Spare the Rich – Tax the Poor
I live in a state, a blue state, that has a regressive tax system. No state income tax but a pretty hefty sales tax. Meaning, the rich get off a lot easier than us serfs. Pay 10% on that item down at Home Depot, same for the gent making 7 figures as it is for the poor clod making minimum wage, what passes for fair in these times of income inequality writ large.
The rich will argue that their federal taxes are way higher than the rest of us in the lower brackets, say 30 plus % compared to 12% in mine. What they don’t tell you is that most of their wealth is either deferred or it comes in the form of stocks and bonds, taxed upon selling at a capital gain of 15%, about what I’m paying. Except I don’t have an accounting fir and a team of attorneys sheltering my income. Don’t kid yourself, the rich didn’t get rich on an equal playing field. The rich made the laws and the rich wrote the tax rules.
You have to ask yourself why anyone needs a billion dollars. Or even multiple millions. You figure maybe they’ll become philanthropists and give it back to charities? Maybe buy you a Maserati or a village in Tuscany? One billionaire, when asked how much money was enough, replied: it hasn’t been printed yet. Personally I don’t want the billionaires deciding where the money would do the most good, even if sometimes it’s admirable. I want them to pay their fair share of taxes and we’ll let the damn people decide what’s priority. We already let them make money doing whatever the hell they want, whether it’s in our best national interest or not. You listening, Musk?
Don’t get me wrong. Capitalism isn’t the enemy to me — after all, I have a business myself. Not exactly Microsoft or Amazon … but unlike them, I pay taxes on my profits. Okay, probably wouldn’t buy the wing on a stealth bomber, but maybe a few titanium bolts, more than Amazon pitches in for.
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Tags: Regressive Tax System, Tax the Rich!, The Rich Get Richer