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.
I'm sure your link leads to a very interesting and worthwhile article; however, TPN provides "Discussions", "Blogs", and "Forums" for off topic posts.
Please use those instruments.
On April 14, 2011 The Laffer Center reported its "estimate that U.S. taxpayers pay $431.1 billion annually, or 30% of total income taxes collected, just to comply with and administer the U.S. income tax system."
With the Fair Tax, compliance to collect all federal taxes, not just the income tax, would be about as costly as the present system for collecting state sales taxes, a small fraction of 1%. We could get about a $400 billion boost to our economy, just by reducing compliance costs.
And the reason these "Patriotic Millionaires" don't just write checks in the amount they feel that they should give the Government is?????????? Hmmmmm...They should stop yaking about it and send in their checks!
Ovomit promised me an ambassador post in Tripoli, Libya! What a guy!
If they get this don't think the income tax will go away. People need to pay attention to what they are paying to State and Local Govs too. Spending cuts need to be implemented there as well. I was shocked to see my city's budget which is half hand out programs just like Fedzilla.
We are currently watching the Reelz mini-series, "The Kennedys;" hardly an enshrinement.