That is why a flat tax with no deductions/exemptions is the only fair tax!!!
On Sun, Jun 2, 2013 at 4:33 PM, MJ <[email protected]> wrote: > > *The Rich Pay Most of the Taxes, Get Half the Tax Breaks. Democrats Are > Outraged at Tax Breaks. > *by Gary North on May 30, 2013 > > The liberal *Washington Post* ran this headline: Richest 20 percent get > half the overall savings from U.S. tax breaks, CBO says. The CBO is the > Congressional Budget Office. > > The story began: > > “The 10 largest breaks in the U.S. tax code will save taxpayers more > than $900 billion this year, with a little more than half the benefits > flowing to the richest 20 percent of households, congressional budget > analysts said Wednesday. And the richest 1 percent of households, those > with at least $327,000 in annual income, get an especially big haul about > 17 percent of the total savings, according to the report by the > Congressional Budget Office.” > > We know what’s coming. > > “Democrats seized on the new analysis, saying it provides fresh support > for President Obama’s claim that limiting tax breaks for the rich offers a > more sensible path to deficit reduction than sharp cuts to agency budgets, > known as the sequester. The sequester, which took effect March 1, will cut > U.S. agency spending by roughly $42 billion through Oct. 1.” > > Obama originally promoted the sequester. Now he is pretending the > Reoublicans did it. But he signed the bill into law in 2011. > > “Republicans, too, welcomed the report, saying it sheds new light on > potential policy choices as lawmakers in both parties consider a > comprehensive overhaul of the tax code. While Democrats want to limit tax > breaks to generate new revenue for the government, Republicans want to > return the money to taxpayers in the form of a simpler code with lower > rates for everyone.” > > A simpler tax code? That’ll be the day! > > What are these tax loopholes? > > “According to the CBO, the biggest tax breaks by dollar value this > fiscal year are the tax-free treatment of employer-provided health > insurance (about $260 billion), preferential rates for dividends and > capital gains ($160 billion) and tax-free contributions to retirement > savings ($140 billion). Deductions for state and local taxes ($80 billion), > mortgage interest ($70 billion) and contributions to charity ($40 billion) > are also among the top 10, as is the tax-free treatment of capital gains on > assets transferred at death ($50 billion).” > > Do you think Congress, which wrote the tax code, will soon alienate all > the PAC donors who use these exemptions? I don’t think so. > > Senator Snort is not going to vote to do away with the income tax > deduction for mortgage interest payments. > > With ObamaCare in tatters, not ready for implementation on January 1, > 2014, will Congress now abolish the tax-free income associated with > corporate payments for health care insurance? > > The Washington Post then mentions this politically inconvenient fact: > “Some argue that it might be reasonable for the rich to receive a large > portion of the benefit from federal tax breaks because they pay an outsize > share of federal taxes. According to the independent Tax Policy Center, the > richest 20 percent of households paid nearly 70 percent of federal taxes > last year.” Yes, “some” do argue this. That is because it’s true. > > The Washington Post reporter then adds the obligatory “but.” > > “But the CBO noted that tax breaks are essentially equivalent to > government spending, intended to encourage and subsidize various behaviors, > such as buying a home, saving for retirement and giving to charities. The > rich are likely to engage in those activities even without such “financial > assistance,” raising the question of whether that money could be better > spent on other priorities.” > > Got that? A tax break taking less of your money is a government > subsidy. And it surely is . . . if you begin with the presumption that the > federal government owns 100% of everyone’s income. Then when it lets voters > keep some of their income, this is a government subsidy to you. > > It’s all a matter of perspective. It all begins with a view of who owns > you. The CBO assumes that the federal government owns you. > > Fact: all tax laws encourage and subsidize “behaviors.” That is why > Congress writes them. Congressmen want to encourage the behavior of getting > special-interest groups to contribute to Congressional re-election > campaigns. And let me assure you, this strategy works. > > Then what does the phrase “other priorities” mean? It means government > boondoggles. > > I suggest this priority: cut taxes, thereby encouraging this “behavior.” > Encourage taxpayers to decide what to do with more of their own money. But > this priority does not appeal to Washington Post reporters . . . or to > Congress. > > Continue Reading on > www.washingtonpost.com<http://www.washingtonpost.com/business/economy/richest-20-percent-get-half-the-overall-savings-from-tax-breaks-cbo-says/2013/05/29/645f75c6-c894-11e2-9245-773c0123c027_story.html> > > http://teapartyeconomist.com/2013/05/30/the-rich-pay-most-of-the-taxes-get-half-the-tax-breaks-democrats-are-outraged/#ixzz2V57lqQVX > > -- > -- > Thanks for being part of "PoliticalForum" at Google Groups. > For options & help see http://groups.google.com/group/PoliticalForum > > * Visit our other community at http://www.PoliticalForum.com/ > * It's active and moderated. Register and vote in our polls. > * Read the latest breaking news, and more. > > --- > You received this message because you are subscribed to the Google Groups > "PoliticalForum" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > For more options, visit https://groups.google.com/groups/opt_out. > > > -- brine http://brineb.blogspot.com/ -- -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. --- You received this message because you are subscribed to the Google Groups "PoliticalForum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
