While politicos on all fronts continue to point fingers at each other regarding the national debt, taxes and the budget I decided to do what I always do about subjects like these. I learned long ago that what those in office say or do has little to do with the truth, that's why I never listen to them. Instead, I looked the data up.
In my research, I found a perfect example of the extent to which those in office will go to appease their constituents, in the following comments from Senate Majority Leader, Harry Reid, Democrat from Nevada. When offering a resolution on Thursday, he asked lawmakers to insure that “any agreement to wealthier taxpayers should reduce the budget deficit should require that those earning $1,000,000 or more per year make a more meaningful contribution to the deficit reduction effort.” (Note: the botched grammar in Reid's quoted statement is his, not mine -I simply cut and pasted his comments. So he not only can't legislate worth a dime, he can't speak coherent English either. I guess he must have attended a public school.)
Now, Reid's comments are not news because, as I understand it, the Democrats have been insisting for some time now that any budget deal include increases in taxes, and if nothing else...demand more from the rich because of their "wealth."
However, per the most recent statistics: as of right now the top 1% of taxpayers earn 19% of all income, but pay 37% of federal income taxes and the top 10% pay 68% of those taxes as a group. At the other extreme, the bottom 50% of the spectrum earn below the median income level, amounting to 13% of total income while paying only 3% of the tax.
So, what we have here is a political panderer, Harry Reid, whose constituency adds virtually zip to the economy via taxes, yet makes up half or more of the voting population. And much like his fiscally short-sighted compatriots, he's willing to redistribute wealth to keep himself in office, though destroying the productivity of the nation to get that done.
Nonetheless, as I've been mentioning more and more often lately, folks seem to be waking up. And thanks to broadcast and information technology, coupled with very empty wallets, people no longer just sit there listening to political pap while their dollars are shipped overseas by the boatload. So, I think it's just a matter of a very short time when people start casting their votes for those who care about them more than they do about growing the Arab republics. And that will likely get those on the bottom back to earning enough to start paying their fair share of taxes again.
That's it for today folks.
Adios
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