Posted on 07/16/2004 7:48:10 PM PDT by Graybeard58
When it comes to paying taxes, the Democratic mantra is always "soak the rich." Need money for pork? Soak the rich. Running a big deficit? Soak the rich. Just feel like soaking the rich? Soak the rich.
Over the years, the philosophy of balancing government budgets on the backs of achievers has been chiseled into local, state and federal tax laws, and is manifest in the many ways Democrats scheme to separate "the rich" from their money.
We will concede they're right about one thing: the rich don't pay their "fair share." In Connecticut, the top 10 percent of wage-earners pay half of all income taxes while the bottom third pay next to nothing. Nationally, the top 10 percent pays 65 percent of all income taxes while a third of all people who filed tax returns -- 40 million in all -- pay a combined $0. Surely, "the rich" should pay more than "the poor," but everyone should be required to pay something, if only to keep up their interest in government fiscal practices.
What bothers us is a lot of these Democrats are themselves well-to-do, but since they are among the chiselers who wrote the tax code, they know how to get around paying their "fair share."
Take Mr. Two Americas, Sen. John Edwards.
The vice-presidential candidate-in-waiting made a fortune as a trial lawyer, but when the time came for this rich man to pay his fair share, he exploited a tax dodge, leaving it to the Other America -- "working families" -- to pick up his slack.
As explained in the July 13 Wall Street Journal, Sen. Edwards set up a "subchapter S" corporation in 1995 and designated himself as the sole shareholder. The corporation paid him a salary of $360,000 a year and converted the rest of his $26.9 million in earnings from 1995-99 into dividends. Since dividends aren't subject to the 2.9 percent Medicare tax, Sen. Edwards cheated the government out of $591,000.
Oddly, he was forced into this tax dodge by congressional Democrats, who in 1993 lifted income limits on Medicare taxes ostensibly to soak the rich. What he did was legal in a Bill Clinton sort of way, but the Internal Revenue Service "has successfully litigated cases against individuals, particularly sole shareholders of personal service S corporations, reclassifying such deemed distributions as wages subject to Social Security taxes," according to Attorney CPA magazine.
Sen. Edwards is typical of the Democratic demagogues who say they want the rich to pay more. In reality, these lawyer-lawmakers want to tax the entrepreneurs, achievers and job-creators at exorbitant marginal rates while driving their own incomes through enormous, obscure loopholes put in the tax code to protect their own paychecks.
The Democrats have been wildly successful in this endeavor, as the statistics above demonstrate. But the result of this subterfuge also means the Other America is forced to help pick up the slack left by rich Democratic politicians.
And now these same feckless folks want Americans to give them the keys to Congress and the White House in November so they can roll back the Bush tax cuts, thereby dramatically increasing taxes on the middle class. It would be better if Americans recognized these charlatans for who they are and elected a Congress and president dedicated to tax equity.
For the little people, "rich" by DemocRat definition, starts at about $20,000/year, or somewhere about the poverty line.
everyone should be required to pay something, if only to keep up their interest in government fiscal practices.
Thomas Hobbes, Leviathan it is fairer to tax people on what they extract from the economy, as roughly measured by their consumption, than to tax them on what they produce for the economy, as roughly measured by their income.
A Taxreform bump for you all.
If you would like to be added to this ping list let me know.
Hey, I got an idea: Let's shitcan the whole system and implement the FairTax, a 23% nationa lretail sales tax.
Now that's an idea!
Tell me about it. I end up taking home about 63% of what I make. Its nuts.
Alexander Tyler (historian) on the fall of the Athenian Republic.
Guess what? There's already pending legislation to make it happen, HR 25 and S 1493. Go to http://www.fairtaxvolunteer.org
to find out more.
Dems and Pubbies alike do not understand the term.
An income statement versus a balance sheet are two different definitions of income versus wealth, or "rich."
Quite frankly, I'm fed up with this topic since so few have a clue.
If you want to nail down the balance sheet perspective, if I have 50 bucks in my savings account, that is an asset.; by third world standards, "I'm Rich."
Democrats are either lazy and hopeful a paternalistic government will care for them cradle to grave..
OR
they are wildly successful multimillionaire lawyers/politicians who want high taxes to smother the competition and prevent anyone with real-world experience from earning enough to challenge their power (it takes money to run for senate nowadays)
bttt
You are right. It is usually the schedule "C" filers, those that run their own businesses, like the local plumber, or the guy that owns the convenience store, that get soaked by these soak the rich schemes. Want to know why folks like these can't provide their employees the benefits that one used to be able to expect? Look know further than the tax code.
Is it just me, or has anyone else noticed that the "richest" dems, like Kerry want to increase taxes on high wage earners. It really doesn't effect him, since he and Teresa already have their money! He makes a few hundred thousand dollars a year, and she gets plenty from investments, but the vast majority of their accumulation of wealth is untouched by taxes! So, why wouldn't they be for tax hikes? It doesn't really affect them.
Mark
Your not alone FRiend.
The Waterbury Republican-American is one of the most consistently conservative news papers in the country. They have great editorials and world, national news. Surprised me too the first time I read it.
I don't consider myself rich, I am doing rather well, but not rich at all. However, according to the Democrats I am one of the eeeevvil Rich as I make more than 50k a year and work for a living...
My wife and I are in the same boat, though I am retired she still works and together our income puts us in the bracket that democrats are fond of calling "rich"
Our kids are grown so no deductions or credits for that. Our house is paid for so no interest deductions.
The bottom third in income pay no fed taxes at all, yet they complain about how GWB is not giving them any of the tax breaks.
It's the wage earners and other productive members of society who pay and pay and pay.
John Kerry and his ilk want their hands even deeper in my pockets. It makes me sick to hear him talk. When he comes on the news anymore I change the channel immediately.
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