…he didn’t like, this Progressive. President Barack Obama wants $320 billion in tax increases over the next 10 years in order to give tax credits to his version of “the middle class.”
This is rank, stinking wealth transfer. Nothing else. He doesn’t even intend to use the revenue to pay down the national debt he’s exploded over the last six years. The worst part of this is that Obama and his Democratic Party accomplices actually think this is right. The rich should “pay their fair share,” and government needs to spend the money. Never mind that “the rich” already pay 70% of the US’ income tax bill, while the bottom half(!) pay 3%-4%. Conveniently, these…Democrats…never get around to specifying what a “fair” share might be. Meanwhile, the debt keeps growing.
Obama also wants to close what the administration is calling the “Trust Fund Loophole,” a change that would require estates to pay capital gains taxes on securities at the time they’re inherited.
Here’s a thought. Work with me on this, it’s a hard concept for some to get: lower all income taxes to a single flat rate with no deductions, subsidies, credits, what-have-yous, and with no special treatments for this or that source of the income. Lose the death tax altogether; government should quit trying to profit from a citizen’s tragedy.
Stop using the tax code for social engineering. Have all Americans pay the flat rate, and leave in the hands of the heirs their loved one’s accumulations.
Now there’s no need for tax credits for some, which necessarily comes at the expense of others. The money inherited isn’t the government’s money, either; the government has no legitimate claim on it, and pecuniarily, it has no need of it.
Removing the tax code from the social engineering business eliminates the influence of a lot of special interests and lobbyists, too. ‘Course, that’s a problem for all politicians….