Now that all the BS and chest pounding of the election is over, who do you really think is driving us over the cliff? I voted for Romney as the lesser of two evils, but I think Seer has the truth of it. All this moaning over the tax rate of INCOME tax, when I believe you know, correct me if I'm wrong, that INCOME tax only applies to those who are not already rich.
Jamie Dimon ( CEO of Chase Bank) absolutely LOVES food stamps. Why? because Chase bank makes about 20% off the top for "administering" them. Green Energy? Do you think that if someone could make a profit, let alone supply the needs of the country, there wouldn't be someone who would "venture capitalize" it? What we've seen is a shell game where CEO's and Stockholders pay themselves enormous amounts to "manage" completely unworkable schemes backed by our money - all of which disappears into bankruptcy.
In the end, electric cars are still "Powered by Coal" and are thereby MORE polluting than internal combustion- as for windmill or solar? Bankrupted Spain.
The election is over. The "lesser of two evils" won. Can we agree that it is STILL evil? If we really wanted to "Bleed" the Rich, we'd forget about the red herring of INCOME tax rates, make a flat tax with no exemptions and and concentrate on making sure the rich paid taxes on ALL "investments", among other things, GOVERNMENT BONDS.
Are The Tax Exemptions Even Worth It?
In order to reap the greatest benefit from treasury bonds, an individual needs to be in one of the top income brackets. For example, if Citizen B makes $23,000 per year in wages and $1,000 in treasury bond interest, the tax exemptions will only shield him from a single-digit tax on $1,000. In terms of net income, a better idea would be to invest in a more aggressive vehicle. Even though he will have to pay more in taxes, the after-tax net will probably be well above $1,000.
Conversely, if Citizen C makes $750,000 in salary and owns a hoard of treasury bills that accrued $150,000, the state and municipal tax exemptions could save him thousands.