You Can’t TAX the Rich, Stupid!
Let me say this one more time as plainly I can…. You can’t tax the rich, dummy! You can’t tax corporations and you can’t tax rich folks any more than they are willing to be taxed. If you can’t figure out why on your own – at least pay attention to the results Britain is getting with their bludgeon-the-rich Obama tax revenue plan.
Every effort to tax the rich into “equality” results in another tax on the average person. No exceptions… Britain is proving this basic reality once again.
America is going bankrupt with a national tax per GDP rate of approximately 30%. The UK is also going bankrupt with a national tax per GDP rate of 40%. The UK solution was to institute a 50% tax rate “on the rich” to increase revenue and balance their budget. The Obama administration seems to think this is a good idea for America too…
However, the new 50% tax rate in the UK had the predictable even though unintended result.
“50p tax rate 'failing to boost revenues’ - The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.” -- “The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011.”
The report confirms what the headline of this article proclaims, yet again – “Senior sources said that the first official figures indicated that there had been “maneuvering” by well-off Britons to avoid the new higher rate.”
Really, Who’da thunk it? Imagine that… increase tax rates and tax revenues collapse.
The trouble with the world view on austerity is that governments are attempting to put their most productive citizens on an austerity program instead of putting bloated runaway governments on a serious austerity program.
Democrats in America haven’t had an original thought in decades. They have been following the lead of Karl Marx and the EU since the mid-1900s and they have been getting the same results, leaving America in worse fiscal shape than even much of the EU at present.
Barack Hussein Obama has the distinct honor of having increased America’s public debt by more than 50% in one term. It took previous administrations seventy-years to put the nation $10 trillion in debt and Barack Obama only three years to raise our debt to almost $16 trillion, with no end to deficit spending anywhere in sight.
Yet as the UK is busy proving again right now, no nation can tax their way to a balanced budget let alone private prosperity. Increasing tax rates, especially during tough economic times, will only worsen the problem.
This reality is so well-known by every individual with an IQ above 60 that one must conclude the Democrats use tax increases for the purpose of bankrupting the nation and every citizen in it.
Greece is in horrific financial shape and no bail out is going to save that country from disaster. But Greece is not alone…
The nation that feeds the world is now the world’s largest debtor nation, the United States. That by itself is not the problem, as the USA is also the world’s largest economy, at least today.
The problem is that like the EU countries, America has over-leveraged its productivity, its ability to out-produce government spending.
Greece 165%Every time idiot voters attempt to vote themselves gifts from the treasury, they trade personal freedom and liberty for the promise of free-stuff. They also guarantee a runaway government and unsustainable spending.
Most importantly though, once voters place themselves in this corner, they attempt to pass the bill for their childish behavior to someone else, namely, those evil “rich” folks and their evil corporations. In doing so, they forget two inescapable laws of nature…
Crap and TAXES roll downhill.A corporation is nothing but a legal entity formed to allow multiple people to act together as one in common. It is the sum of its parts and is otherwise an inanimate object. When you attempt to tax a corporation, you are taxing the shareholders, employees and consumers of that company’s products or services. Every penny in tax is passed on, plus the cost of collecting, reporting and remitting those taxes.
“Rich” people have two other important titles, investor and employer. If you could tax the “rich,” you would only be removing investment and employment resources from the productive private sector to the public sector on the liability side of the ledger.
Lefties get this concept in their own daily lives. They shop at Wal-Mart because products are cheaper at Wal-Mart. Still, Wal-Mart is the single largest private sector employer in America because they sell more. Follow the bouncing ball lefties – Wal-Mart generates more revenue because they sell at lower prices… get it? Connect the dots here…
Lower tax rates mean more tax revenue on a bigger tax base, more taxpayers. Get it?
As the UK is proving again today, it is not possible to tax “rich people” if they don’t want to be taxed, especially in a world economy wherein investors can move all the way around the globe to find the best rate of return available at any given moment.
Simply stated… you can’t tax the rich, stupid – and even if you could, you would only be taxing yourself in the end, dummy…
The empty ego-in-chief is no better at economics than he is constitutional law…