To the editor:
"We can't afford to keep spending more money on tax cuts for wealthy Americans who don't need them." This quote from President Obama's speech given April 11 is the basic argument for implementing the "Buffett Rule," the latest ploy from the president to impose fairness in the tax code.
The president was honest enough to include himself among those wealthy Americans who don't need tax cuts. What's puzzling then is if the president is eager to pay higher taxes in the interest of fairness, why claim a mortgage interest deduction of over $47,000 on his 2011 tax return? I'm not a tax accountant but I can't think of a law that would require the president to claim such a deduction. It's a blatant hypocrisy worth pointing out, but not my reason for writing this letter.
What I find most disturbing about the president's speech is that he apparently believes there is a limit to how much income a person needs. Stop and think about that for a second. The president of the United States, in all his wisdom, has decided how much money a person needs and he feels entitled to what is left over.
What if these wealthy people had plans for the money the president wants to confiscate from them? Maybe they wanted to buy a summer cottage on a lake somewhere. How about a new boat or the latest Italian sports car?
If you find yourself in agreement with the president and don't have much sympathy for the unfortunate millionaire who will have to do without a Maserati, I may have some sobering news for you. If you consider yourself middle class, you'll find there are a lot of people who would consider you very well off compared to them. And I'm not talking about some villager in a third world country. I'm talking about many people close by. Maybe even your neighbor.
Now stop and ask yourself: What do I have that I don't really need? Probably quite a bit. What would you say to those who haven't been as fortunate as you if they were to encourage the government to confiscate what you've worked hard for, but don't really need, and give some of it to them?
Naturally, you would protest, and in my opinion, rightfully so. But what kind of defense can you mount if you support the president's Buffet rule?
The real truth President Obama knows but can't possibly reveal is, the rich alone can't bear the cost of his economic and social fairness agenda. Sooner or later the burden will have to be passed down to the middle class he claims to revere.
Up until now, many of you have been very generous with wealthy people's money. Will you be as generous with your own?