Smoke & Mirrors – Tax the Rich & Oil/Gas Co’s

The Democratic Administration has fostered the notion that if we taxed the rich (families/businesses with income over $250k/yr), we could solve the national debt and budget problems that face America!  Let’s look as some numbers!  If the subsidies for oil/gas companies were eliminated, it would bring in $4 Billion a year ($4oB over 10 years)!  What about those evil hedge fund managers?  Tax hedge fund managers at the normal tax rate, instead of the 15% capital gains rate….add another $2B per year!  What about those corporate jets?  Eliminate the subsidy and save a whopping $.3B each year!  Push back the Bush Tax cuts for the wealthy and save another $80B!  Cut the home interest deductions  and save $2B!  Add the all up and it comes to a paltry 2.3% of Obama’s $3.7 Trillion budget!  Is that rain?  Or is someone pissing on my leg?  Serious cuts in the federal spending by reducing the size of each government department (or eliminating them, altogether), cutting all the waste/fraud, and restructuring Medicare/Medicaid are the only real answers!  Time to return from Fantasy Island, America!  Taxing the rich, who provide most of the jobs in America, will NOT solve the problem!!!!

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One response to “Smoke & Mirrors – Tax the Rich & Oil/Gas Co’s

  1. General Electric earned $14.2 billion in profits in 2010. GE paid no income taxes for the year 2010. Actually, the company got a $3.2 billion tax benefit.
    GE played by the rules. They did nothing wrong under current tax law.

    Lets assume that the “evil” oil companies lose their subsidies as the Democrats are demanding. Gasoline prices would go up. Profit targets would still be achieved. The consumer would be punished for the foolhardy vindictiveness of the anti-capitalist Democrats. But wouldn’t it feel great to stick it to those robber barrons that almost all of us funnel money to regularly? Not!

    Too often Washington politicians assume that changes to the tax code will not result in changes to corporate and personal behavior. Class warfare is not only ineffective, it is stupid. No wonder the Democrats embrace this tactic so consistently.

    Politicians from gerrymandered districts like the Conehead (SJ-L) may benefit at the polls from slandering the wealthy. They are also quick to look for campaign cash from these same villains. There are few poor campaign cash bundlers! Try getting an ambassadorship as a middle class citizen.

    Hypocrites. That is what these class warriors are.

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