The oil industry creates jobs and provides needed supplies and services. They already pay an exorbitant amount of taxes, in ratio to their expenses and income. Increasing their taxes will cause our gas prices to continue to skyrocket. Businesses pass increased expenses along to consumers. Basic economic principles are at work here.
In addition, increasing taxes on capital gains under the guise of “taxing the wealthy” will not increase revenue. That has been proved before. Doesn’t anyone in Washington read history or follow economic cycles? Increased taxes on capital gains will hurt the middle class more. It creates fewer jobs, less spending by the rich and a decrease in the incentive for low- and middle-class earners to save.
It also increases the amount of tax the poor and middle class pay on our piddling amount of capital gains we may experience on whatever sums we can actually manage to save after Washington and our local tax authorities have finished purging our pocketbooks.
If Washington wants to increase revenue through taxes, how about going after people who do nothing to contribute to the welfare of anyone else such as industries in Hollywood – the entertainment industry, haute couture, the news media (after all, they’re only entertainment, not serious journalism) and overpaid sports figures? This gives a realistic target for those tax-happy folks in our nation’s capital. And it leaves the rest of us alone to continue to try to survive day-to-day.
We the people don’t appreciate harebrained ideas that only serve to hurt our country. If Congress spent more time doing its job, such as overseeing the General Services Administration, and less time meddling in the day-to-day life of businesses and average Americans with these grandiose schemes that always trickle down from above and hurt our pockets, perhaps scandals like the GSA and Secret Service wouldn’t be making headlines.
We don’t want more and more and more and more legislation to “help us,” because it doesn’t. It merely creates a quagmire from which it becomes increasingly more difficult to extricate ourselves while remaining within the bounds of the law. If Congress really wants to help, start repealing worthless legislation that is already on the books and either doesn’t work or isn’t being enforced. That’ll keep Washington busy and out of our hair for a good, long time.