We can add PIMCO founder Bill Gross to the list of wealthy Americans who think they aren’t being taxed enough.
“Of course we should” pay higher taxes, Gross says. “Higher income groups have enjoyed an enormous privilege ever since the Reagan tax cuts…and actually ever since Kennedy began the process back in the ‘60s.”
Gross admits it’s difficult to know what constitutes “wealthy” in America or what federal income tax rate serves as a disincentive to those at the top of the food chain. “But I don’t think it’s 36%,” he says. “I think high-income earners would work well into the 50% tax rate. That would certainly help balance the books going forward.”
My question is, what’s stopping him? Are we to believe that he doesn’t use all the tax loopholes or have a number of accountants figuring out how he can pay less in taxes. If he wants to pay more, than write a check and stop whining.
We have been hammered lately by billionaires and liberal advocacy groups that they don’t need a tax cut. In fact many say that want and should pay more. Let’s make them put their money where their mouth is.
It’s called the HOT tax. It stands for Higher-Rate Option Tax. The HOT Tax would provide those who feel that their taxes are too low the satisfaction, and self-gratification, of paying a higher tax. It would be more than just sending an extra check to the federal treasury. There would be the recognition, which so many desire, of choosing the HOT tax option on an IRS tax return.
It also would be simple to implement. Just add one sentence to the IRS tax return. “If you believe your tax bracket is too low, please indicate the higher rate at which you prefer to be taxed. Multiply that rate by your Adjusted Gross Income. Send in that higher amount.” Easy as pie.
We could also allow less wealthy liberals a box on the 1040 that exempts them from all exemptions, adjustments, and credits. It seems only fair as they love to lecture us about tax rates.
The HOT Tax and 1040 Liberal box could provide the opportunity to fill the federal coffers a bit more (although somehow I doubt many will contribute the extra amount), add some income to tax preparers’ wallets, and boost the patriotism — and egos — of scores of thousands of overpaid Americans.
Write your Congressman today to recommend this bill. No one should be denied the right to pay a higher tax rate just because Congress won’t pass a bill allowing it. This is a fairness issue. I can’t wait to see these rich people put up, or better yet, shut up.