I am a proud member of the NTE Party....Not Taxed Enough...party. So far, there is only one official member...yours truly. But in spirit.....there are millions of members.
The truth, the evidence, the reality in America is that our nation's wealthiest are not paying enough in taxes. Make your own determination.....
The richest 10% pay about 20 percent in federal taxes, and it goes down from there, with the richest 400 paying less than 20 percent. When all taxes are included (payroll, sales, state and local), the super-rich pay about the same percentage as America’s middle and upper-middle classes.
If you think that last sentence is balderdash, just some commie's version of new math.....go here and see for yourself.
If your average income is around $42,000, your average total tax responsibility equals 25.2% of your income. If your income is $68,700, your average total tax responsibility equals 28.3% of your income. But if your income is in the top 1% of income earners, averaging $1,371,000 per year, your total average tax responsibility equals 29% of your income.
Those numbers take into consideration all federal, state and local taxes paid by all income earners.
Of course, many in the top .1% of income earners pay a lower average combined tax rate than 28-29%, demonstrating that the wealthiest of the wealthy are the truly "entitled" group in 21st century America.
Those numbers above are the proof of what three decades of the non-stop purchasing of elected officials will get ya'.
Now, what is it that the conservative forces aligned against the American people, whether in media or D.C., are always so obsessed with, and especially when a Democrat sits in the Oval Office? Isn't it "debt and deficits?" Yes, it is.
Everyone from President Obama, the communist, to "moderates" easily aroused when the words "grand bargain" are uttered.....to Randian Tea House members with a penchant for nihilism.....all agree on one thing......ZOMG the debt and deficit. Isn't that correct? Yes, it is.
All of this debt and deficit fetishism by all sides has led conservatives to issue one contemptible and slanderous accusation after another against....the poor and the lazy sick. The same fetishism has led conservatives posing as moderates or centrists to advocate for a grand bargain where Social Security checks for the elderly are reduced and Medicare benefits are cut through privatization. Democratic debt and deficit fetishizers, like Obama and prominent Democratic senators, would agree to cutting geezer benefits but only if "tax expenditures" (tax deductions) are reduced on the wealthy.
There is a very simple solution to all of our debt-related national issues.... and the "solutions" suggested by the three groups in the above paragraph are not part of it. Please bear with me here.
If you buy a car or....a new winter coat.....you pay sales tax on that purchase. The sales tax rate varies by state and county but around where I live the rate is 6.25%. In some states that rate is 10% or more.
What our nation does not attach a sales tax to is Wall Street financial transactions. Stock and option sales and the like. Here's what could happen if our "leaders" would simply impose a .1% sales tax to financial transactions.....
....the US government could probably abolish all the existing taxes and replace the whole lot with a universal financial transaction tax of only about 0.1%.
Reread that sentence and commit it to memory. Go to the link and evaluate the information for yourself. The enormity of daily stock and options transactions is mind-blowing. By simply adding a one tenth of one percent "sales" tax to these transactions, it has been estimated that not only could the U.S. eliminate it's debt "problem" but also basically eliminate all other taxes on Americans.
Other non-exceptional nations already have a financial transaction tax. Singapore, Hong Kong and Switzerland. So, there is a track record to go by. Far as I know, the John Galts in those three countries haven't, you know, gone Galt or anything, because of the financial transaction tax.
So, while all the debt fetishists bray on and endlessly on about how geezers and poor, sick, workers should suck it up, stop being so lazy and accept an even lower standard of living in the richest nation in all of world history......the solution to our nation's debt "problem" is staring all those fetishists directly in the eye.
The rich, who account for most of the financial transactions on Wall Street....even though those transactions are done for them by 20%-taxed fund managers, are Not Taxed Enough (NTE).
A financial transaction tax, which would barely be noticed by the top 1%, is an alternative that would work for everyone. Yes, it is.
About This Blog