As I was trolling the various internet news sites I tend to read, I came across a rather ‘touching’ story about 45 millionaires who have, evidently, sent a petition to President Obama asking him to “tax them more”. They claimed to feel cheated by not being allowed to pay more in taxes to the Federal Government during this time of crisis. They used catch words like “patriotic” and “duty” and phrases like “giving back to those who supported our businesses”.
Well, I have a suggestion to these 45 millionaires that I would like to share…
Get yourself two pieces of paper. On the first one, draw a line down the middle. On the left side, at the top, write “Assets”; on the right side, at the top, write “Liabilities”. Set this paper aside momentarily.
On the second piece of paper I want you to write the following things : renting property, investing in business, owning a home, buying a new car, and paying higher taxes.
Now, I want you to take the list on the second piece of paper and go through all five items, listing them either under your asset or liability column, based on their potential to make you money.
Most would agree that renting property would be a potential asset. It generates a revenue stream that can add to your ability to make more money and rent more properties.
Most would agree that investing in a business would be a potential asset. Again, it generates a revenue stream that can add to your ability to make more money to invest in more businesses.
Buying a brand new vehicle is a definite liability. It’s a well known fact, that the minute you drive a new vehicle off the dealer lot, it depreciates in value. It also costs money in taxes, loans, maintenance, insurance, and upkeep of the vehicle. No asset value only continual cost.
The only way that owning a home could be considered an asset is if you plan on renting or reselling it. Buying a long term home is costly in taxes, mortgage, interest, maintenance, insurance, and upkeep. Again, no asset value, only continual cost.
Finally, if you put “paying higher taxes” in your asset column, this means you are expecting to make more money from paying higher tax rates. Unless this tax money is routed to you later through federal means, this does NOT belong in your asset column.
All forty-five (45) of these millionaires understand these concepts. If they did not, it only stands to reason that, they would not be able to retain their wealth. This again, begs the question, why? Why would these independently wealthy citizens, who have common business sense, become so adamant that the government ‘require’ they pay, before they actually ‘do’ it? Something smells extremely fishy… but I digress..
My message you forty-five (45) millionaires that don’t pay taxes? “Quit talking & start walking!”
If you truly believe the federal government will use this money in your best interest, you can write a check to the United States Treasury Department for any amount you care to donate. It’s not difficult to do. However, if you really care about America’s financial woes, you will start investing your millions in sound businesses that have a need to hire employees in America. Private sector jobs create increased profits for investors and tax revenue for government.
Unfortunately, I do not believe this is about your collective consciences. I believe that you have “pay higher taxes” in your asset column for a reason that is yet, distinctly, unknown.
Could it be that by having people making $200 thousand a year pay higher taxes that your own business investments would, somehow, magically, wind up being the same investments the federal government investments in?
Could it be that you think that the public is too stupid to figure out that you can write a check to the United States Treasury at any time?
Are you pushing an agenda or merely caving to public pressure due to Democratic driven class warfare?
For whatever reason these 45 millionaires have announced that the federal government should be taking more of their money, you can bet on one thing, in the end, they will profit from it.