Posted on 02/22/2015 8:25:10 AM PST by Toddsterpatriot
The title should probably read, "Most who are bad at math (and economics) back Obama plan to raise investment taxes.
The $50K a year guy is probably employed by a $300K a year guy.
D.C. had a record tax intake this year...it is the spending. Everyone knows that (even liberals - who don’t care)
The middle class is taxed too much, but the reason is that the government is too large and too wasteful, not that there may be a bit more to squeeze out of the “rich.”
Tax that fellow behind the tree.
Often attributed to Russell Long but appears to go back to the 1930's.
Whatever you tax, you get less of, so I guess they want less investments..................
Huey Long?............
Pandering to wealth envy has long been a winning strategy for the Democrat-Socialist Party.
Dumbest.....President.....ever.
Most communist.....President.....ever.
All I know is I'm paying more than twice as much to the government than my entire food bill....and it always gets worse.
Russell Long was a senator from La. He is the son of “the kingfish”.
“I can’t see where a man makes $50,000 a year pays as much taxes as somebody that makes $300,000 a year.”
If a $300,000 per year guy earned 100% of his income in capital gains, and was taxed at the 20% capital gains rate, he would pay $60,000 in federal income tax on his gross income. A $50,000 earner taking the standard deduction is taxed at a 15% rate. Assuming the entire $50,000 is taxed at 15% the most he could pay is $7,500 in federal taxes.
It is hard to conceive of a scenario where someone earning $300,000 per year pays less taxes than someone earning $50,000.
I know. Huey might have been the original source of the aforementioned quote..............
I found this with a bit of Google searching:
In March 1932 “Collier’s Weekly” ran an article titled “Tax Everyone But Me” which included an instance starting with “Congress! Congress! Don’t tax me” instead of the sing-song: “Don’t tax you. Don’t tax me”.
At the end of the year, and again at the opening of 1932, the hotel rooms and lobbies of Washington were crowded and swarming with citizens who had come to play, in paraphrased adult form, an old game of their childhood:
Congress! Congress! Don’t tax me,
Tax that fellow behind the tree.
Russell Long’s version is better, but the idea has been around for a long time. (Russell Long was Huey’s son, of course.)
I got an idea.
How about rather than taxing everyone more, simply bring back American manufacturing to America?
Leave taxation the same. But bring back US jobs.
The obvious solution is to lower the tax on the middle class.
So the tax code is not about raising revenue; it is now a punitive instrument of the state. Reckless spending (to buy votes) is the problem, not taxing.
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