As a nation we face a fiscal cliff on the horizon; we also face unsustainable debt and unsustainable entitlements. Instead of facing these challenges head on, we have spent the last week debating which chicken sandwich to eat based on our preferences for gay marriage and/or our beliefs in free speech. (For the record, I don’t care if chickens are gay, straight or marry rabbits.)
Continue Reading Below
I do care about our country and the fact that we are not addressing our main issues because our politicians are gutless and only serve to get themselves re-elected. I would tell them myself but they are on a five-week vacation -- I think everyone would admit that we would be better off if they made it permanent.
In the latest polls, America would elect a generic Republican over President Barack Obama, but when you put Mitt Romney’s name in the poll it becomes a loss or a tie depending upon what poll you choose to believe.
We have two candidates for president and America would rather have ‘none of the above’. We have a Congress that America, except for a single-digit percentage, would like to ‘throw out’.
Half of our country doesn’t choose to use its brain -- 25% will vote Democrat and 25% will vote Republican no matter what, which tells me that up to 50% of our country chooses to not think for themselves. (Admittedly, some ideologically believe so much one way or the other that this isn’t lack of thought but choice -- most just care not to think is my belief).
This tax debate is made for the petty, small-minded who protest chicken sandwiches. Claiming that tax policy had anything to do with an economic boom of the 1990s fits into this chicken sandwich reasoning. Are they seriously saying that taking 4% more out of people’s pay helped spur economic growth?
Continue Reading Below
On the other side, does anyone really believe that some kid in his college dorm room will not build the next Apple because of an extra 4% in the highest tax rates?
We argue over margins because our politicians either aren’t capable of arguing over broader concepts or they choose not to so they keep their base and get re-elected.
This 4% will not materially affect anything. Just as Romney should take away the tax questions by releasing his tax records, Republicans should take away this populist unrealistic argument that increasing our government’s tax take by around $40 billion a year (the amount the government will take on a 4% increase on the ‘rich’) will somehow erase our $1.3 trillion in annual deficits. How does that math work?
We need a tax overhaul, not an incremental adjustment. The reason our tax code is 72,000+ pages is because for decades our politicians have given every break and adjustment in order to allow their vote to be bought.
The reason we have the highest corporate tax rate in the world, and the only ones who pay it are the business not powerful enough to buy off our politicians, is because for decades politicians have given loopholes and subsidies to so many companies that they only way to keep revenue high is to raise it on small and medium sized business. Don’t believe me? Look at the tax rate of the big companies with big lobbyist and how little they pay in comparison to small and medium sized business.
We have only three months until we elect a new president that America is less than enthused about - no matter who it is. Can we please deal with issues that matter and leave these poor straight or gay chickens alone?
John Layfield, formerly known as JBL, was the longest reigning WWE Champion in Smackdown television history, retiring after 17 years of pro wrestling. John, a former collegiate All-American and pro football player, is a lifelong entrepreneur who has worked as an investment banker, is series 7 and 24 qualified, and is currently an active private investor.