By John Sykes
As a conservative I shudder when I type this: our plutocrats keep getting unfairly richer while the rest of us keep getting poorer.
We’ve got to stop using a tax code that uses 1000s of loopholes to let those who can afford to hire lawyers and accountants spread their losses to all of us but tuck away their gains where they can be minimally taxed. Others smarter than I call this “subsidized losses and privatized gains.”
We’ve also got to stop sending money to Washington so they can line their pockets and send a huge hunk back to the plutocrats.
Even Rep. Paul Ryan in Saving the American Idea, addressing corporate welfare and crony capitalism, is now asking:
- Why are tax dollars being wasted on bankrupt, politically-connected solar energy firms?
- Why is Washington wasting your money on entrenched agribusiness?
- Why have we extended an endless supply of taxpayer credit to Fannie Mae and Freddie Mac, instead of demanding that their government guarantee be wound down and their taxpayer subsidies ended?
Rep. Ryan summarizes this beautifully:
Rather than raising taxes and making it more difficult for Americans to become wealthy, let’s lower the amount of government spending the wealthy now receive.