Sound familiar?

by Aaron Wherry

Barack Obama, last night. “My message is simple.  It’s time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America.”

Jack Layton, last March.  “As prime minister, I wouldn’t use your hard earned tax dollars to reward companies that ship jobs to the States or overseas. I’ll target investment to create jobs right here at home.”




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Sound familiar?

  1. Unfortunately, yes. Left wing types have been trying to stop the creation of wealth for decades. 

    Leonard Read ~ I, Pencil:

    I, Pencil, simple though I appear to be, merit your wonder and awe, a claim I shall attempt to prove. In fact, if you can understand me—no, that’s too much to ask of anyone—if you can become aware of the miraculousness which I symbolize, you can help save the freedom mankind is so unhappily losing. I have a profound lesson to teach. And I can teach this lesson better than can an automobile or an airplane or a mechanical dishwasher because—well, because I am seemingly so simple ….

    Just as you cannot trace your family tree back very far, so is it impossible for me to name and explain all my antecedents. But I would like to suggest enough of them to impress upon you the richness and complexity of my background ….

    There is a fact still more astounding: the absence of a master mind, of anyone dictating or forcibly directing these countless actions which bring me into being. No trace of such a person can be found. Instead, we find the Invisible Hand at work. This is the mystery to which I earlier referred.

  2. The media which predominantly leans left (and hence advocates for Obama rather than reporting important facts) dare not mention the single most important question on Obama’s assertion that the rich have to pay more, pay their “fair share” – what do the top percentile earners pay in taxes right now?
     
    From IRS data:
     
    Top 1% income earners pay 38% of the Nation’s taxes
    Top 10% pay 70% of the taxes.
    Bottom 50% pay 3% (that’s income earners, in fact 50% of Americans pay no taxes at all).
     
    That one percent pays the lion’s share, and the top 10% pay’s the vast majority.

    Is it “fair” for half of the entire population to pay NO federal taxes and a small number to pay the vast majority? 

    All messy facts that should not be reported.   Best to simply parrot Obama’s hollow assertions.

    • “in fact 50% of Americans pay no taxes at all.”

      What you mean to say is that 50% of Americans pay no income tax at all. That’s very, very different from paying no taxes whatsoever.

      “Best to simply parrot Obama’s hollow assertions.”

      You probably shouldn’t say things like that as long as you’re parroting Heritage Foundation propaganda.

      Incidentally as of 2007, America’s top 1% control 42% of the nation’s wealth, the top 10% control 69% of wealth, and the bottom 80% control only 7% of the country’s wealth. The tax system can hardly be said to be progressive or fair.

      But what really counts is the income tax rate paid by the top 1%. Look at Mitt Romney – he’s worth a quarter billion dollars, but he paid only 13.9% income tax last year. Warren Buffet did even better at 11%.

      •  Romney’s real federal tax rate on his investment income was more than 40 percent (being conservative, after deductions and such), since the revenue stream was subject to both a personal tax rate and the corporate tax rate.
         
        Shareholders effectively pay twice, once at the corporate level, and again at the personal level. 
         
        Remember those evil corporations? 
         
        He also donated well over 10% of his income to charity.  Obama?  1%

        Also, your point about wealth is what?  High income earners have a lot of wealth and pay a disproportionately high percentage than the rest.  We can debate the “fairness” of that, but that’s a debate our media would rather not have as they know public has no idea the top 10% income earners pay almost all the federal income taxes for the nation, and they prefer to keep peddling the con that Warren Buffet’s secretary (and by implication those like her) pay more tax that Warren Buffet (and those like him).

        Without the “wealthy” the federal government, and all the programs those in the bottom half rely on, would be gone in an instant.  Not to mention all the jobs created by the wealthy investing in businesses that employ people.

         

        • I don’t know why you think corporations are “evil”, I certainly don’t.

          Taxation is incredibly complicated, and it’s all too easy to move the
          goalposts. Romney’s corporate taxes were paid by another “person” – his corporation. Reasonable people can disagree as to whether corporations should be taxed, and at what level, but Romney’s personal income tax rate is strikingly low and demonstrates a lack of progressiveness in the system.

          My point about wealth is that tax revenues are roughly aligned with wealth. That’s not a progressive system (see LKO below).

          “Without the “wealthy” the federal government, and all the programs those
          in the bottom half rely on, would be gone in an instant.”

          I don’t see your point. Without the middle class the same thing would happen. The difference between the wealthy and the middle class is that the former has seen relentless gains for thirty years, while the latter has seen steadily increasing pressure.

    • As TJ points out, paying 38% of the taxes doesn’t sound so bad when you control 42% of the wealth.

      • “What? Thirty eight percent? I may have to sell off one of my rhino tusks to pay this bill!”

  3. I wonder how much corporate tax Apple pays??

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