Sunday, September 18, 2011

BloggeRhythms 9/18/2011

I've mentioned many times in the past that if nothing else holds true about people, experience has convinced me that no matter what, they're always consistent. So, although there can be short spurts here and there where folks can pretend to be something they're not, in the long run they'll remain exactly what they were all along.

And as far as consistency goes, as sure as the sun will rise every morning the president will continue to pursue his hatred of the successful, especially the one's with some money, because he has a contempt for them the likes of which are incredible. Nonetheless, he'll use them as allies if he thinks their help can be used to damage their ilk.

In that regard, the president's expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers. And he's going to call it the "Buffett Rule" for Warren Buffett, because the billionaire investor's complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers. In fact, in a New York Times op-ed piece last month, he wrote that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

Nonetheless, what he and the president always leave out is that half or more of the so-called "rich" by current standards are actually owners of the small businesses that drive the entire economy of the nation. However, due to our convoluted tax code, they report their business income as if individually earned.

It's also remarkable that Buffet saw the light and decided to repent right after getting a sweetheart $5 billion buy-in at Bank of America with the blessing, and perhaps significant assistance, of the government. The way the deal's structured the bank could evaporate in a nuclear holocaust but Warren would still get his guaranteed profit. So, I guess what this proves is that Oracle of Omaha, who comes on as if he's everyone's uncle, is at heart nothing but a cut-throat investor who'll sell every taxpayer on Earth out if he thinks it's to his advantage.

That of course reminds me of another presidential advisor and friend, Immelt of GE who's also very fond of everyone else paying taxes, as long as its not him. And although I don't know the total value of government contracts awarded his business each year, I think one can presume it isn't just chump change.

So, for both of these guys, I think it's important for them to remember that although the president keeps trying to change it, for now this is still a free country. That means they can send the government however much they want whenever they choose if they think they're under-taxed. But, as for everyone else, millionaires or not, what they pay in taxes is their own business which folks paid off by the administration ought to stay out of.

That's it for today folks.

Adios

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