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Wednesday, October 27, 2021

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Taxing Reality

John Kerry continues to rant on that George W. Bush essentially gave a tax cut only to the "wealthy."  He then defines "wealthy" as anyone who earns over $200,000.00 per year.  Kerry promises a substantial tax hike, which is what he means when he says he wants to "roll back the tax cut on the wealthiest Americans" (debate #2).  Kerry then promises a "middle class tax cut," apparently not realizing that the middle class has already received a tax cut from our beloved President.

It also must be noted, as Rush Limbaugh is fond of reminding us, that only the high income earners pay any real amount of taxes.  The top 50% of income earners pay over 96% of all income taxes!  The top 20% pay 80% of taxes.  So, whenever John Kerry starts spouting his standard-line B.S. that the middle class is getting socked to help the "rich," remember those numbers, which by the way are not from some propaganda machine, but rather from the Internal Revenue Service.

John Kerry’s world view and tax view taxes my patience.  President Bush correctly noted in debates #2 and #3 that small business owners that use Subchapter S frequently show an income over $200,000 and that income is not reflective of ostentatious wealth but rather hard work.  That money may be a paper profit that taxes away jobs.  Our beloved President is correct.

Income taxes on the rich are penalties for prductivity.  On the other hand, the old money super-rich, frequently elitist leftists, use tax-free municipal bonds to evade paying their "fair share," as they sit at the country club and clip bond coupons.  They simultaneously carp about the people who work their rear ends off to earn a decent living, and advocate taxing them until they cannot climb up to their level.  Snobbery at its worst.  Teresa Heinz Kerry, a super-rich ultra-lib and a member of our hall of shame, has a fortune in the stratospheric billion dollar zone, making her one of the richest people on Earth.  Yet she paid 12.3% in taxes, or roughly what a poor person pays.

Why?  Because the super wealthy have access to lawful loopholes we do not.  They can afford to buy into tax-free municipal issues en masse and thus shelter more income from taxation.  Most people lack the means to buy millions of dollars in these bond issues, and thus save the administrative fees that come with many smaller transactions.  They enjoy extremely low taxes, while we get stuck footing their "fair share" of the bill.  They advocate raising the taxes on high income earners, causing them to hire less or even lay off people to pay these outrageous taxes, in order to keep their fat bank accounts on an extra-fat diet of low taxes.

John Kerry’s tax plan is mathematically impossible, or in the alternative, it will have to hike the high-income-bracket taxes into a stratosphere where they will cause a serious recession.  They tax reality.