Filed under: Bureaucracy, Capitalism, Democrat Corruption, Domestic Policy, Economy, Free Markets, Freedom, Progressivism, Taxes | Tags: Free Market Capitalism, The Federal Debt, Wealth and Poverty
Our wealthiest citizens, the top 20% of the economic pie, pay 70% of all taxes. The poorest 20% pay 3/5ths of one percent of all taxes. So we have to raise taxes on the wealthiest citizens to be “fair” or “balanced.”
There is, however, a problem. If you confiscate the entire wealth of the richest citizens — every penny the Forbes 400 have — it would cover one year’s federal deficit.
Raising tax rates on everyone in the top 2% of the wealthiest citizens would not cover one year’s federal deficit.
Washington borrows $188 million every hour.
I wrote this down a while back, I’m not sure just how long ago, but I can assure you that nothing has improved. Food for thought.
— “How You, I, and Everyone Got the Top 1 percent All Wrong“ by Derek Thompson, The Atlantic
— “Obama orchestrated a massive transfer of wealth to the 1 percent,” by Matthew Gray, New York Post
There is, of course, an answer. Wealth is created by the free market and capitalism. Free people are endlessly inventive, and the hope of improving your financial situation, making a new idea the next big thing, becomes in a free market the opportunity to succeed. Where did Uber come from? Or telephones unconnected to phone lines that are actually tiny computers keeping track of everything and entertaining you as well?
Getting rich or richer, improving your situation, or changing your life is commonplace in America, yet in many parts of the world it is impossible to move beyond the status into which you were born. I cannot understand why the Left cannot think beyond “income inequality.” They are still stuck back in the French revolution railing against the opulence of the King and all his court. “It’s not fair” they whine.
Some people simply want to get rich — that probably accounts for all the Powerball tickets sold. Some want to accomplish something worthwhile. Some want to move to a better neighborhood. Some want to build something important, others want to discover something new. If you know or are convinced that you can never move beyond where you are — I guess envy is all you have left.
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