Random ramblings of a mind damaged by years of disuse and abuse. Also a place to go to be bored to tears.
The Random Comic Strip
Words to live by...
"How beautiful it is to do nothing, and to rest afterward."
(The right to looseness has been officially given)
"Everyone carries a part of society on his shoulders," wrote Ludwig von Mises, "no one is relieved of his share of responsibility by others. And no one can find a safe way for himself if society is sweeping towards destruction. Therefore everyone, in his own interest, must thrust himself vigorously into the intellectual battle."
Apparently, the crossword puzzle that disappeared from the blog, came back.
Saturday, January 5, 2013
Shadenfreude and Taxation
The Republicans caved. And agreed to "tax the rich." Do you feel better now? Are you better off? Are any of us better off? I'll answer for you: Maybe, no, and no. I said "maybe" because some people do feel better when someone else's ox is gored. Not that this tax increase is going to hurt the wealthy in any perceptible way.
It's an odd concept, this "tax the rich" idea. Think about it...
The rich are vilified because they allegedly got their wealth by taking from the rest of us. So what happens when we tax them at higher rates? Where do you suppose they will get the extra money to pay those taxes? The rational among you will instantly realize they will get it from the rest of us, the 98% whose income taxes will not go up under this deal.
Certainly my income taxes will not increase. My rate stays the same for both my earned income and my unearned (dividends) income. I no longer pay Social Security and Medicare taxes so the increase as a result of the lapse of the "Payroll Tax Holiday" doesn't affect me at all. No, just the working poor and other low income earners will see an increase there.
And what was accomplished by this deal? Based on what we know, we will still have $1 Trillion deficits for the next 3 years (maybe longer) and the $62 Billion estimated annual increase in revenue from the increase in tax rates for the top 2% won't make much of a dent in those deficits or pay anything toward the 16 and a half Trillion dollar national debt.
You've been bamboozled, folks. It's the old magician's slight of hand as practiced by politicians once again. And the excessive spending will continue in D.C. unabated.