We are led to believe by the Democrats that all our money woes in the United States are because the ultra-rich do not pay their fair share of taxes. That has been the battle cry of almost every Democratic candidate for office in the past 20 or so years.
One such candidate is Ocasio Cortez (better known as OAC) who recently said that she believed the top income tax rate should be around 90% and after you reached 2 million dollars in income you should pay at least 70% in income tax. What these folks fail to divulge to you is that the top 1% of income earners actually pay almost 50% of the income taxes in our country. The top 20% of income earners pay over 86% of all income taxes collected. The bottom 40% of wage earners not only pay nothing in income taxes but they get back over 600 dollars per person more than they paid in.
But wait a minute, someone is bound to interject, “What about Amazon who made millions last year and paid zero dollars in income taxes”? Yes, I too have seen those claims in some internet articles. If they are true then something is drastically wrong with our tax code. You notice I said TAX CODE, not the tax rate. If a company or corporation makes billions of dollars and pays no income tax, raising the tax rate is not going to solve the problem. If the top rate is 35% and they pay no income tax, they will still pay no income tax if the top rate is 100%.
And of course, these articles do not tell us how much Jeff Bezos, the CEO of Amazon pays in individual taxes. I believe this is called selective reporting.
I believe that our problem is not that rich people pay too little tax, the problem is our government spends too much money. And that problem is not going to be solved by allowing Socialists to take over our government.
It is impossible to give away more and more dollars to more and more people and not increase our budget deficit. Here are just a few ideas proffered by Democratic candidates. Medicare for All. Free College Tuition for All. Universal Income for All. Free Day Care for Working Families.
In addition to their give-away programs, they have developed ideas that would kill many of the jobs that now pay a large portion of our income taxes. “The Green New Deal” that has been advocated by every major Democratic candidate for President would effectively kill the petroleum industry, the nuclear power industry, much of the automotive industry, the airlines, maritime industry, and take away jobs from all companies that presently support those industries.
Of course, that “Pie in the Sky” proposal would also create jobs. According to OAC every building in the United States would have to be gutted and retrofitted with environmentally friendly materials within ten years. It was reported on Fox News that the cost of just replacing the light bulbs in most New York City apartments would be over $2,000. Imagine how much it would cost to replace all the appliances that use natural gas or use more electricity than what someone would allocate for such an appliance. And on top of that most of the insulation would have to be replaced as well. Since few people could afford to do all these things on their own dime, it is assumed that the Federal and State government would have to foot the bill, negating any taxes that might be collected from these construction companies.
But if the rich would only pay their fair share, there would be plenty of money for all these wonderful programs, the Democrats cry! The rich do pay more than their fair share, but no matter how much anyone pays into the Government coffers, some politician will find ways to spend more than is taken in.
I am reminded of a cartoon that I saw many years ago. A woman was standing up in front of a blackboard with a stick pointing at the board. She says, “If your husband makes $5,000 per year you spend $6,000 if he makes $10,000 per year you spend $12,000. That way he will constantly strive to improve himself.” I guess that is the politician’s view of economics. Spend more than you take in every year and it will justify taxing your constituents more.
Someone asked today on Facebook, “What is the difference between a socialist and a democratic socialist”? My answer to that question was, “A democratic socialist cuts their own throat with their vote”.
It seems that the Democrats are trying to outdo each other with who can give away more free stuff. I find It difficult to believe that even the old Socialist (pretending to be a Democrat) Bernie Sanders believes that any of this is reasonable or even possible, but the sad part is that many of our young people do believe that there is such a thing as a “free lunch”, or in this case a “free life”. Why bother to work if the Government is going to give you all the things you have been working for?
I have very little faith in the American electorate. I do, however, pray that in the upcoming elections of 2020 they remember that nothing in this life is free other than the air you breathe and if the Democrats have their way they will tax that as well.
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