Rathbun: We need a new name for MondayWritten by Gary Rathbun | | GaryRathbun@PrivateWealthConsultants.com
As April 15 approaches, or April 16 actually, as the day that federal taxes are due, I feel the need to create an appropriate label to commemorate this life-draining time. I know that I will get absolutely no sympathy from anyone if I tell you how big a check I have to write out Monday because you have to make a lot of money in order to have to pay a lot in taxes. The point is I did “work” hard and I did “earn” it myself and I should be able to keep most of it.
Don’t misunderstand me, I know that I should pay some in taxes; it takes money to run this country and I don’t mind contributing. The problem comes when I see billions and trillions of dollars wasted and people trying to make me feel guilty for not paying more.
As I write this column President Obama is out on the campaign trail touting higher taxes on the “rich” to “force” the wealthy to shoulder more of the deficit-reduction burden. It is amazing to me the level of economic ignorance that people in Washington have when it comes to income, profit, risk and deficit spending.
The operative words in the above paragraph are “force” and “deficit-reduction.” These two concepts are at the heart of problem. First of all, there will be no deficit-reduction. The federal government has not paid a single penny off the principal of our national debt since 1960, and, from the path we are on, it never will.
Secondly, it cannot “force” me to earn more money and pay more in taxes. I can simply make less money if I want to and reduce my tax burden and reduce my wealth. I can also take my capabilities to earn money to another country where the tax burden is less and the work of a capitalist/entrepreneur is appreciated.
Don’t get me wrong; I do not want to leave this country. America is the greatest country in the world, and I would not want to be anywhere else. But we need to get back to the principles that made us great, that is, independence, self-reliance and ingenuity. We need to get far away from entitlement, reliance on government, and ignorance.
I really don’t see why we need an income tax anyway. The government borrows 40 to 50 percent of the money it spends now, why not just borrow or print the other 50 to 60 percent and be done with it! We are past the point of no return on the national debt now so as long as we are bankrupt why not screw the Chinese out of a few more trillion?
OK, let’s get back to the naming of tax day. I guess “Buffett day” is probably a little too obvious, unless of course, we decide to drop one of the T’s and go for the double meaning, where the government bellies up to the table and takes as much as it wants.
How about “redistribute wealth day”? Maybe “Marx Monday”? No, too Russian. How about, “invest in America day”? That’s got a nice ring to it and it does include America in it, so who can be against that? I know… “invest in American children and let’s be fair day”! How can anyone be against America and children in the same sentence, especially with the word “fair” in there?
Forgive me for trying to make light of the situation, but I need some kind of outlet to keep me from calling it quits after writing my check on Monday. I won’t quit working and doing what I do, I won’t leave this wonderful country and I won’t cheat on my taxes, but like buying a lottery ticket, it sometimes helps to fantasize and share the fantasies.
Finally, I guess it wouldn’t be so bad if I knew the money was being used for something worthwhile like paying our troops decent money, protecting our borders or protecting our constitutional rights. Instead, it gets spent on Las Vegas trips for government employees, paying off our enemies, and trying to turn cow manure into useful energy.
Enjoy the day my friends. For I now I am just going to call it “Gary’s money gets wasted in 8 seconds day.”
Gary L. Rathbun is the president and CEO of Private Wealth Consultants Ltd. He can be heard everyday at 4:06 on “After the Bell with Brian Wilson and the Afternoon Drive,” and at 6 p.m. Wednesdays and Thursdays throughout Northern Ohio on “Eye on Your Money.” He can be reached at (419) 842-0334 or firstname.lastname@example.org.