Perception and reality
Published Thu, Jan 31 2008 11:34 AM
Technorati Tags: Democrats
Last night, as I was driving home, I chanced to hear a sound-bite from Hillary Clinton. I don't remember exactly what it is she said, but it was said in response to John Edwards dropping out of the race for the Democratic nomination for President.
What she said at one point went something like … we have to do away with our current tax system that favors the wealthy among us …
I'd like to know which tax system she was talking about.
My wife and I aren't wealthy, at least not in a monetary sense. Still, we pay a significant portion of our income in taxes. My federal income tax bill amounts to a sizeable chunk of my annual income before I can take itemized deductions and the like. My property taxes take another good chunk away. Fortunately I can reduce my federal bill based upon them. I pay nearly ten percent sales tax on almost everything I buy, except groceries. Then there's the social security tax and medicare taxes. By the time all of my taxes are paid, it comes pretty darned close to a third of my annual income.
I don't have a real problem with that. I hate how my tax dollars are wasted, and I'd much rather have my tax bill be smaller, but there are some necessary services that they pay for. For example, some of my tax money goes to fund monuments and memorials to politicians. Now that's a worthwhile cause. Other bits of my money go to study the sex lives of planarian flatworms, or to build bridges in the middle of the wilderness to serve a few dozen people.
Some of those taxes are supposed to go to fixing the roads where I live. Yet every day I have to dodge potholes and rough sections of torn up road. In my own community, one of the main thoroughfares is in such bad shape after the "road work" that's been going on for nearly a year that driving over the fields might give me a smoother ride.
So, I understand the need for taxes. I just wish the moneys would be spent more wisely.
But, back to the tax system that favors the wealthy among us… Remember, nearly a third of my income goes to taxes. Meanwhile, I know a girl who had a daughter this past summer. She did her taxes last week. Her federal withholding was only ten percent of what she earned. When she did her taxes, she got every penny of it back … but here's the kicker. She also got to take the "earned income credit" because she had a daughter. Not only did she get her taxes back, she got some of mine back too! The earned income credit amounted to almost six times what she had had withheld during the year.
Yes indeed. A system where the low wage earners get back close to seven times what they put into it sure favors the wealthy. It's just not fair to give tax cuts to the people that actually pay taxes. No. We have to give them to people that don't pay taxes.
Now there's an economic stimulus package for you. I leave you with a couple of founders quotes…
"There is no part of the administration of government that requires extensive information and a thorough knowledge of the principles of political economy, so much as the business of taxation. The man who understands those principles best will be least likely to resort to oppressive expedients, or sacrifice any particular class of citizens to the procurement of revenue. It might be demonstrated that the most productive system of finance will always be the least burdensome."
-- Alexander Hamilton (Federalist No. 35, 1788)
"The prosperity of commerce is now perceived and acknowledged by all enlightened statesmen to be the most useful as well as the most productive source of national wealth, and has accordingly become a primary object of its political cares."
-- Alexander Hamilton (Federalist No. 12, 27 November 1787)
"Oppressive expedients". "Sacrifice any particular class of citizens to the procurement of revenue." — It seems to me that that's what Mrs. Clinton wants. After all, a tax system where only the wealthy pay taxes is what she sees as one that "favors" the wealthy.
Meanwhile, people that don't bother to work are rewarded for their lack of industry by a factor of seven. Yep. that's favoring the wealthy.
Hillary Clinton is an idiot.
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