Tax the Rich
With all the chaotic hubris that is the Biden-Harris Administration, they have a new war cry, “Tax the Rich!” Joe read a speech last week imploring the nation to get behind his plan to get the “Rich” and corporations to pay their fair share. As a lead up to this plea for leveling the taxpayer playing field, he was assisted by that fashionista Congresswoman Sandy Cortez (AOC), who wore a dress earlier in the week to the exclusive Met Gala with that war cry emblazoned on the back. Tickets to this fundraiser cost $30,000 a seat. Not exactly a middle-class event.
For years everyone with an IQ higher than a boxcar have known that poor people don’t create jobs. The stock question has always been, “When was the last time a poor person offered you job?” Unfortunately, this simplicity has not made it to the advisors and handlers of the 46th President. Clearly, these geniuses don’t have a clue about the fundamentals of a free-market economy or effects of confiscatory tax policies on individuals and businesses.
How much do the rich (job creators) currently pay in federal taxes? The latest government data show that in 2018, the top 1% of income earners, those who earned more than $540,000, paid 40% of all federal income taxes. The top 10% of wage earners earned paid 71% of federal income taxes. Folks making less than $43,000 annually pay 1% of the total collected. Those making the large, spend a lot more money stimulating the economy by purchasing goods/services and investing in businesses. That type of spending trickles down in a free market system. When taxes are increased on this segment, less spending occurs, and financial stagnation sets in. Where’s the benefit of higher taxes, DC big spenders?
Also, Joe is outraged that corporations are not paying their fair share of taxes. Since Joe has been on the government teat for the last 50 years and never worked in the business world, he knows as much about private enterprise as a pig knows about Sunday. First year economic students know that when you raise taxes on a corporation, they raise their prices on their products. That then hurts the average consumer’s budget. Simple logic that has escaped the advocates of this economic suicide plan. Good ol’ Joe is out to lunch again on this one. By the way, how did he manage to become a multi-millionaire on government wages?
All this honking for increased taxes is a consequence of Biden’s proposed 3.5 trillion-dollar infrastructure bill awaiting a congressional blessing. The problem is that there’s precious little infrastructure (roads, bridges, airports, water, and sewage modernization) allocated in the bill, and a huge amount of social engineering programs and “free” stuff. Free college, free day care, free this and free that dominate the bill. Social engineering on a grand socialist scale, designed to remake the foundation of the republic. The Progressive Democrats believe that when they become do-gooders, they will never lose power as folks become dependent on the government for all basic needs. This goes against the very principles and spirit responsible for the greatness of the United States.
When Joe talks about tax revenue, he obfuscates the issues with the skill of a street corner swindler conducting a game of three-card monte. The tax con he’s running on the folks is designed to make everyone that buys in, a winner. Baloney. Nobody wins. The folks paying the least amount of taxes will get hammered by paying more for goods and services when the corporations get hammered. The rich, with their legions of lawyers and accountants will “offshore” their assets away from the prying eyes of an emboldened IRS.
Speaking of the IRS, Joe proposed to double the number of revenue agents and make banks report individual withdrawals of over 600 bucks. So, for example, if you had at least $600 in your bank account, the bank would be required to report the amounts of any account debits or credits to the IRS. If the debits and credits that flow through the account add up to at least $600.00, including deposited paychecks or electronic payments through smartphone apps tied to the account, those totals would have to be reported as well. Currently banks report transactions over $10,000. This intrusion into your financial life would make Vladimir Putin or Xi Jinping proud.
Like Pigpen in the comic strip Peanuts, since taking office Joe has had an increasing cloud of debris following him at every turn. Mask up or no mask mandates, border chaos, the “extraordinary success” of the Afghanistan withdrawal, increased gas and food prices, and now “Tax the Rich”. The swirling debris cloud grows daily.
Joe might as well go out and get a white dinner jacket with “Tax the Rich” on the back that matches Sandy Cortez’s dress…and hope it doesn’t get soiled…by his own debris.