We have to listen to the President demonizing millionaires and pretending that if we tax them sufficiently, we’ll either pay off the debt or create a world that is suddenly “fair” or perhaps both.
I don’t know where you stand but I think that when we get around to saving the nation from deficits and fiscal disaster, we’ll find we are all paying more and that the middle class – as always – will pick up most of the tab. We’re going to have to accept less government service too or else be like the Europeans and give half of what we make to the government. Oh yeah, and then we can start paying down the debt.
That is the simple truth.
When I tripped over this article, I lol'd. It doesn’t change my view of the world but – and this makes absolute common sense – it turns out that the Prez and Dems are trying to kid us and in most cases Warren Buffet was wrong. The rich pay more tax than the less rich and mostly, they pay a higher effective rate too.
Millionaires' effective tax rates top most
By Jeanne Sahadi
CNNMoney, April 12, 2012
For a long time, we have paid higher taxes on our salaries and bonuses from work than we did on our savings. We wanted it that way so we set it up that way. Anyone that’s really old or really rich may be living only on the income from savings. Those folks could easily make more money but pay less in taxes than somebody else who is working and maybe has little savings. And most of the time we’re not talking about total cash, we’re talking about the effective rate – rich people give the government a lot of dough.
It seems now that we will have to listen to an additional load of sensationalized crap because Romney may have earned more than Obama last year and paid a lower effective rate or maybe even – oooooooooo – earned more and paid less. But the latter is unlikely, see the article above.
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