The movement is growing (link and link). Left-wing writers, such as Steve Benen in this Washington Monthly article seem to be getting nervous. I can just see the beads of sweat emerging from his furrowed brow as he penned this weak attempt at marginalizing those of us who are joining the movement:
Some very strange conservatives, faced with the prospect of a modest increase in the marginal top rate, see us creating real-life John Galts. We’re supposed to find that terrifying, of course, since the same Wall Street titans who destroyed our economy might be tempted to leave their jobs and take up menial labor.
If the Left is fighting us, we must be doing something correctly. My wife and I have cut back massively, and are living primarily on her small salary. My Custom A/V business is being scaled back and reworked to survive on under $800,000 in sales per year. Because of this, unfortunately, we are unable to hire the two or three people we originally required within the next twelve months. Those who have small businesses know the absurd levels of taxation we face, from federal, state, and local governments.
What Benen fails to realize is that the proposed top rate of 39.6% is just the tip of the…ummm…spear. We know that it will not be enough to cover the Obama Administration’s expenses. Not by a long shot. Additional “sacrifices” will be required, and “our fair share” will be redefined again. The producers in this country need to stand up to this. We need to make it known to all in power that taking from us to give to those who didn’t produce it, or any other unworthy expense, is the equivalent of theft – we are sick of it. 39.6% does not include state and local income taxes. It does not include sales tax or payroll tax or the tax on my cigarettes or any of the other hundreds of taxes lurking behind every good or service.
However, “Going Galt” will require something beyond limiting income, or not expanding your business. It is going to require limiting taxes on those goods and services we use. I propose that a barter system be implemented between, for lack of a better term, Galters. Goods and services can be traded between multiple members for the maximum benefit of those engaged, yet in a way to minimize reportable income and taxes.
I, for example, have been an Audio/Video and Low Voltage Systems integration specialist for 23 years. Someone out there with, say, a lighting control system that requires help, and an auto repair business, could trade my labor for the service on my 2001 BMW 740iL (I need a new ignition switch and navigation control box). Of course, taking this across the country would require something more complicated than just this type of local barter. Those are just details at this point.
I’m sure there are also possibly rules against this sort of behavior, so we need the system’s design to be blessed by a couple of accountants and tax attorneys. Surely we can come up with something that solves the problem of providing needs, minimizing income, minimizing taxes, keeping people out of jail.
I look forward to the development of this idea.
Update:
Robert McCain at The Other McCain wrote a better explanation than I ever could behind the reasons for Going Galt. Read them here, especially if all you think we’re doing is throwing some sort of capitalist temper tantrum.
reddotinaredstate
lyndseyfifield
Crush
LoveBeingRight
realblackwidow
[...] Pritchett is another 40 percenter who is Supporting the “Going Galt” Movement… by scaling back his business – at the cost of not creating several jobs. It’s not just a [...]
[...] Blogger Ken Pritchett also weighs in: If the Left is fighting us, we must be doing something correctly. My wife and I have cut back massively, and are living primarily on her small salary. My Custom A/V business is being scaled back and reworked to survive on under $800,000 in sales per year. Because of this, unfortunately, we are unable to hire the two or three people we originally required within the next twelve months. Those who have small businesses know the absurd levels of taxation we face, from federal, state, and local governments. [...]
I own a small business. Last year I had 5 employees. This year I am down to one, by my choice. Two of the ones I let go voted for Obama. I told them their not having a job with me is a direct result of the policies of the politician they voted for. I live very modestly and can afford to choose to downsize my business.
Well, I don’t have any employees who voted for Obooboo. One guy was on the fence, but it didn’t take long to talk him down. What do you think of the barter idea for us Galters?
You are sound as if you are both too dumb to understand tax policy and too greedy to pay 1990’s level rates and keep your employees. You are disgusting,
Read this:
And here’s Newsweek’s Daniel Gross, with a lesson in kitchen table economics for the “We’re All Socialists Now!” brigade:
Say you’re a CNBC anchor, or a Washington Post columnist with a seat at the Council on Foreign Relations, or a dentist, and you managed to cobble together $350,000 a year in income. You’re doing quite well. If you subtract deductions for state and property taxes, mortgage interest and charitable deductions, and other deductions, the amount on which tax rates are calculated might total $300,000. What would happen if the marginal rate on the portion of your income above $250,000 were to rise from 33 percent to 36 percent? Under the old regime, you’d pay $16,500 in federal taxes on that amount. Under the new one, you’d pay $18,000. The difference is $1,500 per year, or $4.10 per day. Obviously, the numbers rise as you make more. But is $4.10 a day bleeding the rich, a war on the wealthy, a killer of innovation and enterprise? That dentist eager to slash her income from $320,000 to $250,000 would avoid the pain of paying an extra $2,100 in federal taxes. But she’d also deprive herself of an additional $70,000 in income!
First Johhny, nice to know you launched out of the gate with an attack. Classy! Second, the entire point is to do everything possible to stop enabling the federal, state, and local governments. Once the tax rate goes to 36%, how long do you honestly believe it will be until it is raised to, say, 42%? Or 50%.
You are missing the point entirely.
Reread my first sentence. I haven’t missed one, single thing about your ridiculous, anti-government whining.
We’ve tried to starve the beast for the better part of 30 years. How’s that working out for us?
Grow up.
I have not read anything on one, nation-wide, concerted effort to “starve the beast”. Perhaps you can enlighten me. At every turn, government has grown, entitlements have grown, and spending has grown. I am sick of it. The new spending programs are just flat-out over the top. Or perhaps you happen to think a couple of trillion dollars is chump change?
reddotinaredstae, you really need to expand your reading material.
This is just one well-known piece from mid-way through the Bush disaster:
http://www.ndol.org/print.cfm?contentid=251788
Well, well. You managed to dig up a Left-Wing hit piece from 2003. Aren’t you proud. It is obvious that you are the one who actually does not understand tax policy. It has been proven over and over, and over again that tax cuts raise revenue to the federal government. I could do the research for you, but dinner is cooking. This also has absolutely nothing to do with the populace attempting to starve the beast by denying it funds with which to operate.
Conservatives and Libertarians do share many common principles. Among them are lower taxation and a drastically smaller government. Bush, on the other hand, did not share these principles. As one of my previous blogs state, in the last 80 years only Reagan and Coolidge are Presidents Conservatives would be happy with.
Yes, we want a smaller government. What is your problem with that?
BTW: that’s not a “left-wing hit piece.” The DLC is decidedly centrist. Do you even know what your “government” is? Police, fireman, teachers, schools, parks, roads, bridges, Wall Street regulations, the military–it’s called a “modern society.” Your side has let this stuff atrophy (all except for the military; neocons love war) and would think nothing of continuing the failed policies of the last 25-30 years–feed the rich, and it’ll trickle down.
It’s total bull****.
Sorry. “Small government” isn’t a rational option in 21st century America–not if you want to have a modern, competitive society, that is.
Whether or not DLC is centrist is another discussion. This piece was decidedly not centrist. If my tax dollars went to support only police, firemen, teachers, schools, parks, roads, bridges, military, and a smattering of other things – we would not be having this debate.
My side…hmmm…my side…out of 25-30 years, very few Conservatives have had any influence at all. It has all been your side governing spending – with the help of weak, centrist Republicans who didn’t know how to keep it in their pants…so to speak.
My line of work would not exist except for “trickle down” economics, nor would many, many different business sectors. You forget that wealthy people have the resources necessary to invest, poor people and the middle class do not. Wealthy people have the resources necessary to set up grants and foundations, again, poor people and the middle class do not.
Your use of language only accents the weakness of your position – hence the edit. You’ve been warned.
How about giving me an argument from logic instead of a simple statement? I obviously think small government is the only rational option.
I’ve been “warned?” Don’t worry, Jack***. I won’t be back.
It seems you didn’t take the time to read the “About Me” section. Swearing has no business on my site. Go over to the DailyKos where crass language is tolerated, and even appreciated as a suitable substitute for informed debate.
Sorry, you won’t be back, I was having fun. No, guess you’d rather go curl up with your prized, 2nd Edition of Man and Divinity.
[...] Blogger Ken Pritchett also weighs in: If the Left is fighting us, we must be doing something correctly. My wife and I have cut back massively, and are living primarily on her small salary. My Custom A/V business is being scaled back and reworked to survive on under $800,000 in sales per year. Because of this, unfortunately, we are unable to hire the two or three people we originally required within the next twelve months. Those who have small businesses know the absurd levels of taxation we face, from federal, state, and local governments. [...]
You morons who “Go Galt” will just lose your business. Your clients will hire someone else to do your work.
Hint: I WILL REPLACE YOU.
You can pout all you want. I don’t care who is in the White House – I’m all in to make more than you and I’ll gladly steal your customers. You want to turn down business and launch some philosophical protest based on an old work of fiction from Ayn Rand? Ha! Go ahead, make my day.
Just don’t blame Obama when your business is smaller during the recovery.
Suckers.
And, if you’ll look to your right, you’ll see the greed that spawned Enron and Bernie Madoff. One day, you’ll be old enough to realize that greed is always short lived.