Many of us are hoping tax reform will move from ‘talking point’ to legislative victory on the part of the ‘Elephants’ in Washington. They say Elephants are extremely intelligent, but maybe they weren’t referring to those ‘Elephants’ who inhabit the right side of the aisle in Washington. But anyway, we’ll see if they’re astute enough to recognize the mood of their constituents in Fly-Over Country and actually come together and get something done. You see; Tax Reform would raise all boats, not just the filthy rich as some may suggest. It raises all boats, because people have more discretionary income to disperse into the economy. $100 more a week, may mean going out to dinner one night, for a family of four. Multiply that times lots of families of four and you have a lot more people eating out. This equates to many more restaurants employing people, buying food from their suppliers, paying the dry cleaner to wash more tablecloths, doing more marketing, and maybe even building a new building. Lots of people benefit in this economic chain, it’s not just the wealthy!
Funny thing is, even some of the folks who, in public object to tax reform, are quietly cheering the possibility of tax reform, because guess what? Their families will directly benefit from the part of tax reform known as the estate tax. Even those people don’t, ok maybe their families don’t, want to pay taxes two and three times on money they already earned.
What the Objectors say:
Those in favor of keeping the estate tax, claim it combats economic inequality. Huh? How? It’s not like this money is being taken from the families of ‘Patriotic Millionaires’ when they die and given to people waiting in the lines of soup kitchens. If it were, there would be many people, myself included, who would be in favor of this. Actually, I’m not in favor of the government taking the Peoples Money, rather I think people should give at their own free will, but I digress. Nevertheless, it would make for a more positive societal impact. The problem I have with it is, this money is frivolously pissed away. You see, some of it may go to upgrading the leather seats in Air Force One. Not in favor of that? How bout some of it going to earned income tax credit overpayments. Haven’t struck your fancy yet? How bout the study on the 1972 video game- Pong. Yes it really did happen, all $350,000 was spent to come to the conclusion, which I could have told you about before the 350K was spent, that the game was a mind-numbing, cerebral escape from reality.
You get the picture, the point of the matter is; the Peoples Money is being confiscated and if they or their family gets to keep it, they are more likely to use it to grow the economy. Lots of the ‘Donkeys’ in Washington, and some of the ‘Elephants’ don’t believe this, but I mean really, how much does a study on the video game Pong, actually do to grow the economy? NONE!
So, what say the Mugwumps:
As you can guess, they would likely welcome it with open arms. Not because they were mostly ‘Elephants’, whose platform is one of low taxes, but because, back then, taxes were to be levied to fund wars, then repealed after the revenue was no longer a necessity. ‘A few of the most well-known Mugwumps: E.L. Godkin, Horace White, and Edward Atkinson believed in a Laissez-faire definition of freedom and individualism. They believed: Tariffs were flagrant evasions of free competition, and special privileges created through legislative fiat. So, It is therfore my humble opinion; if the Mugwumps were able to see our current tax code, they would collectively agree its best use would be: Kindling for the evenings Pig Roast. Eat like a Mugwump!