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Chief Jack's Galley

There's a place for people who laugh at nothing...


October 13th, 2006

(no subject) @ 08:32 pm

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This from Eyes on the Ball News is made even funnier because there are so many people who honest-to-God believe that this is true....
 
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From:siliconshaman
Date:October 13th, 2006 10:22 pm (UTC)
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It's like this, if I take $100 from everyone on the Fortune 400 list. I have 40,000 dollars.

If I take a dollar from the 200,000,000 or so people with incomes around or below 20k a year, I have $200million dollars.

But who do you think can afford that little extra less? If your income is $5k a week, or $500 a month, who loses the least?

Yes the rich rob the poor, that's how they get rich. Dress it up in silly language if you like, but it's still true.

It's not funny though.
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From:john_holton
Date:October 13th, 2006 11:23 pm (UTC)
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That is the sort of Marxist idiocy that has this world in the state that it's in right now. A shame that so many people haven't outgrown the bizarre fantasy that a win for one is a loss for everyone else. Socialism is all about fighting over scraps rather than using the raw material at one's disposal to increase everyone's wealth. It's a silly masturbation fantasy held by elitists and people who want the world to take care of them. Grow up.
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From:bayarts
Date:October 14th, 2006 11:57 am (UTC)
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This *is* funny...but don't you think that the whole notion of stealing from the poor originates in the greater tax breaks for the upper economic echelon a la http://www.ctj.org/html/gwb0602.htm?
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From:john_holton
Date:October 14th, 2006 01:23 pm (UTC)
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It comes from losing sight of (or deliberately ignoring) the fact that while marginal tax rates went down, 96.7% of the tax revenue collected by the IRS was collected from "the wealthy" (e.g. anyone making over $30,122 in 2004). To put it another way, on the most recent estimated tax payment deadline (or, as I like to call it, "Bend Over and Grab Your Ankles Day"), when $85 billion dollars was collected, $82.1 billion was collected from people making more than $30,000. (You're welcome.) Take a look at http://www.ntu.org/main/page.php?PageID=6, and notice how the percentage of taxes paid by the bottom 50 percent of taxpayers has decreased steadily, while the income level at 50 percent has steadily increased. Meanwhile, watch how the percentage of taxes paid by the top 1 percent (the "very evil rich", which would include the likes of Nancy Pelosi, Harry Reid, Teddy Kennedy, Hill and Bill, etc.) has risen steadily over the same period of time. And keep in mind, this DOES include Social Security taxes. I've heard it said that after the tax cuts over 4 million people were removed from the tax rolls.

My guess is that the Citizens for Tax Justice is made up of people who believe that all of the taxes should be paid by, say, the top 40 percent...
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From:bayarts
Date:October 14th, 2006 06:22 pm (UTC)
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Well, thanks for the clarification! I appreciate your going to the trouble to write all of this out for me. Really gives me food for thought.
From:dafne99
Date:October 14th, 2006 08:46 pm (UTC)
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Yeah, well, just because the ultra-rich are supposed to be paying a higher percentage doesn't mean that they really are paying that higher percentage on all of their income. They know all the funny loopholes or can at least afford to hire people who know all the funny loopholes to protect the bulk of their wealth. (Yeah, I'm still working through Rich Dad, Poor Dad when I'm not studying.)

I'm not saying that this means that the tax burden is on the poor. It's not; the tax burden is on the middle class who actually make enough money to fall into higher tax brackets, but don't have the access to (or take advantage of) the knowledge of how to "hide" their income.

Yeah, the more I think aobut it, the more I am in favor of getting rid of income tax completely (can you say "pipe dream"?). A tax on the consumer end would make so much more sense, would tax the public much more evenly, and would prompt Americans to save more and therefore become responsible human beings. In this manner we could do away with Social Security because people would be much more inclined to save for retirement if they knew they wouldn't be taxed on their savings.

Wow. They should make me emporer. I know all the answers. ;)
From:dafne99
Date:October 14th, 2006 08:48 pm (UTC)
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They could even make me Emperor if I knew how to spell.
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From:john_holton
Date:October 15th, 2006 04:48 pm (UTC)
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You'd be empress, actually...

There's a huge difference between "wealth" and "income". Many members of Congress (Democrats in particular, I will point out) are extraordinarily wealthy, and many did nothing to earn it (Kennedy and Kerry-Heinz come immediately to mind), though they have little reportable income. And that's the biggest problem with an income tax: what is considered income is a highly fluid concept.

A consumption tax has been proposed for most of the last five sessions of Congress. Check out http://www.fairtax.org and see what it would propose. There is a lot of support for it, particularly (and oddly enough) among accountants, who would lose a huge amount of income if there were no tax law to keep people in compliance with. There are huge advantages to it: it keeps information about how you got your money private, it will reduce the price of most consumer goods (it's estimated that over 30 percent of the price of everything is taxes paid or collected on behalf of an employee), it collects taxes from people who report no income but who spend a lot, etc.
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From:bayarts
Date:October 15th, 2006 04:23 am (UTC)
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Way, way off topic...but I just ran across this and thought you would like it. Has nothing, whatsoever, to do with the subject here. Sorry.
Just some pretty guitar picking.

http://www.youtube.com/watch?v=axHCP3z8R00&mode=related&search=
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From:john_holton
Date:October 15th, 2006 07:43 pm (UTC)
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Great stuff! I've never actually seen Tommy, so this was great! Thanks!

Chief Jack's Galley

There's a place for people who laugh at nothing...