Most of you who know me know my view on taxes. For those who don’t, I’ll give you a brief primer. But, before I do so, I must comment on a comment our President made regarding making the tax code more fair.
President Obama wants to bring “fairness” back to the tax system. At least, that’s what he says. His idea of fairness and mine, however, are two completely different things. My idea of bringing fairness to the tax code is to go to a flat rate, and cut out all of the pet project deductions, loopholes, or whatever you want to call them. Yes, including the home mortgage deduction. It’s NO WONDER we have a financial crisis in this country. Congress, through the mortgage interest deduction, ENCOURAGES people to take on debt … LARGE amounts of debt. Then THEY (congress) also spend way more than THEY take in … and voila! We have a financial system on the verge of collapse. THEY then sit there and wonder how this all happened, and point to the evil bankers and investment brokers on Wall Street and say “It’s their fault” and THEY, along with the all-too-willing mainstream media, create a lynch-mob mentality. Then, THEY have the nerve to RAM an unprecedented spending bill through without even READING the damn thing, and say that the only way to fix the financial crisis, caused in part by overspending and overborrowing, is to SPEND MORE AND BORROW MORE!!!
HELLO!!!! MCFLY!!!!!! IS ANYBODY HOME?????? Is there anyone out there who thinks this plan makes sense? If so, PLEASE email me and tell me why you think so. I really want to hear from someone who is oblivious to economic reality.
Additionally. If there is anyone out there who pays more than $10,000 in income tax each year, and feels that they are not paying their fair share, let me know… I have some requests to send to you … for donations. You can pay some of my taxes. you can pay ALL of my taxes if you REALLY feel guilty about how well you are doing. My guess, however, is that although you feel that you aren’t paying enough in taxes, you WONT voluntarily give more to Uncle Sam, AND you WONT give as much to charity, on average, as your conservative economic equals who feel that they are overtaxed. Oh Wait … That was ALREADY shown to be true in a survey… Christian conservatives, on average, gave a greater percentage of their net income to charity than their liberal academic counterparts, when grouped by income level.
Nevertheless, I want to hear from you. If you feel you are STICKING IT to THE MAN (Uncle Sam) because you aren’t giving any more than the minimum confiscated … er … required … amount … send me an email. Tell me that you LAUGH in the face of capitalism, and will celebrate the day that there is no more free-market economy …
Now … about taxes. I think our tax code stinks. I think we pay waaaaayyyy too much in taxes. I also agree with the sentiment of the “Tea Parties” but I think they are largely ‘feel-good’ in nature, and will only succeed in helping the next Republican candidate launch a presidential bid. There’s talk of Newt Gingrich making a run. I bet if he does, he’ll choose Sarah Palin as his running mate. I won’t be a likely voter for that ticket.
Both parties are responsible for getting us in this mess. And I’m not just talking recent administrations. This “tax and spend” has been going on for a long time … way too long, if you ask me.
People keep talking about Reagan as the great idol of the Republican party … yes, he gave us tax cuts. Yes, he was good for our military. Yes, under him, gross revenues increased. and yes, under him, our budget deficit soared also. What he proved was that we could outspend the Soviets in an arms race, and he caused them to bankrupt themselves in the process. Reagan was not, however, a fiscal conservative. Look back about 20 years prior, and you’ll see the last true fiscal conservative of the Republican party … can’t guess? can’t remember? Not a clue? Does AuH2O ring a bell? Yes, folks, Barry Goldwater.
I can’t even say that Nixon was a true fiscal conservative, although I’ll stand by my assertion that he was one of our best presidents. He was a foreign policy genius. He opened up relations with China … (Hmmm, maybe I should rethink the “foreign policy genius” appellation.) His main failure was that he was a paranoid SOB, and forgot the first rule of paranoia … “If you think they’re out to get you, and you can’t trust anyone, then DON’T keep records”. But that’s a topic for another rant.
Why is it that we pay so much in taxes? We have personally seen a modest increase in our income the past couple of years, and each time, I’ve seen roughly 60 percent of it go to taxes. Now, I understand that there is not supposedly a 60 percent marginal tax bracket, but that’s what I see.
A small example here should illustrate my point. Not real figures, but proportionate. Suppose that we had a $2000 increase in income. When I looked at the taxes we owed, it went up $1200 from last year. If I do the math, it comes out to about 60 percent on that extra 2 grand. Maybe I’m looking at things wrong. So, why is it that we pay so much in taxes? OHHHHHHH that’s rightttt … we have a HUGE federal budget.
But, not to worry … our GREAT Orator President Obama is right on top of things … He asked his cabinet to pare 100 MILLION DOLLARS from the budget by closely examining their respective departments, and eliminating unnecessary expenses. Way to go B.O. to SHOW US you’re SERIOUS about this spending cut thingy! I’m going to guess that the only people who WONT see through this BLATANT PR MOVE are the mainstream media and the die-hard Obama disciples. For those who can’t do math, imagine you take home $37,000 a year. Your boss comes in and says that he needs to cut all of the salaries in order to keep the company open, and your pay will be cut by 1 dollar a year. That’s how significant this 100 million is in the overall scheme of things. I can sleep comfortably, knowing our fearless leader in on it …
Anyway, as I was looking around for a particular piece of info, I came across something interesting…
There was this one article on the web about Obama’s tax plan … his plan to make the tax system more fair … There was this guy who said he made 50K last year. and he paid a whopping $1900 in taxes. Part of the reason was that he had paid over 14K in mortgage interest. He said that the problem in this country wasn’t that we were over taxed. He said “housing costs are out of control”. YES HE DID!
Well, gee … if our house cost so much that the INTEREST was a third of our gross income, I’d probably be thinking that, also. This man is house poor, and needs to sell his house. Ohhhhh Waitttt!!! Real estate prices are down, ’cause demand is down, cause TOO MANY IDJITS bought WAAAAYYYYY more house than they could REALISTICALLY afford, and then cashed out any remaining equity (and then another 25%) to finance their vacation/new car/motor home/etc. so NOW they owe about 50% more than the damn thing is worth! …. BUT … I digress …
Another person said that the GOVERNMENT should control housing costs as follows:
-buy down everyone’s mortgage so that they have 10 percent equity.
-set the rate at 4%
-make all mortgages fixed
AND THEY WERE SERIOUS!
Our tax and spend policies have not only succeeded in bankrupting our future, they have created a moral bankruptcy where people are enslaved to the entitlement mentality.
There used to be a stigma attached to welfare. There isn’t anymore. There used to be a stigma attached to alot of things. In the interest of political correctness, we have removed shame from society.
Some will maintain that since I get a check from the government every month, I am being hypocritical … but … I have and will continue to maintain, that I will gladly surrender my military retirement check if it means that we can DRASTICALLY pare down or eliminate all but the most necessary of welfare programs. When a single mom on welfare refers to her check as “my salary” then something is SERIOUSLY WRONG with our society.