Friday, October 20, 2017

Cut Taxes! Simplify!

George W. Bush famously responded to a question during a Presidential debate which asked about his plan to cut taxes: "Your plan would cut taxes most for the rich."
"Yes," he shrugged. "You cut taxes for the people who pay taxes."


What he was saying, of course, was people at the lower brackets paid relatively small numbers, so the relief they would get from cutting income taxes was small.


Of course, low wage earners pay other taxes, not income taxes, which hurt their pocketbooks more--gas taxes, payroll taxes, sales taxes, real estate taxes--but those taxes are not nearly as obnoxious for some reason, as the income tax.


Rich people avoid income taxes with a variety of ploys, and as Warren Buffet said, he pays a lesser rate than his secretary--got to be something wrong with that.



But the fact remains, if the upper 10% own 83% of the nation's wealth, they or their properties are the only source of revenue and they've got to pay taxes.
In taxation as in robbing banks, you have to go where the money is. And one look at that pie graph (above) shows where the money is.




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