Your Commander must confess that I am rethinking my once firm position against tax increases to those who receive extremely high levels of compensation. Until recently I believed that all increases in taxes should be waived until such time as the economy of this country takes a significant up-tick. I must admit that I have changed by mind.
Please take a couple of minutes to read the Wall Street Journal links below which provide insight into the ranks of the highest paid corporate executives.
What jumped off the first page was the salary of Gregory Maffei, CEO of Liberty Media, who enjoys a total direct pre-tax compensation of $87.1 million. I then reviewed the WSJ survey of CEO compensation that runs some eleven pages which reports salaries as high as Maffei’s down to zero compensation for the top guys at Whole Foods, Bank of America, and Apple’s Steve Jobs.
Frankly, I have difficulty having any sympathy for individuals receiving pay levels in tens of millions of dollars where a tax increase is concerned. Considering the fact that when their taxes are increased, they still have a bundle to cover expenses, save, invest as they see fit, and give to their favorite charities. The revenue that would flow to the US Treasury would be put to good use in lowering the deficit or creating jobs non-governmental jobs.
What is troubling to me is the fact that some 40% of American taxpayers pay absolutely nothing when it is time to pay taxes in April. Whatever has been deducted from their pay is refunded in full or they simply live off of welfare type entitlements!
I think this is wrong and everyone should pay something, even if it is only a small sum of money, for the unique privilege to live in these United States. Don’t tell me the poor cannot afford to pay something, because life is not a free ride. Every human is required to adapt or they will ultimately perish, and that includes rich or poor, young or old, good or bad.
Obviously we have to get our economic house in order and hopefully the recent election sent a resounding message that Congress will acknowledge and address. Time will tell; hope does spring eternal.
I cannot find it in my mind to justify anyone being paid tens of millions, also using a myriad of tax deductions, would be unable to pay a few percentage points more than the middle class when the tax man comes to call. Your Commander believes the Republican Party is playing a very risky game demanding all or nothing to assure their vote in this tax debate. All Americans must pay the piper or we all ultimately will go down the drain together.