We've got a deadbeat billionaire problem in America. We keep giving billions in tax breaks to billionaires and meg-millionaires with the expectation they will "create jobs" with their massive personal fortunes. But they haven't followed through with their end of the deal. No jobs are being created! What? How can this be? The Republican's Vast Right Wing Echo Chamber continuously proclaims as Gospel that the super rich need special tax treatment because they are the only ones who create jobs.
I see the one way to get to the bottom of this perplexing enigma is for the Senate to subpoena every billionaire and mega-millionaire to Washington to testify under oath, before congress, with cameras running, and transcripts recording. And demand that each of them tell us exactly HOW MANY jobs they've created with their PERSONAL FORTUNES for each year they were among the super rich.
We will then know with clarity and precision the concrete past results of the Republican's bedrock mantra-policies of, "low taxes on the rich creates jobs", "tax cuts on the rich will create jobs", and "avoiding job killing tax increases on the rich..." I'd wager to conclude they are all falsehoods upon which no policy can ever be based: If an insufficient number of jobs have been created by relying on deadbeat billionaires and mega-millionaires, then restore the higher tax rates of the 30s, 40s, 50s, 60s and 70s to bring down our nation's debt, fund rebuilding of our nation's infrastructure, secure our safety net programs of Social Security, Medicare, and Medicaid, and put the money back into the economy where proven demand driven forces will create jobs.
And higher tax rates will finally give the top earners an incentive to become more productive. Attaining their personal financial goals will either take a little longer - like it used to, or they'll decide to do as the super rich once did - to figure out how to produce more to increase their income.
They will need to hire more people to produce more to meet the demands from the demand-driven economy, they'll have to work harder and smarter to accelerate their new product development, they'll invest their company's revenue towards expansion and growth instead of pocketing it as they now do, and figure out how to become more efficient.
Okay Senators: the time for you to do this is now.
...(from my piece as recommended by readers in Nicholas Kristof's recent NY Times column) - William.