“This president is giving me millions of dollars. Do you think I need that?” – Matt Damon, ABC Primetime Live.
“It seems to me that instead of cutting taxes, we ought to be increasing taxes to pay off the deficit….” – Walter Cronkite, CNN NewsNight.
The quotes are from 2004 and 2003 respectively, but are just as true today. Upper-income taxpayers are still pocketing huge Bush and Clinton-era tax cuts while our national debt soars, educational needs are unfunded and New Orleans remains in shambles.
George W. Bush inherited a projected $5.1 trillion, 10-year budget surplus and gave most of it away in tax cuts for the wealthy. Six years later, we face a $237 billion annual deficit and over $8.7 trillion of national debt – and yet wealthy taxpayers are still receiving windfall savings.
Epicureans, few of whom are multi-millionaires, can do two things – – either they can shrug their shoulders and laugh up their sleeves at the ravening greed of the super-rich (who can’t spend all their money anyway), secure in the knowledge that actually Epicureans have more rewarding lives; or they can suggest that the super-rich start paying tax (most stuff their money into tax havens and pay little or nothing) and help to re-build the basic infrastructure of the country that has been allowed to decay over many years. And that is without addressing other issues like healthcare, education etc.
It is up to the individual. But those who know the histories of previous empires see the whole load of chickens coming home to roost. The emergence of a non-taxpaying super-rich class is a sure sign of trouble to come. And it is always the middle classes and the poor who suffer in the end.