Thursday, October 9, 2014

Do the Rich Pay Their Fair Share?

To listen to the Democrats, the next worse thing to ISIS, the terrorist Muslims in Syria and Iraq, are the wealthy individuals in the United States of America. They keep harping on the erroneous fact that that the rich don't pay their “fair share” in income taxes and that they are greedy besides. Is it true that the rich don't pay their “fair share” of income taxes?

As former Democratic candidate for president, Al Smith (1928) once said, “Let's look at the record”. According to the 2010 non-partisan Tax Foundation report, the top 1% earns 19% of the gross national income and pays 38% of all federal taxes. The top 5% earns 34% and pays 59%. The top 10% earns 45% and pays 71%. The bottom 50% pays just 3% of federal tax. If that isn't “soaking the rich”, I don't know what it is?

It is true that during the almost 6 years of the Obama Administration, the rich have gotten richer and the poor and middle-class have remained stagnant or have lost income, mainly due to the run-up of the stock market, which the rich are heavily invested in. The spending policies and the regulatory policies of the Obama Administration, and the low interest rates of the Federal Reserve, have also contributed to this income gap. The only economically sound way to stop this difference in income differential is to get the economy stimulated with policies that will encourage entrepreneurship so that we can produce more jobs, and in return generate more tax revenue to the federal treasury, so that we can reduce the burden of taxation on the upper and middle-class taxpayers. The policies of the Obama Administration has not worked, for most people, and change is needed (not the hope and change “snake oil” promoted by Obama) to get us back on the right economic track.

But, this inexperienced president, and his lack of sound fiscal and administrative knowledge, seems to have a “tin ear” as to what is needed to get our economy booming again. The voters had the chance in 2012 to elect a real “money man” of integrity in Mitt Romney, but they bought into the lies and promises of our “Liar in Chief”, Barack Hussein Obama. We are now suffering with that lack of electoral judgment of the voters. It seems the voters voted for him because he was black and not on the content of his character or his economic “smarts”. They might just do the same if Hillary Clinton runs in 2016.

This semi-Marxist/Socialist plan, espoused by our president, will further stagnate our economy. He preaches “income redistribution” by blaming the wealthy of not doing their “fair share”. My figures earlier put that attempt at political chicanery and falsehood at rest. Without the wealthy class paying the vast majority of the income taxes, we'd be in a much greater financial bind than we are in right now. Even the “evil” Koch Bros., as the Democrats like to call them, have a company that employs over 67,000 workers at better than average wages, yet they are vilified as being un-American by both Nancy Pelosi and Harry Reid, and some have even claimed that they should be jailed. What, for being successful and wealthy? Are the Democrats that out of touch with reality or what?

We need many more Koch Bros., and other millionaires and billionaires, in order to get our economy moving upward like it should be going. The Democrats and the Liberals should stop demonizing the wealth creators for purely partisan political purposes.

So, the answer to this editorial's headline is - YES - the rich do pay their “fair share” and we do need more people to get a well paying job so that we can get out of this economic malaise that Obama has kept us in for 6 years. We should all strive to become millionaires and billionaires, as it would be good for our country and to the entire world. Instead of “sharing the wealth” by taking from the rich and giving to the poor (the Robin Hood syndrome) in the form of handouts and financial government “goodies”, in order to gain votes by the recipients at election time, we should be “sharing the opportunity” for all to succeed and achieve financial success. That's the American way.

Conservative commentary by Chuck Lehmann

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Donald Wirth said...

I guess if you are a Democrat billionaire you are O.K., but if you are a Republican billionaire you are "evil". What a double-standard and the Libs have the nerve to demonize the Koch Bros. and venerate that Nazi sympathizer, George Soros.

Phil Silberstein said...

The leadership credentials of Obama have come into question in a big way. A good objective of leadership is to help those who are doing poorly to do well, and to help those who are doing well to do even better. Obama fails on both counts as his class warfare rhetoric has taken its toll on everyone.