Saturday, July 24, 2010

The Tea Party is full of free-loaders


It's 5:21 am on Saturday. I've got nothing better to do than sit here, with coffee in hand, and nerd grits in my belly, and think. And right now, I'm thinking that the TEA Party really sucks. Why? Its full of old people who only know how to take, take, take.

I read somewhere that the average age of a typical Tea Party member is 55+. It's the 55+ generation in this country that really F'ed up America. These people had everything handed to them on a silver platter. They are the reason our country is in debt up to its eyeballs:

80s - Entering their peak earnings years, they weren't happy about paying taxes, so they elected Reagan. Their income tax rates were drastically slashed. This was the beginning of massive debt being piled on the shoulders of the rest of the nation.
80s - Wanting ways to save for retirement tax-free, they were handed IRAs and 401Ks.
80s - As child-care became an issue - they were given company benefit plans to set aside tax free child care funds.
90s - Having invested heavily in housing, they weren't pleased about being taxed on this key asset, so sales of their primary residence were deemed tax-free.
90s - Entering a period where they started buying stocks heavily, they weren't happy about capital gains taxes, so they had those slashed drastically.
90s - Wanting to pay for their children's college educations without being taxed - they were handed 529s and Coverdales.
90s - As medical costs started to become an issue - they were handed medical flex plans.
00s - Approaching old age, they weren't pleased with estate taxes, so they had the ceiling on taxable estates substantially raised.
00s - Not happy with the thought of paying for medications, they pushed through a plan for free drugs in their retirement.

55+. This generation bugged out on paying their fair share. In their peak earnings years, they avoided their tax obligations. When they piled up housing equity and stock gains, they avoided taxes. For child-care and medical costs, they were handed ways to pay these tax free. For retirement savings and college costs, they were given tax-free rides. When estate taxes and drug costs stared them in the eyes, they got free rides there too. At each key step of their financial evolution, they avoided paying income taxes on their key earnings streams and assets. Earnings, housing, retirement, child care, medical costs, college costs, pharma in retirement, estates. Each key piece of legislation that made these income streams tax advantaged happened when the 55+ generation entered that stage of their lives. They were subsidized. As a nation, we borrowed money, over $14 Trillion, to subsidize this free-loading generation of 55+.

And the real teeth kicker? They are the only generation who will likely retire with both a pension, and tax free assets in IRAs and 401Ks. Just about everyone behind them can kiss the pension good-bye.

Yep, the TEA Party is full of free-loaders. The reality is that the 55+ generation screwed everyone younger. They got a free ride. We got saddled with their debt. And we have $14 Trillion in debt to prove it. Message to TEA Party members - just shut the hell up. Stop complaining about taxes. You haven't paid your fair share. Maybe its time that we tax anyone who joins the TEA Party. It would only be fair. Free rides don't last forever. And your time is up. Pay up, or shut up.

North Carolina deserves better than Republican Richard Burr.

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