Friday, October 31, 2008

Spreading the Wealth and Killing the Goose

Quoting Gregory V. Helvering (a pseudonym) at American Thinker
(I inserted the link):

“John McCain put his finger on an important point: we currently have an extraordinarily progressive income tax, which requires the wealthy (and the relatively wealthy) to bear virtually the entire burden of the income tax. Obama wants to spread the wealth not because the wealthy do not currently bear their fair share of supporting the government. He wants to spread the wealth because he views the wealth itself as unfair.”

“For 2006 (the latest year for which statistics are available), the share of the federal income tax paid by the top 1 percent of tax returns reached an all-time high -- 40% of all federal income taxes. The top 50% paid 97% of the tax. The bottom 50% paid only 3% of it.”

“For progressives, the goal is not ultimately to create more tax revenue for the government, but to equalize the income of the citizenry. So increased taxes from the rich are not a solution if they mean the rich made more money compared to others. In fact, even if the tax cuts end up making the tax system more progressive, that simply exacerbates the problem: the ‘gap’ between rich and poor.”

“Obama believes the main thing is to make the capital gains tax ‘fair,’ regardless of what history shows about the relationship between rates and revenue. He does not appreciate that tax incentives for investing increases the amount of investing, which in turn expands business, creates more jobs and produces more income - and thus more tax.

The JFK tax cuts proved it; the Reagan tax cuts proved it; the capital gains tax cut that a Republican Congress forced on Bill Clinton proved it; and the Bush tax cuts proved it again. It is not a theoretical argument. The latest cold, dry IRS statistics demonstrate it once again.

If Obama is elected next week, we will all be treated to another history lesson about why societies that sought ‘fairness’ by taking massive amounts of money from one part of society to give to another (not simply to fulfill a governmental duty of providing a safety net, but for the affirmative purpose of ‘redistributive change’), not only did not create ‘fairness,’ but in fact made matters significantly worse for everyone.”
Note: Unfortunately, a large number of Americans seem to prefer learning the hard way rather than taking a lesson from history. How frustrating!

Click the image & read the rest
of this excellent article:

Click the image & read the rest of this excellent article
Click here to learn more.

Click here and discover that the United States, compared to the rest of the WORLD, already “has the most progressive tax system and collects the largest share of taxes from the richest 10% of the population.”

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