Ba-Bye Prosperity

This is from the front page of the Wall Street Journal Today:

President Barack Obama delivered a $3.6 trillion budget blueprint to Congress Thursday that aims to "break from a troubled past," with expanded government activism, tax increases on affluent families and businesses, and spending cuts targeted at those he says profited from "an era of profound irresponsibility."

One war would end, as troops leave Iraq, while another would ramp up in Afghanistan. To fund it all, families earning over $250,000 and a variety of businesses will pay a steep price, but Mr. Obama implored Americans to own up to the mistakes of the past while accepting profound sacrifices.

As expected, taxes will rise for singles earning $200,000 and couples earning $250,000, beginning in 2011 -- for a total windfall of $656 billion over 10 years. Income tax hikes would raise $339 billion alone. Limits on personal exemptions and itemized deductions would bring in another $180 billion. Higher capital gains rates would bring in $118 billion. The estate tax, scheduled to be repealed next year, would instead be preserved, with the value of estates over $3.5 million -- $7 million for couples -- taxed at 45%.

I can understand the initial thought that affluent Americans are the answer to our deficit but I think a longer look at the what that means produces a greater American hope: the wealthy should be free to be wealthy and do what they want with their money. Our whole American culture is based on a dream that we live in a land where we are free to make money for ourselves and our families. The wealthy should be taxed, just like every legal American is, but they should not be steeped with a greater percentage of the bill just because they have the money.

By placing greater taxes on those who make over $200,000 (singles) and $250,000 (couples) the government is encouraging its citizens to not make over that dollar amount. If someone makes over that dollar amount, they will have less take home pay because they will be taxed heavier. When a government encourages its citizens to stay below a certain dream of wealth, it’s really encouraging a nation to not prosper. Seriously, where do we live, Russia? (Sorry- I had to put that in for my husband, who is always saying that we live in Russia.)

I don’t make near that kind of money, but I want to hope that if I did, I could do what I want with it. If I want to give it all to the poor, that’s great, but it should be my decision to make. If I want to purchase an island and move there to live, I should be able to do that. I don’t think the rich have more rights than anyone else, I just think that they have the right to spend the money that they make how they want (after a fair amount of taxes just like everyone else). I want to be able to make money here, in America, without being penalized for making money and for fulfilling the American dream.