Perfect! These 21 millionaires, and all those who agree, have a perfectly legal outlet to contribute their unwanted money to pay down our massive debt. And believe it or not, this actually happens. During the past decade, Americans have gifted the federal government nearly $20 million.
Granted, it’s not a lot of money, but it is more than these so-called “patriotic” millionaires are willing to do. One of the millionaires responded that individual donations to the federal government “are not going to help anybody.” Another said, “this is not charity, we’re not doing charity here, taxes are not charity.” A third said, “any one individual is just for show.”
The funny thing is that considering our problem is massive overspending, raising taxes is just for show. Think about it this way. In 2007, well after the so-called “Bush Tax Cuts”, the federal government collected $2.567 billion in revenue. In 2005, the federal government spent $2.471 billion. If we could have frozen spending in 2005, we would have had a $96 billion surplus in 2008. By contrast, next year’s deficit is expected (again) to surpass $1 trillion, as spending remains well above $3.5 trillion.
Rather than leading by example and convincing their fellow millionaires to unite and pay down the debt, they are lobbying Congress to compel them to pay more. It doesn’t matter whether their millionaire friends intend to use the money to create jobs, expand their business, buy a new work truck or donate it to charity – these 21 millionaires think they know how to distribute everyone’s hard earned money better.
It’s the same mentality as the National Christmas Tree Association: not everyone agrees with us, and we won’t act on our own, so we’ll have the government ride to the rescue. That’s not the proud history of America, nor is it the recipe to future success.