Category Archives: Income Redistribution
President Medvedev: “Yeah, I understand. I understand your message about space. Space for you…”
President Obama: “This is my last election. After my election I have more flexibility.”
President Medvedev: “I understand. I will transmit this information to Vladimir.”
So, what other plans does the President have for us if he is re-elected. If he thinks his “flexibility” was hindered this term, I am not HOPEful that we will survive the rest of the CHANGE he has in store for us.
Bill Whittle interprets the famous exchange between Juan Williams and Newt Gingrich.
Thomas Sowell: Read Back to the Future: Part III
In other words, the genuinely rich are likely to be the least harmed by high
tax rates in the top brackets. People who are looking for jobs are likely to be
the most harmed, because they cannot equally easily transfer themselves overseas
to take the jobs that are being created there by American investments that are
fleeing from high tax rates at home.
Small businesses — hardware stores, gas stations or restaurants for example —
are likewise unable to transfer themselves overseas. So they are far more likely
to be unable to escape the higher tax rates that are supposedly being imposed on
“millionaires and billionaires,” as President Obama puts it. Moreover, small
businesses are what create most of the new jobs.
Great article from the Daily Inter Lake by Frank Miele
As published in the Sandusky (Ohio) Register, the story bore the headline, “Roosevelt Urges Share-Wealth Taxes.” The subhead noted that “Big Incomes are Targets of Message.”
The first paragraph of the Sandusky, Ohio, story said flatly that Roosevelt’s “share-the-wealth” tax program was “based on the philosophy that big fortunes are created by collective rather than individual effort.” A paragraph or two later, we read that the president called his initiative a “sound public policy of encouraging a wider distribution of wealth.”
The five-point program proposed by Roosevelt in 1935 is certainly eerily familiar to those who are following the current political debate. The program included raising death taxes, raising taxes on incomes above $1 million a year, and raising taxes on business. Again, that should of course sound familiar. The first two were cornerstones of the program being pushed by House Democrats last week in opposition to the Obama-McConnell tax compromise.
That is just what Roosevelt gave us, whether you call it the New Deal or the same old dole. You may as well just be honest and call it socialism because there is no reason to call it free enterprise. Freedom is an individual right; not a corporate one. I cannot be free as an individual if I am forced to do what is good for the collective.
Read the entire article here.
Democrats are arguing to keep something they said never existed.
- According to the Congressional Budget Office, the entire package, as currently proposed in the Senate, would add $858 billion to the 2011-2020 deficit.
- Of that $858 B, about $544 B comes from keeping current tax rates; the rest comes from the new goodies unrelated to the Bush rates.
- The CBO calculates future revenues under the assumption that tax rates have zero effect on the behavior of investors, consumers, employers, etc.
- “(T)op Democrats say we must keep the Bush tax rates or the recession resumes.
- Pres. Obama says that “‘economists from all across the political spectrum agree’ on that. I believed he polled the same economists who said his stimulus would keep the unemployment rate below 8%.”
- As a matter of record, the final Bush tax rates passed Congress in mid-2003, shortly after Republicans retook the Senate.
- From August 2003 to December 2007, over eight million net new jobs were created;
- real GDP grew almost 3% per year.
- At that same time, federal revenues increased by 2.3% of GDP ($785 B), putting revenues above the average level of 1960-2000, the forty years before Bush.
- Unemployment fell to 4.4%,
- and the deficit fell to 1.2% of GDP. Such was the catastrophe of four years of Bush’s tax rates and Republican-written federal budgets.
H/T: Jake McCullough
I recently asked my friends’ grand daughter what she wanted to be when she grows up. She said she wanted to be the President some day. Both of her parents, being liberal Democrats, were standing there, so I asked her, “If you were the President, what would be the first thing you would do?”
She replied, “I’d give food and houses to all the homeless people.” Her parents beamed with pride.
“Wow! What a worthy goal”, I told her. “But you don’t have to wait until you’re the President to do that. You can come over to my house and mow my lawn, pull weeds and sweep my driveway. And I’ll pay you $50.00. Then I’ll take you over to the grocery store where the homeless guy hangs out and you can give him the $50.00 to use toward food and a new house.”
She thought that over for a few seconds, then she looked me straight in the eye and asked, “Why doesn’t the homeless guy come over and do the work. Then you can just pay him the $50.00?”
I said, “Welcome to the Republican Party.” Her parents still aren’t speaking to me.