Vail Valley Voices: Why we need the ‘rich’
Vail, CO, Colorado
To be frank, it is rare I feel I have anything poignant to say. Nevertheless, we are paralyzed economically and the administration isn’t helping the cause.
I’m not a Harvard educated economist or a Wharton MBA. However, my parents blessed me with a Big 10 education and the common sense to evaluate what is happening around me.
Right now, my friends and surrounding community are at an economic standstill. It is painful to watch and even more painful to feel as though there’s nothing I can do to be of assistance to any of them.
I recently sent an enormous check to the Internal Revenue Service and started thinking about how this is benefiting me, my friends and my community, considering none of us is tapping into any of the public services and/or relief programs these dollars are spent on.
Spending the last 18 years in the local construction industry, I get a giggle every time I drive by a sign that reads, “American Stimulus and Recovery Act” and try to determine how improved roadways are going to improve my economy.
These are short-term responses to long-term issues, although I suppose a thanks is in order to the American public for financially assisting unincorporated Edwards with the new roundabouts and it is kind of refreshing driving on a freshly paved road.
Clearly, increased taxation has never been an economic stimulus. Historically, I have had the benefit of working with some relatively wealthy clients.
These folks are now sitting on the economic sidelines trying to determine how health-care Reform, two wars and a potential war in Iran, surging petroleum prices and monthly job losses are in any way helping our economic reality.
There’s no way that printing additional currency and pushing it into the U.S. economy is going to do anything but devalue our dollar and therefore lead to inflation.
I’m sorry to have to point out it is the “rich” who create jobs. I’ve never been employed by a poor person.
This is not meant to be a slam to the poor. I merely prefer to work for people who can afford to actually pay me. The “rich” purchase all sorts of luxury items such as corporate aircraft, yachts, vacation properties, luxury vacations, stocks, bonds, high-end automobiles, send children to higher academic institutions, dine at exclusive restaurants, etc.
The sale of such items creates sales tax revenue, creates jobs and ultimately stimulates the economy.
Therefore, I don’t have issue with allowing the “rich” to hang onto a morsel more of their potential consumption dollars.
It is a fact that 90 percent of all the income tax collected is produced by the top 10 percent of the wage earners. Additionally, it is a fact that lowest 49 percent of the wage earners will not be paying any income taxes, period.
This is ultimately becoming the duty of an overworked, highly talented and often underappreciated “middle class.”
Let’s get together on this issue and agree we all need the “rich”! So sometimes we get frustrated by their demands. Remember, it is the “rich” who will open a new plant, distribution facility, cool new restaurant and/or small business. It is the “rich” who will purchase an exotic vacation, a yacht, a race car, vacation property, remodel their homes and ultimately create jobs.
I like to work and am always proud to pay my taxes. Let’s hope the “rich” don’t stay on the sidelines with their toys and forget to come out and play with the rest of us!
Todd Morrison lives in Eagle.