This is where the democRATS and regressive income taxes get you. The democrats mantra about raising taxes on the rich is disingenuios at the very least. The rich are rich and will stay rich. Income taxes are a tax on the acquisition of wealth. Since you earn more then you should pay more goes the Marxist theory. The reality is that the truly wealthy do not pay income taxes. For one reason and one reason only. The rich do not have EARNED income. The income tax is applied to earned income. The rich have capital gains taxes which are substantially less than the income tax rates.
Since it is not earned income, but capital gains on an investment, then the profits of that gain are taxed as capital gains. There is nothing in the tax code that says that profits from capital gains cannot be used to pay daily living expenses. Thus, the very wealthy typically have little or no earned income.
Skip the argument about punishing achievers and all of that tripe. It's meaningless. The point of regressive income taxes is to keep the unwashed filth that is you and I, is (1)To keep us working and paying taxes. (2) To keep us from acquiring real wealth and infiltrating those places where the wealthy like to inhabit. Do you think for a minute that the rich democRATs want us moving into West Palm Beach, the Hamptons, Martha's Vinyard? Not on you life. Do you think that Ted Kennnedy wants you or I living next to him in Hyannis? Or Diane Feinstein or Barbera Boxer or Barbera Streisand or Nancy Pelosi, wants you or I living next to them? Not in a millioin years do these people want us even within 10 miles of them and their estates.
Rich Republicans don't want 'us' either. It seems that if all income [not just earned income] was taxed as the same rate, income tax rates would go down. In a political economy, the majority of people must benefit from any change. That's called an election.
“The point of regressive income taxes is to keep the unwashed filth that is you and I, is (1)To keep us working and paying taxes. (2) To keep us from acquiring real wealth and infiltrating those places where the wealthy like to inhabit....”
BINGO!BINGO! The harder they squeal the closer to home we’re gittin” folks!! The FairTax, Repeal the 17th...all drive at the core of the nations problems...
I think you mean Palm Beach. West Palm Beach is just another FL city, mostly middle-class, but including some pretty major slums.