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Can You Increase Prosperity By Taxing Success?

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“You can’t increase prosperity by taxing success.”

~ Calvin Coolidge

 

One of the mantras of Democrats is to make the wealthy pay their fair share. You heard it often on the campaign trail from the plethora of Democrat candidates who ran for president. So it should come as no surprise that one of the most vocal proponents of soaking the rich, Sen. Elizabeth Warren (D-MA), has offered up legislation for a wealth tax.

The bill, called the Ultra-Millionaire Tax Act, would apply an annual 2% tax on individuals with net worths between $50 million and $1 billion. Individuals worth over $1 billion would pay an annual 3% tax. Senator Warren claims it will generate $3 trillion in revenue over 10 years and that money would be invested in programs such as child care, education, and infrastructure.

On the surface, this may sound like a good idea to the common citizen working a 9 to 5 job. Why not soak the rich and make them pay their fair share? One must ask a counterquestion. What do you consider a fair share?

The top 25% of taxpayers pay 86 percent of total income taxes. The top 10% of taxpayers pay 70 percent. The top 5% pay 59 percent. The top 1% of taxpayers pay 38.5 percent of total income taxes. In contrast, the bottom 50% of taxpayers pay only 3.1 percent of total income taxes. It is a myth that wealthier individuals aren’t paying a fair share.

The next question is how do you enforce this wealth tax? It’s an administrative nightmare. In Warren’s proposed legislation, she allocates an additional $100 billion into the IRS for enforcement and mandates a 30 percent annual audit rate for the agency. That would mean hiring more IRS agents and a third of American households would be audited every year.

On top of that, do you really think wealthy people like Bill Gates, Mark Zuckerberg, Jeff Bezos, and Warren Buffett will actually pay that wealth tax? They may be big liberals but also realize they have some high-quality accountants to help avoid paying any more in taxes than necessary. They will find loopholes and off-shore accounts to shelter their wealth.

You may wonder why does this even concern me? Do you think politicians like Elizabeth Warren will stop at those with wealth of $50 million or more? You can already picture a scenario where the revenue this wealth tax brings in will be far less than they anticipate. Thus, they will have to expand the tax to anyone who has wealth of $20 million or more. Then to $10 million or more. Then to $1 million or more. It’s yet another slippery slope to an ever expanding tax.

“Well first of all, tell me: Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.”

~ Milton Friedman

 

If Elizabeth Warren and her comrades were truly interested in leveling the playing field and making a difference in the lives of people across America they would advocate for limited government and focus on a more robust free-enterprise system. The reality is that’s not what they are seeking.

This legislation is more about pandering to the Democrat base and low-information voters in a continuing concertive effort at fostering class warfare and animosity. By creating division through class and racial strife the Democrats see their path to decades of power. This is all about redistribution of wealth.

You can’t expect to build up the weak by pulling down the strong. The entrepreneurs and visionaries create jobs. As businesses grow and expand they create further job opportunities and opportunities for ancillary businesses.

Warren’s legislation is an impractical and arbitrary scheme of leveling. It’s despotic and completely antithetical to our Constitution. In a sane Congress this legislation would find its way into the trash can. Given the current political situation in Washington that seems unlikely. Democrats are pushing forward on every one of their Marxist policies and insanity runs amok.

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Michael was born and raised in Wisconsin and is a graduate of the University of Wisconsin with a BA-History. He started writing a blog in January 2016 called, Conservative Thinker, and has written about politics, foreign policy, economics, and social issues with a historical perspective. He resides in Cullman, AL and enjoys hiking, photography, and traveling in his spare time. You can find him on Twitter and Instagram @buckyboymike and follow his blog at www.conservativethinker.net.



 
 
 

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Work-Life Balance in Your Life

It the ability to experience a sense of control and to stay productive and competitive at work while maintaining a happy, healthy home-life

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Work-life balance (WLB) is the ability to experience a sense of control and to stay productive and competitive at work while maintaining a happy, healthy home-life with sufficient leisure. WLB, also referred to by some as work-life harmony, work-life shift, work-life blend, work-life effectiveness, or work-life integration, requires focus and awareness despite seemingly endless tasks and activities competing for our time and attention.

Work-life balance entails having what I call “breathing space” for yourself each day, feeling a sense of accomplishment while not being consumed by work, and having an enjoyable domestic life without short-changing career obligations. WLB is rooted in whatever fulfillment means to you within the course of a day and a week, and however many years you have left in your life.

Supporting Disciplines

Several disciplines support work-life balance though, individually, none are synonymous with work-life balance:

1) Self Management

Sufficiently managing one’s self can be challenging, particularly in getting proper sleep, exercise, and nutrition. Self-management is the recognition that effectively using the spaces in our lives is vital, and that life, time, and available resources are finite. It means becoming captain of our own ship; no one is coming to steer for us.

2) Time Management

Effective time management involves making optimal use of your day and the supporting resources that can be summoned – you can only keep pace when your resources match your challenges. Time management is enhanced through appropriate goals and discerning what is both important and urgent, versus important OR urgent. It entails understanding what you do best and when, and assembling the appropriate tools to accomplish specific tasks.

3) Stress Management

By nature, societies tend to become more complex over time. In the face of increasing complexity, stress on the individual is inevitable. More people, noise, and distractions, independent of one’s individual circumstances, require each of us to become more adept at maintaining tranquility and being able to work ourselves out of pressure-filled situations. Most forms of multi-tasking ultimately increase our stress, while focusing on one thing at a time helps decrease stress.

4) Change Management

In our fast-paced world, change is virtually the only constant. Continually adopting new methods, adapting old, and re-adapting all methods is vital to a successful career and a happy home life. Effective change management involves offering periodic and concerted efforts so that the volume and rate of change at work and at home does not overwhelm or defeat you.

5) Technology Management

Effectively managing technology requires ensuring that technology serves you, rather than abuses you. Technology has always been with us, since the first walking stick, spear, flint, and wheel. Today, the rate of technological change is accelerating, brought on by vendors seeking expanding market share. Often you have no choice but to keep up with the technological Joneses, but rule technology, don’t let it rule you.

6) Leisure Management

The most overlooked of the work-life balance supporting disciplines, leisure management acknowledges 1) the importance of rest and relaxation, 2) that “time off” is a vital component of the human experience, and 3) that one can’t indefinitely short-change leisure without repercussions. Curiously, too much of the same leisure activity, however enjoyable, can lead to monotony. Thus, effective leisure management requires varying one’s activities.

Entirely Achievable

Achieving work-life balance does not require radical changes in what you do. It is about developing fresh perspectives and sensible, actionable solutions that are appropriate for you. It is fully engaging in life with what you have, right where you are, smack dab in the ever-changing dynamics of your existence.

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Work-life Balance: The Enduring Quest

Organizations today recognize the importance of supporting employees’ well-being while maintaining productivity

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Thank goodness that organizations today increasingly recognize the importance of supporting employees’ well-being while maintaining productivity. As such, the corporate quest for work-life balance, harmony, and integration has gained great prominence.

Key Aspects

Here are 12 key aspects of this pursuit gleaned from a variety of programs:

1. Offer Flexible Work Arrangements: Offering flexible work schedules, remote work options, and part-time opportunities allows employees to better balance their professional and personal lives.

2. Have Clear Policies: Establishing clear policies and guidelines regarding work hours, overtime, and expectations helps employees manage their time effectively.

3. Support Mental Health: Providing access to mental health resources, counseling, and stress management programs can address employees’ emotional well-being.

4. Give Leave: Offering generous paid time off, including vacation, sick leave, and parental leave, allows employees to address personal and family needs without fear of repercussions.

5. Prevent Burnout: Encouraging employees to disconnect from work-related technology after hours helps prevent burnout and supports work-life separation.

6. Support Workload Management: Ensuring that employees have manageable workloads and realistic deadlines prevents excessive stress and long working hours.

7. Provide Wellness Programs: Implementing wellness initiatives, such as fitness facilities, nutrition programs, and health screenings, promotes a healthier work-life balance.

8. Enable Employee Assistance Programs: Such programs provide confidential counseling and support services for employees facing personal challenges.

9. Promote a Culture of Balance: Company culture plays a significant role in work-life balance. Leaders should model a balanced lifestyle, and the organization should celebrate accomplishments beyond work.

10. Maintain Continuous Communication: Engaging in open dialogues with employees about their needs and concerns regarding work-life balance fosters a supportive and responsive corporate culture.

11. Empower Workers with Training and Education: Providing training on time management, stress reduction, and resilience equips employees with the skills to better balance their lives.

12. Leverage Remote Work Policies: Crafting clear remote work policies and expectations ensures that remote employees have a structured work-life balance.

Bringing in the Hired Gun

As the world’s only holder of the title, “The Work-Life Balance Expert®,” as issued by the USPTO,  I am often summoned by organizations to enhance work-life balance for their troops. In all, I’ve delivered programs and spoken to 960 groups. Below depicts an encounter with a company who shall remain nameless for reasons of confidentiality. See if this squares up with your experience in your organization.

The following responses were derived as a result of my sending a questionnaire to the conference meeting planner where I was to be their keynote speaker. I requested the names of 10 people who would be in the audience. I called each of them to discuss their current challenges. Here are their actual replies to three of my questions:

1) If you could magically resolve a work-life balance issue, what would it be?

* Have more breathing room between high-level projects.
* Accomplish more during the workday and leave mentally free.
* Hire more staff!
* Take vacations and time off with no big pile ups when returning.

* Be allowed to take some Fridays off and catch up on much needed appointments.
* Reduce the number of pop-up requests and questions flying at me all day long so that I could ACTUALLY do what I need to do each day.
* Be approved to work from home or adjust my hours. My personal time isn’t respected.

2) What do you seek to derive from attending a session such as mine?

* Manage my time more effectively.
* Gain tools to embrace life while living it
* Develop stronger skills.
* Make work-life balance a reality in our company’s work-first culture.

* Acquire strategies, tips, or ideas to re-think my approach.
* Learn to change my focus, to be more productive, balanced, and focused.
* Be able to balance the few things that I do control during my day.
* Discover tips for keeping my staff in balance.

* Gain a realistic expectation of what we can achieve or experience.
* Develop a more positive outlook for the group.

3) Are there any observations you could offer?

* Work-life balance is a huge topic organization-wide. We are high performers who want to do a good job. We compromise our personal lives to meet work demands. We have to keep pace with the leaders and teams we support. If we don’t, we’ll be deemed unresponsive.

* A frenetic pace seems to be inherent in this company. Our team does a good job of emphasizing work-life balance; the problem lies with the surrounding divisions that thrive on working all the time, for no good reason. Yes, we are in a global space, working in different time zones, but some of these people are beyond the pale.

* What I love about this organization are the people. They are dedicated to the cause and truly want to deliver reliable, affordable, dynamic, and versatile solutions to our customers. However, our frenetic pace isn’t necessary. Not every project is the most vital. Not every problem is an emergency. Not every request has to be filled now.

* If in charge, I’d implement a more efficient, logical pace organization-wide. If we all took a breath and reevaluated how we work, in a more focused environment, we might find that we could produce better results with less stress.

Resonates Strongly

As you can see, the topic of work-life balance resonates strongly among today’s career professionals. Going forward, may more organization recognize and acknowledge the critical role that employee wellness and work-life balance has on the organization’s overall effectiveness.

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