Friday, November 11, 2011

Farce


Much is being made in the last day or two about progress in the Super Committee.  Apparently,  Republicans have finally made a move to increase some income taxes.  They are proposing to eliminate itemized tax deductions for wealthy Americans.   STOP.  Think about this for a second. 

Most wealthy people wind up paying AMT (Alternative Minimum Tax).   In fact,  it is extremely difficult to avoid AMT if your income is between $250 K and $1 M.  In AMT,  you get no tax benefit from deductions.  In other words,  most wealthy people already can't deduct anything.   Yet,  the average income tax rate of the 400 highest paid Americans was only 18% in the latest period reported.   And over 33% of these 400 paid a rate lower than 15%.

Once your income gets above $1 M,  it gets easier to avoid AMT.  But at those levels of income,  the deductions provided from Mortgages,  State and property taxes become such a small percentage of overall income,  that the impact is minimal.  In other words,  this Republican proposal makes such a small dent as almost to be meaningless.

This whole "move" by Republicans to compromise is nothing but a farce.  More lies from my party of worthless,  piece of crap Republican Politicians.

The average income tax rate on the super wealthy needs to be jacked to 25% and higher,  from the current 18%,  a 35% boost in rates.  Most middle class Americans are paying an all-in rate (Fed and Payroll) of 20 - 22%.   It's high time that our nation's most wealthy pay more than middle class Americans.   And we're not going to get to "fairness" in our country until Republicans wake the 'eff up and do what Americans need done - Raise taxes on the wealthy.

North Carolina deserves better than our worthless,  piece of crap Republican Senator Richard Burr.  This man is an empty suit.  He gets nothing done.  Nothing.

No comments:

Post a Comment