3a. Let Me Be Clear
I am not advocating that we raise taxes for everyone. I think that is a huge mistake. I do think billionaires should pay more. We have benefited the most financially from this great country, and it is the right thing to do to give more back in a time of need. I believe those of us who have achieved windfalls in the stockmarket should pay more as well. My tax rate back in 2000 was far greater than today, and I had no problem with it. My tax rate when I sold my first company in 1990 was even higher. I had no problem with it. Nor should any entrepreneur or investor who makes the big score. As I said in my last blog post, it’s a great problem to have.
Do I realize that much of the incremental tax money I send to the Treasury is going to be wasted ? Yes. Do I realize that after all the bureaucracy and overhead associated with running our government and the programs it creates that probably less than 50pct of tax money reaches the programs that the money is intended to support ? Yes. There is no question we are throwing good money after bad. There is no question that something needs to be done and I believe transparency will help solve this problem.
HOWEVER, if money is going to be wasted by our government, it is better that Mark Cuban, Warren Buffet’s and other mega rich people’s money be wasted than YOUR money be wasted. Agree ?