Posts Tagged ‘Wealth’

Rich People, God Love Them!!

Posted: July 13, 2012 in Taxes, Work
Tags: , , ,

There’s been a lot of talk lately of the widening gap between the rich and the not so rich.  The rich are taking a lot of heat for being, well, rich.  What is the fucking problem?  In my opinion, God Bless them.  They earned it.

Those people who take a financial risk, start a business and make lots of money, hire more people, again, God Bless them.  Risk should be rewarded.  Those who complain about their success,  I can only say, “Get a fucking life.”

Now with success comes some responsibility.  That responsibility is to make sure that appropriate taxes are paid.  I said appropriate, not exorbitant.  However, tax laws with what they are, favor those who are wealthy and give them plenty of opportunities to reduce their tax obligations.  There’s a lot of talk about raising the tax rate on the wealthy, but I for one am against it.  I think the current rate of 35 percent is just fine.  It’s deductions.  Deductions that most people don’t get.  Also, it’s the way money is earned.  Regular income versus investment income.  35 percent tax rate versus 15 percent tax rate.  Income is income is income.  There should be no 15 percent tax rate for individuals whose income is derived from dividends and sales of stock.  The Warren Buffetts and Mitt Romneys should pay at a higher rate.

Now, having said that, what of the 49 or so percent of the population that pays no taxes.  Those that are at the lower end of the income scale.  Should they be able to get a free ride?  Should they be exempt from Federal Income taxes?  No, they shouldn’t.  Most can pay something.   It’s an easy thing to say and may sound like I have no compassion.  That’s not true.   I do.  Those at the lowest end of the income scale should not have to pay.  They need all they earn.  And they aren’t exempt from some of the local taxes, be it on purchases or utilities or other taxes levied at the state and city level.

What about reducing the tax rate even more, you know, because of the “Job Creators”.  The problem, as I see it, is that not all of the rich are job creators.  Just because you have a lot of money doesn’t necessarily make you a “Job Creator”.  So should Paris Hilton pay taxes at a lower rate than say someone who actually adds people to a payroll?Fuck no.  However, I’m all for a tax credit for any business that hires people.  Hire someone, get a credit.  Pretty simple.

As a “lefty” I try to look at the other side regarding wealth and taxes.  I know a lot of my lefty friends may disagree with me but I can deal with that.  If you work hard, earn lots of money you should be able to keep most of it and pass it on without an inheritance tax.  That’s money that has already been taxed.  Now once you inherit it and use it to earn more or receive interest and dividends on it, then pony up.

So, whether you are the 1%, 99%, a Wall Streeter, or an Occupy Wall Streeter, the bottom line is that you are a part of a great nation and we should want to do what’s best for our nations well being, but fairly.