Ishmael
Literotica Guru
- Joined
- Nov 24, 2001
- Posts
- 84,005
Congress and the president playing you for the fools most of you are. After congress passed the tax hike bill the president trotted out this rhetoric, "In praising Congress's huge new tax increase, President Obama said Tuesday that "millionaires and billionaires" will finally "pay their fair share.""
Well, no they won't. Nothing has changed for the truly wealthy, nothing at all. True wealth is asset wealth, not wage wealth. And it was wage earners that got it socked with the tax increases, not the asset wealthy. Poor ole Warren Buffets secretary is still going to be paying at a higher tax rate than he is, considerably higher now.
All of the mink holes in the federal tax code that are there for the truly wealthy to run down and use for tax avoidance are still in place. Adjustments in how the assets are managed and how the money is shuffled around will be made and in the end they'll be paying no more of their "fair share" than they did before and in some cases even less.
There are over 72,000 pages in the US Tax Code and of those less than 1000 are devoted to the actual statement of taxes. All of the rest of that code is nothing more than exceptions, deductions, set-asides, deferments, etc. And not only were those sections not touched, they were added to.
In the meantime John and Mary Lunchbucket are going to see an immediate 2% less in take home pay. And while I personally thought that that 2% relief of the payroll tax was a really bad idea to begin with, the fact remains that many low income wage earners are going to see the restoration of that tax as a tax increase, an increase in the most regressive of all the taxes in the code. Throw in all the new taxes associated with Obamacare and it is the mid to lower middle class that is going to take it in the shorts.
But millions of Americans are going to be taking the presidents words to the bank and rejoice in the notion that while their life just got meaner, those damned rich folks are being punished even more. And I've got some beach front property for sale in Nevada too.
I feel sorry for the young in this nation who are making the attempt to live the dream. This tax act just made it considerably more difficult for them to ever achieve any sort of asset wealth. They will have considerably less discretionary income to invest in trying to make that dream come true, and the saddest part of the whole scenario is that they bought into the "hose the rich" rhetoric, hook, line, and sinker. Listen to their words and pay no attention to what they're doing with their hands behind their back.
Ishmael
Well, no they won't. Nothing has changed for the truly wealthy, nothing at all. True wealth is asset wealth, not wage wealth. And it was wage earners that got it socked with the tax increases, not the asset wealthy. Poor ole Warren Buffets secretary is still going to be paying at a higher tax rate than he is, considerably higher now.
All of the mink holes in the federal tax code that are there for the truly wealthy to run down and use for tax avoidance are still in place. Adjustments in how the assets are managed and how the money is shuffled around will be made and in the end they'll be paying no more of their "fair share" than they did before and in some cases even less.
There are over 72,000 pages in the US Tax Code and of those less than 1000 are devoted to the actual statement of taxes. All of the rest of that code is nothing more than exceptions, deductions, set-asides, deferments, etc. And not only were those sections not touched, they were added to.
In the meantime John and Mary Lunchbucket are going to see an immediate 2% less in take home pay. And while I personally thought that that 2% relief of the payroll tax was a really bad idea to begin with, the fact remains that many low income wage earners are going to see the restoration of that tax as a tax increase, an increase in the most regressive of all the taxes in the code. Throw in all the new taxes associated with Obamacare and it is the mid to lower middle class that is going to take it in the shorts.
But millions of Americans are going to be taking the presidents words to the bank and rejoice in the notion that while their life just got meaner, those damned rich folks are being punished even more. And I've got some beach front property for sale in Nevada too.
I feel sorry for the young in this nation who are making the attempt to live the dream. This tax act just made it considerably more difficult for them to ever achieve any sort of asset wealth. They will have considerably less discretionary income to invest in trying to make that dream come true, and the saddest part of the whole scenario is that they bought into the "hose the rich" rhetoric, hook, line, and sinker. Listen to their words and pay no attention to what they're doing with their hands behind their back.
Ishmael