Thursday, April 17, 2008
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What's the Purpose of Taxation?
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Posted by:
Carol Platt Liebau at
12:02 PM
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Obviously, the good part of the debate was the first half -- wherein the candidates answered questions about "small towns," Reverend Wright, corkscrew landings in Bosnia, and the like.
But there was a very revealing -- and disturbing -- revelation about Barack's ideology that emerged during the discussion about the capital gains tax. Here's the exchange:
MR. GIBSON: [I]n each instance, when the [capital gains tax] rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
SENATOR OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year -- $29 billion for 50 individuals. (emphasis added).
Look, it's never seemed right to me that private equity guys can structure their income based on "carried interest" rather than being taxed at higher, ordinary income tax rates. That's a glitch in the tax code that certainly needs to be worked out.
But that glitch is not a reason to raise the capital gains tax on everyone -- especially when, as Charlie Gibson noted, a lower capital gains tax actually brings more money into the national treasury. And someone's notion of economic levelling, of "fairness," should never be a rationale for raising taxes, especially when doing so actually results in less revenue collected.
So which is it, Barack? Is the purpose of taxation so that the government can collect money, or is it to impose some kind of collectivist notion of "fairness"? We need some clarification, please.
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Who gets to decide what is a fair economic outcome? What else do they get to decide? And for whose benefit? For the good of the people? What about the good of the individual?
Who was it that said in praise of Moussolini something like, "Dictatorship is the best form of government if you have the right dictator"?
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Congratulations is what should be said the hedge fund managers on their performance last year! Mr. Paulson who made a record (for the hedge fund industry) $3.7B should be congratulated rather than victimized.
Liberals love to point out the extremes. They forget about the millions that would suffer if the capital gains tax was raised. Sure, it is easy to say Mr. Paulson can afford to pay additional taxes, but what about everyone making $50k, $75k, $100k even $250k who will suffer.
When Bill Clinton raised taxes in 1993, those making $36k saw their taxes go up. |
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that a media stooge admitted that lower taxes bring in more revenue. There are some who are still in denial of this fact. |
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What is the purpose of taxes?
To punish achievement. |
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Here is my beef with Obama with regards to the finances. I have heard him say many times that the rich should "want" and be expected to pay for those less fortunate. First that is a relative perspective. I am better off than most in this country or so it seems. However I live a very simple life with very few frills. That is just who I am. I work really hard every single day on our farm and also with a business our family started a few years ago. I work REALLY hard and have very long hours. Barack would say my "luck" has allowed me a better life and I should want to help others. The way I help others is to give when I want from the generosity of my heart and not because the government or Barack think I should. Our family knocks themselves out to provide many jobs and a good work environment. Barack on the other hand, has not provided jobs himself, but has insisted that others do that. He lives a lavish lifestyle and in fact doesn't live among the average joe which I most certainly do. He lives in an insulated environment with only those that think like him. I really don't get it. If he really believes what he says, he is a hypocrite for living the life he does. He may be in theory serving the people, but it looks more like he is serving himself. |
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