Encouraging the Entrepreneur Job Creators of Tomorrow
I haven’t hit the million dollar mark yet myself… but I’d like to think that when I DO get there, I won’t incur an added fee… a tariff on my success.
We’ve all heard a lot about the “Buffett Rule” in the news lately. As much as we can all admire Warren for his ability to make millions and billions of dollars… why do we all assume that just because he’s rich, he has all of the answers?
That’s why I was happy to hear that another rich dude (Charles Schwab) weighed in, sharing my sentiments on not punishing entrepreneurs for their success. Here are what some others had to say about it in the WSJ:
Charles R. Schwab has it right when he writes: “We cannot fund our government coffers by following the ‘Buffett Rule,’ i.e., raising taxes on Americans earning more than $1 million a year” (“Every Job Requires an Entrepeneur,” op-ed, Sept. 28). We all know it is one thing to be in favor of higher taxes when you have already made your fortune and are now a multimillionaire or a billionaire, like Mr. Buffett. It is quite another thing when you are trying to become one.
Our goal should be to encourage every young American to strive to become a millionaire. Most millionaires didn’t achieve wealth by being born rich or getting lucky. It was done by getting a good education, working hard and having the right priorities in life. This has always been the allure of the U.S.: Anyone from anywhere in the world can make it here if one has the right priorities.
Orchard Lake, Mich.
While Charles Schwab does not explicitly state it, he implies it: Every job, private and public, requires an entrepreneur. Where else is the funding to come from to create a public-sector job? This is a critical point that many do not seem to grasp.
Harper A. Roehm,
Sugar Hill, Ga.
I enjoyed Mr. Schwab’s article, though I sometimes get the impression that the word “profit” has become politically incorrect. Mr. Schwab didn’t go into business to create jobs and neither does anybody else. Businessmen, not only in the U.S. but all over the world, are constantly looking for ways to eliminate jobs. Employees are expensive.
As Mr. Schwab says, “What we can do—and absolutely must—is knock down all hurdles that create disincentives for investment in business.” That is, we must remove as many obstacles as possible between the individual (entrepreneur) and his ability to make a profit. That is the only motive for starting a business, and it is the only one that is necessary.
In the “The Weekend Interview with Dave Bing” (Dec. 19, 2009), the Detroit mayor said: “We’ve got to make Detroit a place where businesses can make a profit again.” This is also true for the country as a whole. We must make the U.S. a place where one can make a profit again. No other incentive is either sufficient or necessary in order to create jobs.
One of the last questions for the GOP candidates in the Orlando presidential debate was to tell what each would do to get our economy on its feet. The word “profit” was not mentioned by any of the nine candidates. I was listening with a thirsty ear to hear that word.
The biggest obstacle to making a profit is the 15.3% tax on labor.