January 25, 2012
I’m not sure when Americans lost their collective minds, or exactly what caused it to happen, bad drinking water, FDA engineering of food supplies, chem trails, public education…. But I am convinced that many Americans are off the reservation.
According to a recent Rasmussen Report, 47% of Americans favor taxing “the rich” but oppose all proposed tax hikes on them. Imagine that… support taxing others, oppose taxing themselves. What a concept! In other words, rob others of their freedom, liberty and property to pay for mine, but leave me and my stuff alone.
Is it even possible?
Who do they mean by “the rich?” Which “rich” people do they want to tax more?
As the top 50% of income earners in America already pay more than 97.75% of all income taxes paid in America, how much more should half of the population pay for benefit of the other half? Charity is a selfless individual voluntary act. Government forced charity is called tyranny.
The top 1% of income earners, those with an income at or above $344,000 per year, currently enjoy 19% of the nation’s personal income. But they also pay more than 37% of the nation’s income taxes. The top 5%, making at or above $154,000 per year, enjoys 33% of personal income in the nation, but also pay 57% of the nation’s income taxes.
Are these the folks 47% of Americans believe in taxing more, because they don’t currently “pay their fair share” of taxes? The top 50% of income earners pay 97.75% of all income taxes, which must certainly be more than their fair share. The bottom 50% of income earners pay only 2.25% of all income taxes collected, which may actually be less than their “fair share,” for those who still think fairness has anything at all to do with our tax policies.
Is it the greedy corporations they want to tax?
Technically speaking, there is no such thing as corporate taxation. Every penny in corporate tax is passed on to consumers, employees and shareholders at a rate of 115% or more, to cover the cost of collecting, reporting and remitting those taxes to the Government. When we tax any corporation, we are taxing ourselves…
Corporate taxation also results in double taxation. The same dollar taxed as corporate income is taxed again at the employee payroll and shareholder earnings level. In short, corporate taxation is a hidden tax on all employees, shareholders and consumers. The corporation collects, reports and remits those taxes, but those taxes are passed on to and paid by employees, shareholders and consumers. End of story!
Taxing the Uber-Rich
People smart enough to acquire great wealth are also smart enough to protect the wealth they have accumulated. As we now live in a worldwide market wherein investments span the globe, it is not difficult for wealthy investors to escape punitive taxation or regulations.
When nations or states want to attract private investment, promote private sector jobs growth and create a jobs-friendly economic environment, they do it by greatly reducing or eliminating altogether, all taxes and regulations especially on corporations and investors (aka job providers).
Investors seek a return on their investments. Go figure…. They risk their capital based on the potential for future gains. They risk the bird in their hands for the potential of two in the bush. When there is only one allowed from the bush, why risk the one in your hands? When the potential for future gains is impaired by excessive taxation and regulation, investors simply do not risk their capital.
In a global market, when one government becomes unfriendly towards private sector profit, investors simply find other markets anxious to attract those investment dollars. Money and jobs leave one global market and move to another, one more free-market friendly and there are plenty of them.
Taxing the uber-rich is only possible to the degree that the uber-rich are willing to pay. When they become unwilling to pay, they simply find new markets in which they can invest with a better potential for gain -- it’s just smart business, simple risk management 101.
So, who is it the 47% of Americans want to tax?
The answer is YOU! You are the only person they can tax… The average American often referred to as the Middle Class, earning enough to afford to pay taxes, but not enough to escape taxation.
No matter who they say they want to tax, you, Middle Class working Americans, are the only people they can tax. When they tax corporations, you pay those taxes. The top 50% of income earners, those making more than $33,000 per year, pay income taxes, 97.25% of all income taxes collected in fact.
Those reporting less than $33,000 per year in income do not pay income taxes today. In most cases, they get “refunds” on taxes they never paid to begin with, the most common method of redistributing wealth.
People, who say they pay taxes because they pay into FDRs New Deal federal benefits programs like Unemployment and Social Security, are being dishonest. They are not paying income taxes, they are making payments to federal programs which they are entitled to draw upon later. They are investing in FDRs Raw Deal in hopes that they can draw upon that investment at retirement.
This is not paying income taxes. It’s making a foolish investment!
In the end, the buck stops where it always stops, with America’s working class. -- Middle and upper income workers, small business owners, entrepreneurs, sales and service professionals, doctors, nurses, contractors, etc… YOU!
No matter who politicians promise to tax, YOU will pay that tax.
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I’ll never forget the sight of many citizens applauding Hillary Clinton in 2008 when she promised to pay for a .15 cent per gallon gasoline tax cut with a .50 cent per gallon hike on the companies who make gasoline. What did her supporters think gasoline refiners would do with that .50 cent tax? Can’t citizens do simple math anymore?
Even many in the 47% seeking to tax others will end up paying that bill in the end. They may pay it in lower wages, higher prices at the store or lower earnings in their 401k, but they will pay.
Americans simply must get smart enough to know a lie when they hear one. Every time politicians talk about taxing someone, they mean YOU!