Tax The Rich Till There Are Rich No More
For those old enough to remember the legendary rock group Ten Years After, the title should bring back fond memories. In fact it is some of the best guitar music ever. But we move on to more pressing issues ie "Fiscal Cliff" nonsense. "Tax the rich, feed the poor, till there are rich no more" is the actual altruistic lyrics of the song. And the band indeed had good intentions. I love them.
The only problem is, does it work economically speaking? To that I answer a clear NO. All you have to do is look at Europe or for that matter the high tax States such as California or New Jersey. People of means are fleeing these locales in droves. Most prominently is France. President Hollande is hitting the well to do with a 75% rate. They are all moving. Who would think such a thing would happen? Likely most of us excepting the stupid politicians who enrich themselves on the backs of our sweat all around the world. Fools they be.
Who loses on this hike? Certainly not the rich. They can afford tax shelters you and I can't. It will not hurt the Kennedy's with their convoluted offshore family trusts. It will not hurt the gigolo Senator John Kerry, who moves his assets state to state to avoid taxation.
Or how about "lets tax the rich more" mavens such as Warren Buffett. Are you kidding me? He just bought back well over $1 billion in stock from a large shareholder who will save an estimated $150 million. How compassionate Warren. How hypocritical if you ask me.
Or perhaps you have heard of Google. Eric Schmidt is the CEO and an Obamamaniac. Rumors circulate he will be presented with a cabinet post for all the contributions he has made. Yet this man spoke of avoiding taxes as patriotic in support of the shenanigans his company utilizes to evade tax. What a phony. Another liberal who says, "sock it to them, but not me".
Who loses? All of us. Deceit, hypocrisy and class warfare engender a vicious cycle of envy amongst the masses. As always, I find envy repugnant and easy for me to see why it is considered a deadly sin. Down right ugly.
Don't get me wrong. I am no rich fat cat. But why should we punish success? As mentioned by me before, you can confiscate all the wealth of the top 5% of the wealthy. Have at it. The result is you have funded the government for about six months. Then where do they go? After the 95%. It is a lose lose proposition designed to prey on peoples heartstrings and envy button. A clever ruse nonetheless by the pols. They know who butters their wallet. And if we only hike taxes as is currently being proposed, by all accounts the potential net gain is $80 billion per year. Now what good does that do on a $1.5 trillion deficit. Squat! The numbers do not lie and they do not add up.Continued on the next page