Paul Gale proposed a few suggestions to rein in federal deficits ("Suggestions to rein in federal deficits," March 8-9 Mirror-Democrat/Times-Journal). Unfortunately, he simply regurgitates the same tired old leftist "soak the rich" nostrums.
Interestingly, the possibility of cutting spending seems not to be one of those suggestions. He also seems not to have considered that the purpose of taxation should be to raise revenue, not to redistribute wealth or pass judgment on whether "greedy mega-billionaires" need "10 homes and a 370-foot yacht." Envy is a bad look and one of the seven deadly sins.
In decrying the alleged use of "loopholes in the tax code," he might consider what Learned Hand had to say about such tax planning: "Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes."
While reining in tax breaks for oil companies and farm subsidies, how about cutting the tax breaks and subsidies for EVs, windmills, solar farms, and ethanol production as well?
Every leftist rant includes the same hackneyed references to greedy "millionaires and billionaires" and corporations not paying "their fair share" and Paul Gale's is no different. Apart from the fact that no lefty can define what a "fair share" is, the U.S. tax code is one of the most progressive in the world.
The IRS recently released its income and tax statistics for 2020. The top 1% of earners paid 42.3% of the income taxes while the top 5% paid 62.7% of all income taxes. The bottom 50% of earners paid 2.3% of the taxes. Over the past two decades the tax burden has shifted even more to the highest earners and the Trump tax reform of 2017 did little to change that trend. The bottom half of earners still pay essentially nothing.
The country needs some serious consideration of how to return to responsible fiscal policy. Paul Gale's demagoguery exemplifies why we won't get it until an unavoidable crisis occurs.