Brushfire of Freedom
Ram Rants
It seems to be the new “in” thing for the rich. Particularly the rich, lefty-liberal elitists. They like to get in front of their dear leader and declare the need to have their taxes raised. Warren Buffet is the most famous, but many others seem to be falling in line with the “Oracle of Omaha” and saying to Obama, “Thank-you Sir, may I have another?”
You’ve likely heard a lot of numbers tossed about. Perhaps you “know” that many millionaires pay less in taxes than the average secretary. That of course is an absolute lie. Others will tell you that their income tax rate is lower than the average American, also a lie. If you spend ANY time reviewing the current tax code, which most of the rich pay someone else to do, you would know just how far the truth is being stretched. Yet we can not turn on the TV these days without some rich, liberal idiot spewing this pure BS at Obama, for the cameras, and for all of his rich buddies to see.
So let’s start with the numbers. Your average person earning over $1M per year pays an average tax rate of 23.3%. Compare that with your typical “secretary” making around $50,000 who has an average tax rate of 7.2%. You can see that most honest millionaires pay over three times the tax rate of a “secretary”. So much for the original lie. But let’s take this one step further. If you take 23% of a million dollars you get $230,000. You really need go no further to realize that the millionaire pays a great deal more in taxes than the secretary, who pays $3,500 in taxes on their $50,000 salary. Even a Berkley Liberal Arts major can see that the millionaire pays substantially more.
Ok, maybe they can’t, but you can always hope.
Both the rate and the total payments of the millionaire are greater than the average American. Most Americans who pay taxes knew this intuitively, but most Americans who pay taxes are better grounded in reality than the liberal rich.
But wait, there’s more.
When you talk income tax, you’re talking about taxes on income. That’s money you make for the work you do. Your paycheck.
A side note here, you don’t even really get to “pay” your income tax. It’s taken from you. Without your expressed permission. Technically, that’s a form of either theft or slavery.
People who are “millionaires” and “billionaires” don’t really have incomes in the millions and billions. They have total net worth at those levels. That net worth is in assets, stocks, and other forms of wealth. Not income. In many cases, their income is significantly less than their total wealth. They restrict their income and manage their assets in ways that help them (drum roll please) avoid paying taxes. They pay large armies of accountants, tax lawyers, and financial specialists to help them avoid paying taxes. By limiting their income, they limit their income taxes, though they still pay more than your average secretary.
So, why all the blustering about raising their taxes? Well, they are good little liberals and, like Buffett and GE, they hope to get payback for their loyal support. They want an amendment in a budget bill named after them. It’s become the “in” thing to do to demonstrate a willingness to give up your acquired wealth, and so they follow along with Obama like good little useful idiots.
Perhaps they’d be a little less eager if we were to tell them, OK, you can pay more in taxes, but we’re going to do it a bit differently. We’re going to tax your accumulated wealth. Every asset, every stock option, every bonus you receive will be taxed at the 35% rate you so desperately want to pay. We know you want to give till it hurts, so let’s inflict some serious pain. Maybe then these pompous, idiotic, liberal rich elitists would think twice before standing up on national television and saying, “Mr. President, please raise my taxes”.
Or maybe not.
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