by Scott Liddicoat

Instead of even higher taxes for the rich, it’s time to thank them.

Almost anything the wealthy do with their money is great for America.  Left in a bank, their money supports ordinary people who use it for business, consumer, and mortgage loans.  When rich people invest their money, that’s good for every person in the businesses in which they invest.  Plus, their investments support the broader financial ecosystem that powers retirement accounts like 401(k)s, IRAs, and pension funds you and I own. 

When wealthy people spend money—even on luxury items—it supports each employee in every business the money touches.  And finally, many rich people give enormous amounts of money to charity. 

If any of these money uses were turned into tax collections, would government do better with it? 

Not a chance. 

It’s curious too, how so many of the politicians have changed their definition of “the rich.”  You don’t have to be very old to remember when they called millionaires “the rich.”  It was the millionaires who weren’t paying “their fair share.”  But now most of the politicians are millionaires.  Multimillionaires even.  To adapt, they’ve skillfully redefined billionaires as “the rich.”  Now it’s the billionaires who need to pay “their fair share.” 

If billionaires paid more in taxes (whatever the politicians say is their “fair share”) do you have any faith they’d spend this new stream of government income frugally?  Of course not.  Addicted as they are to spending, they’d simply spend more extravagantly. 

At the national level, politicians would continue with even more reckless deficit spending.

There will always be those that are rich or wealthy—the “One Percent.”  But America is different than most countries.  In America, people regularly move into and fall out of the top One Percent.  Many were poor or middle class to start with. 

Some have progressed into and fallen out of the One Percent several times.  This is much better than the persistent One Percent frequently found in most countries.  An enduring One Percent that usually includes the political ruling class.

There’s much to be celebrated and admired about America’s wealthy. 

It’s time to praise their enterprise, not raise their taxes.

Scott Liddicoat

Saltwater Tea

February, 2026