Written about here, Obama is playing his hand at class warfare to garner support for tax increases by eliminating tax write-offs for corporate jets and the like.
The whole idea is that the rich need to pay “their fair share”.
But what is their fair share?
10%? 35%? 75%?
Let’s say we do set their tax rate at 75%. Extremely wealthy corporations and individuals are able to afford an army of accountants who are smart enough to find loopholes and tax breaks no matter what the IRS throws at them.
What this results in is the little guy (you and me, unless Bill Gates is reading this, Hi Bill!) getting screwed because we don’t the skills or can’t afford people to do this for us.
The only solution at this point is to greatly simplify the tax code, possibly via a lower flat tax rate across the board. You could even spice it up a bit to please Progressives by taxing different income levels at different flat tax rates. Anything that would help get this country out of the bureaucratic tax nightmare our federal government has thrust upon us.