When the Rich Ask To Pay More Taxes

Even the rich don't want the tax cuts.

We all know how tough the economy is right now. States are running out of money and the unemployment rate is still high. So many people are out of work, looking for jobs without much luck and social programs designed to help don't have the funding they need to provide assistance.

It seems that right now, the rich are getting richer, the poor are getting poorer and the middle class is getting wiped out. Many people blame the Bush-era tax cuts that made is so that the highest earners in our country pay the least percentage of tax on their income. In addition to the tax cuts, they have the advantage of being able to hire accountants and invest their money into tax shelters and the like.

Does this mean that the top 2% are greedy and happy with they way things are? I would have said "Yes!", but I would have been wrong.

Earlier this week, at the Linkedin Town Hall meeting with President Barack Obama, Doug Edwards, a former Google employee, asked the President to raise his taxes. Shocking, I know.

He went on the say this:
“I would like very much for our country to continue to invest in things like Pell grants, infrastructure, job training–programs that made it possible for me to get to where I am. It kills me to see Congress not supporting the expiration of tax cuts that have been benefiting so much of us for so long.”

When I looked into it, I was even more surprised to find that he wasn't the only one. In a New York Times opinion piece, billionare Warren Buffet also asked the President to raise his taxes. In fact, his piece was the inspiration for the "Buffet-rule" in the President's newly proposed American Jobs Act.

I find it interesting that many wealthy Americans want to pay more in taxes. I have to admit that I appreciate the spirit they show in standing up and volunteering to pay more. It isn't simply about saying "Gee, I have so much money, I don't know what to do with it. Maybe I should give it to the poor or something.". Wanting to have a strong economy and helping pull up the people who are struggling with poverty isn't about charity or being altruistic. It is absolutely selfish, but in a good way.

See, it benefits all of us when our economy is strong, when people aren't going hungry, losing their jobs or their homes. For investors, business owners, CEO of large companies and multi-billionaries, they make more money when we all have more money. A company is only as successful as their bottom line. When everyone is poor, no one can buy their products. The company doesn't make money, investors don't invest, stock prices go down. The company lays off employees and then they don't have the resources to continue to do what they do.

When students can't get grants to go to college, they don't grow up to become investment bankers, executives, managers and so on. Then, the companies have a hard time finding qualified people to employ. Not that it matters, because without the ability to get a good education, these students won't be able to earn the amount of money to pay for the products in the first place.

It is important for everyone to realize that we are all connected. Our fates as Americans are intertwined. We are all only as strong as our weakest link. If we could all just find a way to reach below us to help pull someone else up, we might be able to turn our economy around. After all, isn't that what the American Spirit is all about?

What do you think? If you were rich, would you want to pay more taxes? Let me know in the comments.