Taxing the rich won't solve our problems

Let’s tax the rich!

So says the American Joe, making perhaps $60,000 a year.

However, because the government has printed trillions of dollars, piling that into the money supply, we all soon likely be experiencing hyperinflation. (Actually, we’re already experiencing it, but government figures are designed to obscure that fact.) The United States (all of us) are now on the hook for $18 trillion in unfunded obligations. There is absolutely no way that can be paid off with today’s dollars. Actually, if we made mashed all “the rich” into absolute paupers, it couldn’t pay off this amount.

So hyperinflation the only possibility of paying off such a massive, unsustainable, debt. (Every country has tried it. We did too, once. Remember the saying, “Not worth a continental dollar”? - But historic memory is short and the pain of that horrible time is lost to modern Americans.)

Let’s just say that inflation is only 10 percent a year. About three times what it has been in the past. (It is almost certainly going to be much, much, worse.) That means in 12 years, if Joe’s salary keeps up with inflation, he’ll be making $233,000 a year!

Joe will be one of the rich, having a lot more money, but no more wealth! And the government will be taking 50-60 percent of his income because he’ll be, “rich.” And don’t let anyone tell you the government will “adjust the rate down.” The Alternative Minimum Tax crippled middle incomers for years before that was adjusted. Even now, the AMT is NOT automatically adjusted for inflation.

FOSTER CLINE

Sandpoint