It is tax day. The left is out whining about those who do not pay their “fair share” of taxes. Maybe it is time for a discussion as to who pays and what is a fair share of taxes.
The left is close to one of its long held dreams. As of today, about 45% of American households pay no federal income tax. The top 50% of taxpayers pay 97% of the taxes. What is wrong with this picture?
Today, after receiving bad press, General Electric is returning a $3.2 billion tax refund it received. General Electric paid no corporate income tax this past year. The left was beside itself. Unfortunately, some conservatives have followed the liberal line.
What is the government going to do with that money? Waste it. What could General Electric have done with that money? Here’s an idea. If General Electric wanted to be patriotic, instead of sending the money back so the Obama regime could blow it, they could have created jobs. If we assume the total cost for jobs was $50,000, including salary and benefits, General Electric could have created 64,000 jobs. $50,000 salary and benefits might be a little on the low side in certain areas but when you are unemployed, you are making zero.
Instead, Jeffrey Immelt, GE CEO and Obama sycophant, decided to make a very public, well we really can’t use the word we want, so let’s say a very public action with $3.2 billion.
Meanwhile, a group of so-called “Patriotic Millionaires” has called for taxes to be increased. These are all a group of liberal dolts, and their “call” was immediately picked up by the drive by media. What the media does not say, and probably does not understand, is there is a difference between income and wealth. A person with a net worth of $100 million does not make $100 million in a year. Their actual income is probably a fraction of that. And for those “patriotic millionaires” who want taxes increased, why don’t they release their personal tax returns. Anyone want to bet they have lawyers and accountants who take every possible deduction? Anyone doubt they take every advantage offered in the tax code?
The entire tax code is a war on the productive. Those who are already wealthy have their tax shelters. An increase in income taxes does not punish them. It punishes the people who are working toward being millionaires 2, 3, or 5 years from now.
The real problem with the tax code is that we have a tax code. The purpose of taxes is to generate revenue to run the government. It is not to advance certain social policies and it is not to help your friends. Among lawyers, one of the hottest fields is tax law. Many lawyers finish law school, and then do an extra year to receive an LL.M. degree in Taxation. Why? Because the tax code is so complex, this kind of education is needed to help keep companies out of hot water with the IRS and help keep them from being eaten alive by taxes.
As we pay our taxes this tax day, we need to think of the future. In 2013, as conservatives again control the government, we need to scrap the insane tax code that makes war on the productive who drive the economy and who create jobs, and replace it with a fair tax in the short term and ultimately repeal the 16th Amendment (the income tax amendment) and go to a national consumption tax.
As you see today how high your taxes are, take a moment to send your Senators and Congressman an email. They need to know we the people are not happy.
Read that this report of a refund and its return as a hoax, GE's Deirdre Latour said "It's a hoax and GE did not receive a refund".
According to Reuters "GE shares slipped after at least two news organizations, the Associated Press and Dow Jones, reported the hoax as fact."
I heard they have a new tax coming. It's called the F.U. Sucker tax.
Friends of Bo's won't have to pay.
If S.& P.'s announcement today doesn't get this prick thrown out of office then what will.
When will congress realize we have a domestic enemy in the OVAL OFFICE!..........DOW!
My taxes went up, I wrote a big check. I'm sick of paying for the professional parasites that exist on my hard earned dollars.
Who Is John Galt?
I am really getting fed up hearing all of these rich Democrats wail about how the rich don't contibute their fair share. All I have to say is if you are a rich Democrat ----- FEEL FREE TO CONTRIBUTE AS MUCH AS YOU WANT, but keep your grubby paws out of my pockets!!!! Put your money where your big mouths are!!!! I don't see Michael Moore tossing in any extra bucks, heck he has lawsuits out to get more!!!
It is their bleeding heart self righteous ideas that have spawned all of the entitlements programs that are sucking this country dry. I wish somehow that the IRS could find out that if you are a registered Democrat you would automatically be having to pay 70% to 90% of your income in taxes.
TAX WAS NEVER ABOUT MONEY.
TAX IS ALWAYS ABOUT SOCIAL CLASS REDISTRIBUTION. NOTHING ELSE.
Communist Russia had only two classes: the luxury upper class, Government Apparatchiks, supported by the lower class, the poverty stricken workers.
George Soros and Cass Sunstein, and their puppet B Hussein Obama, are VERY busy right here, right now, building their new America - Soviet Communist style. No middle class. There will be two classes only - the poverty classes who receive money from the Federal government, and those apparatchik classes who hand out the money from the Federal government, and then in return, they get reelected.
WE CANNOT SURVIVE ANOTHER RAISE IN THE DEBT CEILING. So we do NOTHING, and it then becomes a ceiling on borrowing. In a few months, the money runs out. Everyone goes home and works for McDonald's until the next fiscal year. Then they can again apply for a job. Until then, no salary. No severance. No pension.
Here is the link supporting Ed Daniels post that the GE Refund is a hoax: Reuters International.
If indeed it is a hoax, Judson Phillips is among some pretty prestigious company e.g. AP and WSJ in mis-reporting the false report. Matters not! The idea of over-taxation has generated some stimulating dialog.
Huckabee is also a FairTax supporter. But I don't think that he has much of a chance and even if he did, I would be worried that he would sell the FairTax down the Potomac, along with most of his other conservative positions, if he thought that he could buy an anti-abortion bill with it. Don't get me wrong. I'm as opposed to abortion as anyone. But for Huckabee, it's his passion and history shows us that the opposition can easily subvert any politician who is too focussed on just one issue, by getting him to give up on 10 or 20 other equally important issues, in order for him to get just part of what he wants on his pet issue. I like the man. I like his stand on almost all of the issues. I'm just afraid that he would sell us out on taxes, guns, privacy and a host of other things, if promised just a small part of what he wants on abortion. I would feel the same way about anyone who is too intent on a certain type of legislation. For example, Larry Pratt, might be turned on other issues, if promised the repeal of certain gun control provisions. We need a broad-based conservative, who doesn't have a single negotiating weakness.
I'm very glad to hear that Cain is supporting the FairTax. That puts him way up the scale for me.