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Wednesday, November 15, 2006

Disposable Income

You may remember that before the election, Republicans and pundits on Fox News were warning everyone that the Democrats will raise taxes. And make the nation less safe.

And after people did not listen and the Democrats won, Fox News managed to get Jessie Jackson for an interview. As if he was even running for office, or will have any say in the new congress.

The goon on TV asked Jessie Jackson "would you favor raising taxes on the rich". The reply was something along the lines of it being better to raise taxes on those most able to pay them than on the working class and the poor. The trap was set. The next question was "well what do you consider rich?"

What Jessie Jackson should have said at that point was "me and you. Both of us. We are rich". That would have shut the asshole up. But no, Jackson tried to brush off the question with the whole "that is not up to me" line.

Here is what I would have said! I think it is amusing that the Republicans keep saying they are lowering taxes. I have not seen ANY evidence of this. My taxes have gone down by maybe a buck or two. But if I made several million a year, then my cuts would be worth counting. And how does this help? The lower on the income scale you are, the larger portion of your income you spend. And not on luxury goods either. I am talking bread and milk here.

But the trickle down theory! What about that? Ill tell you what - it is bullshit. Here is why. Say you cut taxes only for those at the top. The money they keep will not be spent on needs, it will be spent on luxury goods OR invested. But investment is good! BZZZZZZ! Not always! Investors place their money where it gains the most return. And guess where that is? If you guessed CHINA you get a cookie! So what the trickle down theory does is send vast amounts of investment overseas. Along with jobs. Think I am full of it? Find something in your home NOT made in China. GO! The clock is ticking! I rest my case.

And the estate tax. The wealthy want to dump that too. They have convinced a lot of people that it is "double taxation". Oh really! I do not think so. First off, the first million bucks is not taxed. This covers the vast majority of Americans. Most people will never pay any federal estate tax. You only pay if you get more than a million bucks. So it is a reverse scale! The person that is left $100,000 pays nothing, but the person who gets $100,000,000 pays a whole lot.

Unfair? I do not think so. First of all, the person paying the estate tax DID NOT WORK FOR THE MONEY! It was left to them by someone who croaks. The person who croaked may have worked for it (or may have inherited it from someone else), but you did not. So it is NOT double taxation. What did you do for that money, other than wait for someone to die?

If the estate tax is dumped, than so should any taxes paid for winning a lottery, or slot machine mega jackpot. After all, how is being born rich any different than winning the lottery? And it takes more work to go to the store and buy a lottery ticket than it does to wait for some rich relative to die.

Just the fact that the Republicans tried several times to get rid of the estate tax tells you where their loyality lies. Not with working class people - but with the ultra rich and powerful. They are the party for the 0.5%.

Another reason why the rich should pay a higher percentage of their income than working class people is because they have more to loose. Roads are worth more to the rich, because those roads move the goods and services they need to make more wealth. The police are worth more, because should the police vanish guess where the rioters are going to head to? My TV cost $88 at Target. So if you have a $5,000 super TV you need the police more than I do. You have more to loose. My truck cost around $22k. So if you drive a $70k Lexus you have more to loose. I can drive on crappy roads - I have a truck. Potholes? Just a little annoying. But lets see your Ferrari take on those potholes! So if you can afford a $250k car - then you should be WILLING to pay more for good roads than I am. You need them more.

And lastly, there is the war. For the most part people that identify themselves as "conservitive" supported the Bush case for war. The talking heads on Fox News still think the war in Iraq is a great idea. And they think cutting taxes is a great idea.

But there is a problem. The war is costing several BILLION dollars a month. Which leads me to wonder - if the democrats had more power in 2002 and had introduced a bill that raised taxes to pay for the war, would the Republicans been so fast to vote for war?

After all, if you support the war you ought to be willing to pay for it. So how about it Bush! War tax!!! YEA!

The USA would not be so quick to go to war if there was a law that required an instant tax hike to pay for any conflict. The war hawks would become doves in a hurry if it were costing them money. But as it is now, they are making money off the war.


Anonymous Anonymous said...

Not sure if you saw the Fox News internal memo from the day after the election that was obtained by the Huffington Post, but I have it up now on my website ( How normally sane people can see this network as 'fair and balanced' is beyond my comprehension. It goes to show the power of slick propaganda. Isn't it ironic, though that the new English language version of Al Jazeerah is up and running on a Rupert Murdoch owned network in Britain? Hey, business is business I guess....

Anonymous Anonymous said...

Great post! I'm not sure who it was, but a week or so ago I was listening to one talking head or another and they were discussing the issue of democrats raising taxes. One of the commentators made the observation that Bush has already raised taxes by driving the country so far into debt. We just have to decide, did he drive up our taxes or did he drive up the taxes of our children and grand children?

Blogger The Lazy Iguana said...

Well - EVERYONE knows that revolving credit is the best way to finance anything! Why, I may just go out and buy myself one of those $5,000 HDTVs tomorrow! And pay it off $50 a month at 17.99% APR compounded daily!


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