THE NEXT STEP FOR PROGRESSIVE TAXATION?

Consider the following excerpt from Were your parents rich? Maybe you should pay more in taxes, published in the Washington Post on March 28, 2014, and written by Yo Jeremijenko-Conley, a freshman at Stuyvesant High School in New York City, and Dalton Conley, a professor at New York University:

...We need a tax policy that accounts for how economic benefits and disparities are passed down from generation to generation. To do that, we could calculate tax rates based not just on what people earn now — as traditional progressive taxation does — but also on the income their families brought in during their critical childhood years....

Let’s introduce the Great Gatsby tax rebate for upward mobility....

Read the entire essay HERE.

I can hear Obama now in his preacher's lilt: "It's the right thing to do!"

The Left will not be satisfied until taxation penalizes and thereby subjugates and impoverishes the wealthy in a collective manner — that is, by family.  The Left despises the very concept of the individual.

Also, remember this: who is "wealthy" is subject to interpretation, particularly when the word is interpreted on a global basis. Even the poorest in America are wealthy in comparison to most living in certain Third World countries.

Of course, the ruling elite will keep their wealth and live like kings while trampling everyone else into serfdom.

MYTHS ABOUT MILLIONAIRES

From the Washington Post, notice the following two myths:

3. Millionaires pay proportionately less income tax than poorer people.

In a speech on Monday, Obama said raising taxes on millionaires isn’t class warfare, but “math.” His math may be off: According to the IRS, those with adjusted gross incomes of more than $1 million paid an average of 23.3 percent in federal income taxes in 2008; those earning between $100,000 and $200,000 paid 12.7 percent; and those earning between $50,000 and $100,000 paid 8.9 percent. Half of American families don’t make enough money to pay income taxes at all....

[...]

5. Obama’s “millionaires’ tax” won’t seriously limit investment.

That’s the line of reasoning that the administration is using. On Monday, Treasury Secretary Timothy Geithner told reporters that the president’s plan wouldn’t hurt growth. “I am very confident that the modest changes we’re suggesting in terms of revenues . . . would make the economy stronger in the long term, not weaker in the long term,” he said.

Geithner’s confidence is somewhat misplaced. According to a 2001 congressional study that confirmed a basic tenet of macroeconomics, “each $1 of marginal tax rate cuts would save the private economy at least $1.25 as deadweight losses fall and economic efficiency increases.” Taxes distort investment decisions. Why throw money into productive assets — corporate securities, a rental property or new employees for a small business — if the income they generate will be taxed away?

Taxes on the rich are taxes on people who create jobs. And jobs are an unalloyed good thing for an economy. Excessively taxing the capital that makes the economy go is poor public policy. And we have a recent example of how the opposite works well: Unemployment declined by a third in the four years after the Bush tax cuts were fully implemented in 2003, dropping to 4.2 percent from 6.2 percent. Meanwhile, federal revenue increased 44 percent in those years. If these tax cuts put people to work and generated money for the government, shouldn’t Obama consider the possibility that tax increases should be avoided?

Obama will, of course, continue to push his tax-the-rich theme. He is trying to play the populist.

Weekend at Charlie's

$34,000: the amount of federal taxes that Secretary of the Treasury Timothy Geithner (D) failed to pay during his employment at the International Monetary Fund despite receiving extra compensation and explanatory brochures that described his tax liabilities.

$75,000: the amount of money that the head of the powerful tax-writing committee, Rep. Charlie Rangel (D-NY), was forced to report on his taxes after the discovery that he had not reported income from a Dominican Republic rental property. His excuses for the failure started with blaming his wife, then his accountant and finally the fact that he didn't speak Spanish.

$140,000: the amount of back taxes and interest that Cabinet nominee Tom Daschle (D) was forced to cough up after the vetting process revealed significant, unexplained tax liabilities.

$356,000: the approximate amount of income and deductions that Daschle (D) was forced to report on his amended 2005 and 2007 tax returns after being caught cheating on his taxes. This includes $255,256 for the use of a car service, $83,333 in unreported income, and $14,963 in charitable contributions.

Just remember, peons: Democrats are above the law. Laws are not for royalty... they're for the little people.

Based upon: The Obama Democrats by the numbers.

HOUSING SALES REBOUND: I BLAME BUSH!

NYTIMES: New Home Sales Rose 4.8% in September

WASHINGTON, Oct 25 (Reuters) — Sales of new single-family homes rose 4.8 percent in September while the inventory of homes fell and the median sales price rose, according to a government report today that delivered unexpectedly benign news for the battered housing sector.

I BLAME BUSH!

Seriously, the housing market's current woes will lessen and the US economy will continue to improve UNLESS WE ELECT DEMS - who will raise taxes and destroy the economy.

OBAMA PROMISES TO RAISE TAXES ON THE WEALTHY

NYTIMES:

If elected president, Senator Barack Obama said Sunday, he would seek to repeal President Bush’s tax cuts for the wealthiest Americans and use the money to pay for health care, but he did not suggest he would raise other taxes to pay for expanded services.

Typical Leftist: he wants to transfer money from one class to another. Instead, he should advocate programs which help poor people get richer so they can afford to buy any healthcare plan they want.

One way to do this is to privatize Social Security and to expand Medial Health Accounts. These options would EMPOWER poorer people and make them INDEPENDENT of the government.

Leftists don't want that: they want to make people more and more dependent on an ever-enlargening government.

Well, Barack Hussein Obama: If Medicare is so darn good, then why don't you and your fellow Congressmen go on it, instead of the private plans you offer yourselves!!?

Hypocrite.