, helping investment in small businesses, homeowners get more affordable houses, and banks become more profitable and stable. On the other hand, when tax rates were raised under Bill Clinton, savings rates fell, and instead of these good things happening, government officials used the money that they took from the rich and productive to instead give to their political supporters and spend on their pet causes.

According to Bloomberg, somehow this is going to weaken arguments by Republicans and some Democrats in Congress who say drastically increasing taxes on the wealthiest Americans will prompt them to reduce their spending, further harming the economy. For example, Democrat President Barack Obama wants to pick and choose who he thinks should have to pay more in taxes, and wants to arbitrarily establish that anyone who earns more than $200,000 deserves to pay more in taxes, simply because they earn more and the government can take it from them, and he thinks that this will make encourage job growth and productivity.

According to the Bloomberg article, Obama, at a White House news conference on Sept. 10, said the push by Republicans to extend cuts for the wealthiest Americans is a “bad idea” because it would cost $700 billion in government revenue at a time when he is spending trillions of dollars in record budget deficits on various schemes and projects that his government officials hatch up. He instead has the "good idea" to raise taxes on the rich, take billions out of their pockets, cycle it through hundreds of government officials, and send it to labor unions and special interest lobbyists, in the failed theory that this type of stimulus will somehow not increase the unemployment rate and depress economic growth in this nation.

The truth of the matter is that progressive tax rates discourage hard work and investment, take money from the most productive members of our society and transfer it to the least productive members of our society (government officials), and are at their very heart immoral, punishing people with higher taxes simply because they or their parents were more successful in satisfying the wants and needs of the good people of this nation. There are few moral or economic arguments in support of increasing taxes on those who earn more- in reality, the government increases taxes on the wealthy because it can, because these people have things that the government can take, and because there are fewer 'rich' than there are 'poor', especially when Democrats run things.

The Bush tax cuts should be extended, forever, and further more, since they were successful in both improving the economy and boosting government revenue (which could then be sent to the poor and the needy and education and defense of our nation and all the things that liberals and Democrats pretend to want), a new round of tax cuts should be enacted, for both the poor, middle-class, and the rich. Equality, freedom, liberty, life, and protection of property was what our nation was built on- if we return to these principles, our nation will once again be prosperous. But if our nation turns away from these ideals and embraces the Democrats and liberals vision of inequality, tyranny, control, death, and destruction of wealth, our nation will continue to suffer the consequences.