How to Tax the Rich?

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Tax the rich
US President Obama insists that no one except the highest-earning 2% of Americans will face higher taxes in order to tackle the nation’s chronic federal deficits and debt.  Photo: http://otherwords.org

Seeing Obama on a stump making a passionate speech to a crowd clinging on to his every word was a regular sight a few months ago while he was on the campaign trail. The recent speech by now President Obama seems to be in the same vein but the difference is that what seemed to be rich people bashing a few months ago is the new norm. The American people feel that there is resonance in the statements that he has made and there is some true meaning to what America is going through. The economic divide that America has as the base of its true identity has now seeped into the social spheres of life and the impending fiscal cliff has woken them up to the new reality that they live in.

They are slowly realizing the fact that causes of the republicans that seem to be defending them and the American way of life is actually a façade. The neo-conservative selling point has always been to work hard and defend the rich as some day you would be one too. The rationale to eradicate the estate tax has always been a burning issue showing people that they can benefit from it one day when they get rich too. The harsh reality is that many of the people would never be rich enough to benefit from it. Imagine that every kid in America was given the dream that they could be president. How many of them would actually get to be president though? Not many among them. The same analogy is true here as well.

Americans are now seeing the true reality that there is a huge economic divide between the poor and the rich and it has to be decreased. There is more of a sense of taking the lowest among themselves and improve them rather than look to raise themselves upwards on the social ladder leaving the others behind. This sentiment has gotten more and more support with people like Warren Buffet and others coming out and saying it out loud that they are willing to sacrifice their income in order to see the whole country benefit.

And that is why Obama’s speech makes it a definitive point in the history of America. There seems to be a huge debt that has piled on and it seems that something has to be done before things go from bad to worse. The first rational step that should be taken is to raise revenues in order to decrease the deficit that is present in the economy. People are standing up and taking notice where they have gone from being in support of the Bush tax cuts to now being fine with the idea of raised taxes.

They see the truth from the façade that they would rather see a manageable present rather than a pie in the sky in the future. It is the first step in the direction towards a more financially responsible America. Here is hoping the American government also gets the idea and follows in step to correct the situation as well.

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