Tax the rich
Posted by Jeff Condon on November 4, 2010
Tax the rich, is the common phrase heard from Democrats today. They describe how much extending the Bush tax cuts will ‘cost’ the government. The balance between letting them all expire and keeping the majority of the hapless voters cajoled is to increase tax on a minority of the population which has insufficient votes to fight back.
Of course it is easy for a lazy person to simply say – I want more money and look how rich they are. 200,000 a year for a single person!
But just who are the rich?
I bet that even most of the readers here don’t realize that in America, most companies don’t pay taxes — ever! The reason is that the company owners, by law, report the income on their own personal tax returns. So an individual with a family of four paying themselves a salary of 80,000, who is fortunate enough to own a small company that is barely making a profit, would probably qualify as one of the ‘rich’.
By increasing taxes on the ‘wealthy’ you are are raising taxes on gas station owners, factory owners, plumbing shops, small stores and restaurants. Really anyone with a real business that has any measure of success. Tax the rich is just another political deception, anyone surprised?
Of course you’ll get a bunch of lawyers too, so that probably makes up for it.