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home : letters : letters May 3, 2016

1/11/2013 4:22:00 AM
Tax the rich insanity

To the Editor:

Obama and his dumb-o-crat cronies are incessantly repeating that insane proposal that increasing the tax rate on the rich will solve all of our economic problems. 

With the overwhelming amount of historical contradictory evidence it’s obvious that all Democrats can’t be that stupid. That leaves one and only one explanation for this universally proposed non-solution by Democrats:

Create extreme class warfare and divisiveness in order to sway a totally clueless electorate to keep them in office (i.e. teach the poor and middle class to hate the rich).

Dozens of competent economic analyses have shown that the cancellation of the Bush tax cuts for the rich would perhaps pay for about one week of the current daily deficit and have absolutely no effect on our long-term debt and deficit. 

Previously I reported on that enlightening example of comparing 1920 to 1929. 

In 1920 the top tax rate on the rich was 73 percent and the three poorest brackets of tax payers paid 40 percent of taxes collected for that year.

In 1929 the top tax rate on the rich was 25 percent and the three poorest brackets of taxpayers paid less than 7 percent of taxes collected for that year.

Simply stated, increasing the top tax rate hurts the poor and middle class

Let’s take a different perspective in looking at our “terrible” tax problem. 

Obamacrats assert that we don’t have a spending problem and therefore refused to put real spending cuts, debt limit, or entitlement reform on the table for the current negotiations regarding that fiscal cliff. So the current level of spending necessary to continue all the wonderful things the government does for us will remain at $3.796 trillion per year.

Now we’ll isolate the problem down to just one year. What level of taxation is required to offset this $3.796 trillion spent in just one year? Since it is incontrovertibly proven that just modifying marginal tax rates is essentially worthless, a recent analysis of an option of 100 percent “total income” confiscatory tax rate on the rich was examined. 

The question then is how do we define the “rich” in order to cover the spending for one year? The table below shows an accelerating confiscation of income by redefining downward the annual income of the “rich.”

• $10 million per year – less than 24 days of federal spending;

• $1 million per year – 72 days of federal spending;

• $200K per year – six months of federal spending; and

• $100K per year – $3.765 trillion taxes collected (still short by $30 billion).  

Thus even the ridiculous option of confiscation of 100 percent of the income of all tax payers making over $100K cannot fund our current annual levels of spending.

As I asserted previously, the rich didn’t get that way by being stupid. When a government institutes a newer higher tax rate, the rich are experts in knowing ways to hide their income from tax collectors. An excellent recent example is the result of Britain’s Prime Minister raising the top tax rate to 50 percent. In 2009, 16,000 Brits reported income in excess of 1,000,000 pounds. In the year following the tax hike only 6,000 Brits reported income above 1,000,000 pounds. Where did those 10,000 millionaires go? (also tax revenues decreased by 7 billion pounds).

And then there is the case of France’s Socialist President Francois Hollande’s announcement of the new 75 percent tax rate on the French rich. One analyst reported:

“The end result is all too easy to predict. The steady flow of entrepreneurs and businesses out of France, which has already been taking place for some time, will now turn to a flood of money leaving Paris and an exodus of high wealth individuals, who will flee to the promised land of Britain, Switzerland, Singapore – anywhere they don’t have to hand over three quarters of their hard-earned money to the government. 

When they elected Hollande in the spring, France’s voters knew what they were getting. A big government administration hell-bent on implementing failed socialist dogma regardless of the economic damage it would inflict. Hollande’s France should serve as warning to other countries that may be tempted to take the same path. Killing economic freedom and frightening away the very talent you need to attract in order to create jobs and spur economic growth is a recipe for economic decline.”

An obscure, somewhat respected scientist (totally unknown to anti-science Democrats) by the name of Albert Einstein said, “Insanity: doing the same thing over and over again and expecting different results.”

Bottom line is that British and French millionaires are now voting with their feet and if Obama has his way, a similar exodus from the U.S. will follow. It’s already happening internally to the U.S. in those Democrat-dominated tax insane states of California and Illinois.

Charles Boyd
Manitowish Waters




Reader Comments

Posted: Monday, February 18, 2013
Article comment by: Lisa MaKarrall

Gary,
You made the choice to run your own business, no one I'm sure, twisted your arm. When did they start giving medals out for that? It doesn't change the fact you're in the "taker" stats now with the rest of the 47% you and your candidate despise so much.
You are correct however that I was thinking of Sheriff Joe Arpaio. Oops! You can call your buddy Joe if you'd like, and I'll call him what he is, a crooked racist. What was the ironclad evidence his "birther posse" turned up again?


Posted: Tuesday, February 12, 2013
Article comment by: Gary Meinert

Lisa: Of course you had to worry about Your family etc. But...I had to worry not only about my family but a few dozen other families who depended upon me for a job so they could pay their mortgage etc. You see, these people are not only employees but my friends as well. Sorry Lisa....I know most of the Sheriff's down here personally but none by the name of "BOB" as you remarked.
The news, however, is full of a very very popular Sheriff who gets elected every time by a large majority including the large Latino population in Arizona. His name for the record is "Sheriff Joe Arpaio" Most people just call him "JOE". .


Posted: Friday, February 8, 2013
Article comment by: Lisa MaKarrall

Yes Gary, I've wasted my whole life evidently as have the majority of us who comment on this site. I've certainly never had to worry about the mortgage or my kids college funds or anything else that life has thrown at me. You makers are a brave lot and your supremacy must explain your hobbies. By the way, how's old Sheriff "Birther" Bob doing down there?

Posted: Friday, February 1, 2013
Article comment by: Lisa MaKarrall

Gary,
Well, your comment just broke the last string on that banjo. You really don't understand that Mitt Romney and Paul Ryan were talking about you being one of the 47% do you? Because if you are indeed receiving Social Security and Medicare, you are one of the "takers" in their eyes, period. You're in good company since Veterans and active duty military are also included in that 47%. And, I'm sorry to tell you, Social Security and Medicare are Socialist programs.
More than 90 percent of the benefit dollars that entitlement and other mandatory programs spend go to assist people who are elderly, seriously disabled, or members of working households not to able-bodied, working-age Americans who choose not to work? (Here's a shock for you, I don't want to support those people in that last category either) So you see Gary, not only did your candidates say it a million times, there is no way mathematically that you aren't a 47% member. In fact, Paul Ryan put it at 60% who were makers not takers.
Bob, you sound like a very sweet man and thanks for thinking about me and others. I have always planned for those programs NOT being there for me. If Ryan and Romney had gotten in, they wouldn't be there for me or your children and grandchildren. And for the record I do agree changes need to be made.
The rest of your comments I don't agree with, and like with Gary, I know you got them from watching Fox. I want you to think about something for me, you said, "Fox News at least gives us the other side of the news that the mainstream media refuses to broadcast." Could it be that the rest of the mainstream media doesn't broadcast what Fox does because Fox lies? I watch and read all kinds of things and Shepard Smith is one of those shows I watch. But that's it for me and Fox. I'm convinced Sean Hannity is Satan's twin brother and it's Sean that's considered the evil one of the two. I will say, they provide lots of material for comedy skits on SNL, late night shows, the Daily Show and Steven Cobert, but that's all they're good for.
Why don't you change things up a bit, come back from the dark side:) We have cookies over here!


Posted: Friday, February 1, 2013
Article comment by: Gary Meinert

No Lisa: I won't give you a pass. Until you have your house and children's college fund laying on the table as a bet you can make a business grow you are not a "maker". Not until you work 20 hours a day during rough times because you can't afford to hire another person you don't get a pass. Not until you pay your employees and can't pay yourself, you don't get a pass. Not until your business fails and you start over from scratch because you have faith, you don't get a pass. As an employee you are very valuable but you can "walk" at any time without loss. BIG BIG DIFFERENCE LISA.

Posted: Friday, February 1, 2013
Article comment by: Gary Meinert

No Lisa: I won't give you a pass. Until you have your house and children's college fund laying on the table as a bet you can make a business grow you are not a "maker". Not until you work 20 hours a day during rough times because you can't afford to hire another person you don't get a pass. Not until you pay your employees and can't pay yourself, you don't get a pass. Not until your business fails and you start over from scratch because you have faith, you don't get a pass. As an employee you are very valuable but you can "walk" at any time without loss. BIG BIG DIFFERENCE LISA.

Posted: Friday, February 1, 2013
Article comment by: Gary Meinert

No Lisa: I won't give you a pass. Until you have your house and children's college fund laying on the table as a bet you can make a business grow you are not a "maker". Not until you work 20 hours a day during rough times because you can't afford to hire another person you don't get a pass. Not until you pay your employees and can't pay yourself, you don't get a pass. Not until your business fails and you start over from scratch because you have faith, you don't get a pass. As an employee you are very valuable but you can "walk" at any time without loss. BIG BIG DIFFERENCE LISA.

Posted: Friday, February 1, 2013
Article comment by: Gary Meinert

No Lisa: I won't give you a pass. Until you have your house and children's college fund laying on the table as a bet you can make a business grow you are not a "maker". Not until you work 20 hours a day during rough times because you can't afford to hire another person you don't get a pass. Not until you pay your employees and can't pay yourself, you don't get a pass. Not until your business fails and you start over from scratch because you have faith, you don't get a pass. As an employee you are very valuable but you can "walk" at any time without loss. BIG BIG DIFFERENCE LISA.

Posted: Thursday, January 31, 2013
Article comment by: Gary Meinert

Lisa: You use that same old one string banjo routine. When we talk about entitlements we refer to welfare, food stamps, two years of unemployment benefits etc. etc. etc. There are families using those benefits for years and generations. Liberals love to give it so they feel good. We want them to get off them so they feel good. Socialism doesn't do that does it?

Posted: Monday, January 28, 2013
Article comment by: Tim Behselich

Lisa-

Well put. Now be careful, or good 'ol Gary may start calling you names as well, and show you what a classy guy he is.

BTW Gary, I didn't vote for Obama. But I do appreciate opinions that don't neccessarily jive with mine. And I also don't subscribe to every single talking point of a particular party, just because it carries the title of Republican of Democrat. I prefer to have an open mind and pick out what I believe to be the best aspects of any idea or thought. You may want to try it, instead of being one of the sheep.

Watch out for those messy ATVers as well. Your SIL must really enjoy your company. Or maybe he doesn't give you any rides?


Posted: Monday, January 28, 2013
Article comment by: Bob Lepper

Lisa, you indicate that you hope to be able to receive social security and medicare in the not too distant future. I am a 47%er who understands that these social programs need to be reformed now or they will not be there for you Lisa when your time comes. I can accept receiving less now and paying in a little more to medicare. Whatever it takes to make the programs viable for future retirees like you and my children. The problem is that the far left Obama administration has no intentions of reforming these social programs. We will become Greece and our people will be rioting in the streets demanding the benefits they were unwilling to adjust and reform to keep them viable. Green energy and climate change should be addressed only after our country has recovered and shows significant growth to allow spending on these doubtful projects. Getting rid of teacher's unions would be the most significant improvement in our education system. Making fathers and mothers responsible for the lives they create would help reduce the "safety hammock". Abolishing public sector unions would keep more of our cities from declaring bankruptcy. Removing the illegal guns from Chicago would be the place to implement gun control and not in responsible law abiding homes. We need to exploit every aspect of gas and oil resources within our country now towards energy independence from the Muslim countries that hate us. One last note from this conservative! Fox News at least gives us the other side of the news that the mainstream media refuses to broadcast.

Posted: Sunday, January 27, 2013
Article comment by: Lisa MaKarrall

One more question for you Gary. Are you on Medicare and Social Security? And if so, doesn't that make you a "taker". Those aren't my words or beliefs but those of your candidates for president and vice president. According to Mitt Romney, that makes you a member of the 47%. Paul Ryan said, the social safety net is a hammock, which lulls able-bodied people into lives of complacency and dependency. Funny, since he used Social Security benefits to pay for college and his family made their living off government contracts. And he's sure been sucking off the Government's teat ever since, at the taxpayer's expense. So do you cash those checks and use Medicare for your health insurance or do you just hate others who do?

Posted: Saturday, January 26, 2013
Article comment by: Gary Meinert

Tim: Actually I have a nice balance of friends. Yes, my son-in-law has an ATV. You lost credibility, Tim, when you took a card from Obama's "divide the nation playbook". What does "Class" have to do with ATV's? Most people I know don't have the cash to buy one! Using the class warfare card is moronic and sickening

Posted: Saturday, January 26, 2013
Article comment by: Lisa MaKarrall

Fox has been denied a license to broadcast. This means that Fox News can still be offered by private cable companies, but it can't broadcast itself over public airwaves. Luckily for Canadians, there won't be any "fair and balanced" Fox Canada.
Gary, you have the Faux talking points down to a science, so it's not hard to figure out you're a worshiper. And as far as how many people watch it... the National Enquirer sells more papers than many others combined but that doesn't make it credible any more than it makes it news.
As for your assumptions on me, I've actually hired hundreds of employees over the years but only as a business manager, so I'm sure that doesn't count as a "Job Creator" in your eyes. However, the more money I made for the companies I worked for, the more employees I could hire, so maybe you'll give me a pass.
I've also worked and paid taxes since I was fourteen and car hopped at A&W. I'm fifty one now and so far haven't "taken" anything. With any luck Social Security and Medicare will be there for me in the future, and then I can become an unapologetic taker and part of that repulsive 47%.
As far as now, I help people who have lost their jobs through no fault of their own, pick up the pieces after the bomb goes off. A majority of the people I work with have lost their jobs because of foreign competition or their jobs moved overseas. What did they do to deserve this? They can't work for $1.00 an hour or a day. I'm sure in some places they are forcing people to work for free, or like the "good old days" in this country, slavery. Gary, are you going to deny that this is the motivation of many of these companies, including GE? Pure greed and the cheapest labor possible? Not in Canada perhaps, but universal healthcare is a bonus and saves your pal plenty in employee health care costs. I'm sure having employees able to access free college and tech training doesn't hurt either when it comes to a skilled workforce. If you want to breath the air the Chinese do, go for it and get rid of those pesky EPA regulations. Most of us would prefer not to.
So Gary, I'm probably the last person that you could accuse of not caring about all the jobs going overseas. I see it up close and personal all day, everyday, and the aftermath is devastating. What I'm not sure of, is why you care Gary. Even those that have worked for over forty years at a plant that's closed, unless they find another job right away, collect unemployment and become takers. So why do you care about these worthless 47%'s Gary?
Ross Perot was 100% right when he said the minute Bill Clinton signed NAFTA, we'd hear the giant sucking sound of jobs going to Mexico. In the years that have followed that signature, Mexico has become very familiar with that sound because they can't compete with slavery.
If you want to blame it on the black guy, that's your choice. Since you watch Fox, maybe you even believe that, but don't expect the rest of us to buy that crap.


Posted: Saturday, January 26, 2013
Article comment by: Kevin South

Lisa-maybe you watched Fox News on Fri=Hannity's Boomtown? Totally in the tank for repubs, Koch bros, and ALEC-Check it out on what you proggries use hulu, netflix, etc , because you guys are soo hip and Fox news is soo neandrithal..

Posted: Thursday, January 24, 2013
Article comment by: Tim Behselich

Gary -

Do any of your rich pals (looks like you have many - hmmm) own or ride ATVs? Probably not. After all, they are the toys of the commoners.....


Posted: Thursday, January 24, 2013
Article comment by: Bob Lepper

Lisa, I visit Canada yearly on fishing trips and can state that Fox news is not banned. You should research what you put your name to as a "fact" or folks won't find credible anything your say. Snopes confirms that Fox news is not banned in Canada so perhaps you owe Gary an apology.

http://www.snopes.com/politics/business/foxcanada.asp

Bob Lepper
Springstead, WI


Posted: Wednesday, January 23, 2013
Article comment by: Gary Meinert

Lisa: How interesting you seem to land on "Fox News" when it wasn't even mentioned in the short comment I made. My Canadian friends who winter in Arizona would certainly disagree with you as they do watch Fox. You must get your news from MSNBC where only one side is spoken. Dr. Sowell, "Watching CNN after watching Fox News is like drinking skimmed milk after drinking eggnog". Lisa, why do you think that Fox has more viewers than ALL OTHER CABLE NEWS OUTLETS COMBINED? Some of your liberal friends are among them. I think It's a problem that industries are leaving our country for better places. After all, our country now ranks 10th in the world for businesses, down from 5th in 3 years. I'm not much for betting but I'll put my money on my friend who built a great business and then had to move it out of the country, rather than you and your opinion. Please tell me how many employees you have hired over the years? The CEO of GE who is on Obama's "Job's Council" move over 500,000 jobs over seas!!! My bet is that you are a public employee of some sort or part of the 47% who get something from mother government. Eleven states now have more people on welfare than have jobs. Just how long do you think those who produce can continue to support those who use?

Posted: Wednesday, January 23, 2013
Article comment by: Lisa MaKarrall

Gary, I see you're still watching Fox and drinking the Obama Hatorade. Sorry about your wealthy "Job Creator" pals leaving for Japan and Canada. But here's the thing Gary, Japan and Canada have universal health care, tighter regulations on climate change issues (they believe in science) and better mandatory labor laws for employees in general than the U.S. I think some of that is called Socialism. Of course Fox has what I call the "ism" or "ist" of the day. President Obama is a Socialist on Monday, a Communist on Tuesday, a Marxist on Weds, a Facist on Thursday, and a Racist according to, "I'm too crazy for even Fox" Glen Beck on Friday. And finally, on the weekends just staying black is enough to tick them off.
The best thing about Canada though, is they ban Fox News because, unlike in America, its illegal to lie on broadcast news. That's a fact Gary, so you might want to consider that when making your vacation plans.


Posted: Saturday, January 19, 2013
Article comment by: Chuck White

That's it, more name calling with nary anything productive or worthwhile to offer, other than the same old tears you constantly shed. What will you write about next? How Obama's private army in their black helicopters coming to land on your front lawn and seize not only your guns, but also your liberty?


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