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BY JOHN McCARTHY
COMMENTARY
Think of America’s favorite duos: Batman and Robin, Thelma and Louise, Romney and Christie. I’m not one to really meddle in Republican elections, but Romney would be crazy not to pick Chris Christie as his running mate. After all, one is in bed with the interests of billionaires, and the other one is a billionaire. Think of how fun the election would be: Hampton-fundraisers, yachts as party favors, maybe even a few helicopter rides on the taxpayer’s dime. All the while, these love-birds would continue to tell the middle class, that they still need to pay more taxes.
Romney and Christie have both continued to speak out against the Buffett Rule, which Republicans voted down this week. The Buffett rule, named after billionaire Warren Buffett, is based around the simple idea that billionaires shouldn’t pay lower taxes than their secretaries.
Today, approximately 55,000 millionaires in the United States are paying lower tax-rates than millions of Americans. In 2009 alone, 1,500 millionaires didn’t have to pay any federal income tax at all. In one generation the wealth of the top 1 percent has quadrupled, while the middle class is left struggling behind.
Instead, Romney and Chris Christie seem to be embracing the “Romney Rule” which is telling the average American that their billionaire friends, just seem to be worth more to them. I guess this is what happens when you put your donors over working families.
America’s leading business leaders such as Warren Buffett, Mike Bloomberg, Mark Zukerberg, and Bill Gates have all spoken out on the Buffett Rule and agreed that it’s time that millionaires pay their share. It’s just a simple principle of basic math, and fairness.
Nearly 30 years after “trickle-down” economics failed the first time, Christie and Romney are trying to tell you that these aren’t millionaires, they’re job creators. Well job growth has historically been fastest when these “job creators” are taxed their fair share.
Who better to go after the top 1 percent vote with Romney than our very own Chris Christie? The Romney Rule and the Christie-Budget go hand in hand—they are both attacks on the middle class. They certainly won’t win, but it would be a Siegfried and Roy, Vegas like campaign, and a thrill to watch.
John W. McCarthy is the youngest Democratic Municipal Chairman in Monmouth County. He is active in the faith-based and non-profit sector. Follow him on Twitter @JohnWMcCarthy.
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Another element we need to consider is how this rule would increase revenue vs. how much our government spends. If you consider this chart (http://www.theatlantic.com/business/print/2011/09/chart-of-the-day-buffett-rule-wouldnt-bring-in-much-revenue/245404/) crunching the numbers, you see that the income by implementing the Buffet Rule doesn't really attack the source of the problem which is exuberant government spending. The spending problem is the first issue we need to address before we look at increasing taxes. If the government were a private business it would have been bankrupt by now because the amount being spent is FAR more that the amount coming in, so much so that even taxing the richest Americans won't move the needle that much.
The last thing I want you to consider (knowing that you come from the non-profit sector) is that the top 3% of earners account for more than 66 percent of all charitable giving year after year. So be careful when you ask the government to take more from them. Sure it will ultimately give the government more but it may reduce the giving to the non-profit sector. If this were to happen it is a question of: who do you trust to do the most good, for the most people AND in the most economical way... the government or a non-profit organization?? I would rather give my hard earned money to a solid non-profit that has a great track record of helping people because I know my money is going to a good cause. With the government however I'm not so sure where my money is going and how it translates to help the people who need it.