There's been much talk the last few days about the incumbent finally producing a budget for 2014, although he’s not done that before despite the requirement that he do so by law.
I mention it because in keeping with his continued vendetta against the “rich,” the $3.778 trillion spending plan calls for about $1 trillion in tax increases over 10 years and higher spending on programs such as education, transportation and mental-health services.
He included an offer to slow entitlement growth by employing an adjusted formula for calculating future increases in Social Security allotments, but that’s conditioned on lawmakers agreeing to higher taxes, such as new limits on tax breaks claimed by wealthier Americans.
After reading the preceding, wondering once again why his deep-seated hatred of the successful exists, I researched the data on who pays most of the taxes now.
According to Richard Morrison of the Tax Foundation, “In 2010, the top 1 percent of tax returns included 18.87 percent of all adjusted gross income and 37.38 percent of all federal individual income taxes paid. The top 5 percent earned 33.78 percent of income and paid 59.07 percent of taxes, and the top 10 percent earned 45.17 percent of income and paid 70.62 percent of taxes.”
So, at the moment, before any new regulations are enacted, the top ten percent already carry 70 percent of the burden and will soon be paying even more. All of which makes me wonder what these people ever did to harm the huge portion of the population they already almost fully support.
It also makes me wonder why those who would obviously be in dire financial straits without those who pay their bills take every measure to keep them from being able to continue to do so. The premise is so infantilely moronic it underlines the fact that today’s educational system is worthless. Because folks that believe that punishing their sources of income and benefits are too dumb to walk and chew gum simultaneously.
Along the same lines, I saw a guy on CNBC's Squawk Box this morning whose name I didn’t catch, but he’s an expert in finance. And, according to him, echoed by host Joe Kernen, there are now almost two trillion dollars parked overseas by companies and investors who won’t bring the money back here because of high taxes and penalties imposed when they do.
So, while all that money that’s dearly needed to help stimulate our sagging economy is sitting idle in foreign banks, the reason the government won’t ease their position and try to help bring it back is so economically upside down you have to wonder who in the world could be dumb enough to dream it up.
However, the reason is: The administration believes that the corporations would use some of those funds for dividends to stockholders and not employ it for the economic benefit of all, which is why they want to take it from those who earned it and redistribute it via taxation.
Now –as Joe Kernan pointed out- the folks who'd receive those funds aren't stupid. And once the money got back here, even if was distributed as dividends and the like, it wouldn’t simply be stuffed in mattresses, it would be put to work in our economy so it would grow some more.
But, as I’ve been noting for years now, there’s a reason for our economy being in the miserable shape it’s in. And the major cause stems right from the top, whereas it’s been proven time and time again that socialism simply doesn’t work and can’t.
Which brings me right back to Margaret Thatcher whose words are again well worth repeating: “Eventually, Socialists run out of other peoples' money." And, as we’re seeing every day, right here, right now -her observation was unequivocally correct back then, still holds true today, and always will.
That’s it for today folks.
Adios
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