Posted 1 year ago on Jan. 3, 2012, 6:11 p.m. EST by OccupyCapitolHill
This content is user submitted and not an official statement
I've always considered increasing the progressive tax on the rich to be draconian, socialist, and un-American.Is there a large wealth gap between the top 1% and the bottom 1%? Absolutely. But reducing everyone to the lowest common denominator by funneling even more money into a federal government that is anything BUT fiscally responsible simply is not logical.
So how do we keep a capitalist system in play while attempting to bridge the divide and limit the schism? As a non-supporter, hear me out.
My father worked for every penny he ever made, and put a pint of sweat into every promotion, up until now, where his six-figure, upper-class salary stands as triple the money he made at the start of his career in a brokerage firm (he now works as the chief IT for the American Technion Society, a non-profit organization that funds the Technion Institute of Technology in Haifa, Israel). To give you an idea of how honest a hard worker he was from his lower-class beginnings, his boss at the hardware store where he worked as a teen with my grandfather told him that "He needed to stop being 100% trustworthy. You need to cheat. People will take advantage of you!". My dad never took those words to heart. Just a while back, he made it clear that he would not accept ANY inheritance from his father because he "never earned it, and would feel sick taking money that wasn't his". My dad, whenever he finds his income at a surplus, makes donations to veterans organizations, World Vision, our church, and many other charitable outlets.
Back on my main point, this has me thinking of a possible resolution to the call for the rich to pay more taxes to support the poor...withOUT having them pay more taxes.
I believe it would be beneficial to ALL parties on ALL sides of the debate to pass law(s) that expand(s) tax deductibility for charitable donations, even so far as allowing the person to choose which outlet of federal taxes they wish to have deducted, including income, property, and other tax outlets. ALL donations to charitable organizations should be made tax-deductible across the board, without exceptions. In accordance with this, owners of charities should be given easier paths to having donations and gifts to their organizations approved for tax-deductible status.
I also think that it would be sensible, therefore, to create a system by which small businesses apply for federal loans and financial assistance therein with a reasonably low interest rate that starts accruing a certain number of years after the loan is approved and given. Small businesses, first, must prove that they are truly "small" businesses and, furthermore, prove that they are unable to balance their net profits with their overhead and other operating expenses to prevent fraud.
In conjunction with this system, a law should establish that donations to that system of federal financial aid for aiding the growth small businesses tax-deductible as well, with the same loose set of restrictions to those deductions applying as previously mentioned. If I were a billionaire, I'd much prefer to donate to a small business in need or charity than pay taxes. I would trust the poor and the entrepreneurs who create the jobs in this country with my money before I trust Washington with half my annual income.
With this system in place, the rich will pay more towards economic assistance for the poor, needy, and the bottom end of the American economy while directly creating jobs and economic wellbeing for others, all while not paying ANY additional taxes above what they already pay. The capitalists like me take pleasure in knowing that the American dream isn't limited, while those who align with OWS see more money go towards the lower-class and small business, thereby lessening the income gap.
Just a thought.