Monday, August 15, 2011

Yes Senator Burr, Stop Coddling the Super-Rich


If you've read much of my blog,  you know how upset I am with my Republican party. Middle class America is under attack from Republicans.  Our incomes are declining in real terms.  We pay taxes at overall effective income tax rates that are significantly higher than Super-Rich Americans.   And the Federal spending largely benefiting middle class America is on the chopping block.  Republicans want to strip away our medical benefits (Medicare) and retirement pay (Social Security). Worse though,  this is happening to us because Republicans so terribly mismanaged our economy and budgets, and ran around the world starting extremely costly and ineffective wars.  Now, middle class America has to pay for Republican incompetence.

Of all these troubling issues,  the one that bugs me the most is the unfairness of our nation's income tax structure.  Like most upper middle class Americans,  I am constantly trapped by the AMT tax.  That means deductions for state income taxes and mortgage interest are useless.   And,  I wind up paying 25% tax on my capital gains, instead of the 15% rate handed to the Super-Rich.  The net result is that my overall income tax rate winds up in the 20 - 24% range - the range where the vast majority of middle class Americans fall.

But the Super-Rich,  the class protected and coddled by Republicans,  pay significantly less.  They rarely get trapped by AMT.  As I have pointed out time and again here,  the net result is that the very richest among us pay an effective federal income tax rate that is significantly LOWER than paid by most middle class Americans. The 400 richest Americans paid an average rate of 18%.  Over 1/3rd of those paid less that 15%. How is this fair?  How is this fair in an era where we can not balance our nation's budgets and we rack up Trillions in debt? Why is our nation borrowing so much,  and taxing the wealthiest among us so little?  Why?  Because that's the way the Republican Party wants it.  And that's why I will not support my current day Republican Party.  Their stance on zero tolerance for income tax increases,  in an environment where the Super-Rich pay so little, our nation is racking up so much debt, well, their stance on this issue is just insane.

This morning,  Warren Buffet writes a very important Op-Ed in the New York Times that makes this very point crystal clear.  Republicans are coddling the Super-Rich in this country by insisting that no income taxes be increased. Republicans push middle class America over the cliff,  while kissing up to the Super-Rich. Read this article. Tell me how this is fair. Tell me how you can support Republicans knowing that they believe this inequity should exist.  I can't. I won't. I never will,  for the remainder of my life. Republicans have taxed me far too much, taxed the Super-Rich far too little, resulting in mountains of debt that me and my children will be paying off into eternity.

I WILL NOT SUPPORT A REPUBLICAN PARTY THAT SHOWS SO MUCH CONTEMPT FOR MIDDLE CLASS AMERICA THROUGH VAST INEQUITIES IN OUR INCOME TAX STRUCTURE.  I WILL NOT SUPPORT A PARTY THAT TAXES THE SUPER-RICH SO LITTLE,  WHILE SHOVING MIDDLE CLASS AMERICANS OVER A CLIFF.

North Carolina deserves better than Republican Senator Richard Burr.

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