Patriotic Millionaires Chair Morris Pearl doesn’t want his taxes cut as part of a reform of our tax code.
Well, those of us who are less wealthy spend their money, they don’t invest it in assets. Investing in assets is not what grows the economy. Spending money is what grows the economy.
This is where he parts company with his sensei, though: he appears not to understand how a free market, capitalist economy works.
From where does Pearl think the things on which people spend money come—the turnip tree? From where does Pearl think folks get the money to spend—the dollar tree?
It takes folks working—jobs—to produce the goods and services on which we spend our money. It takes folks working—jobs—to earn the money to spend. It takes both spending and asset investment—jobs creation—to grow an economy. And that takes money left in the private economy—lower tax rates for all, including the rich.
Pearl also admits he’d only pay the taxes required; he wouldn’t make donations to the Treasury of amounts equal to the reduction in his taxes. He just demands to impose his views on all of us. In that, he follows his sensei assiduously.