Are the Rich Paying Less?

Not so, says the Congressional Budget Office. Instead, the rich are paying taxes at a higher rate than either the poor or the middle class. So why the big fuss?

Obama is the most visible culprit. His class warfare tack reflects an absurd commitment to a failed ideology and his astonishing lack of understanding of what makes an economy run. While he pleads with all of us to believe he really doesn’t hate the rich, his every breath belies it. Oh, he hates the rich all right–right down to the bone, and he won’t rest until he gets in a good shot, the economy be damned.

Even Democrats, other than those in the perennial Left, know that tax increases of any kind now are a bad idea as we struggle to pull ourselves out of a recession.* Obama’s tax increases in his recently offered deficit reduction plan are DOA, thank heaven. Our poor President can’t even muster support from the party that put him there. Add to that a developing movement to challenge him in the primaries and we have a Chief Executive whose prospects for re-election are dimming daily.

I would like to be able to say that makes me happy. Barack Obama has been an Oval Office Disaster. Yet I know that the CBO report cited above will do little to dissuade hard-core haters of commerce. Right behind Obama are legions of other wealth-baiters who will continue the fight to confiscate more from people who have earned more.

One more time, the set of uber-wealthy crony capitalists is small. They are a despicable lot, focused almost entirely on lobbying for favors rather than providing value for customers. They have managed to hijack the whole financial system and will bring it down completely if left to pimp as they have for the last couple of decades. The Congressional stable of whores that enables them is just as guilty.

Soaking this set of the “rich” is great sport, but more like Fantasy Football than the genuine article. These people will never pay into the system anything like a proportionate share as long as politicians are able to manipulate markets in their favor. Congress may make a great show of whacking them, but you can bet that someone’s palm is getting greased behind the scenes.

So who will take the real whooping while crony capitalists siphon off billions? That would be legitimate businesspeople, primarily those who are too busy doing something good to get in bed with politicians full time. Among the “rich” Obama and his Leftist cronies so despise are people who elect a tax status that avoids double taxation. In other words, their business income is counted as personal income for tax purposes. The money Obama claims to want is money they use to build a business, not buy mink boxers.

The solutions to our deficit and debt problems are as simple as they are impossible. First, we need to spend less–a lot less. Second, we need to get out of the way of legitimate businesspeople. Stop regulating them, stop harassing them, stop taxing them. Leave them alone. Why are these impossible? Because we continue to elect people to office who will never allow those two things to happen. We can vote them out or watch the US run off the rails. Our choice, our fate.

______________________________________

*Now, if we can just get them to extend that reasoning to “anytime.”

Advertisements

About Terry Noel

I am an Associate Professor of Management and Quantitative Methods at Illinois State University. My specialty is entrepreneurship.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s