Wealthy and poor alike, what do you think about no taxes?
Peter Druckenmiller
Issue date: 10/22/08 Section: Forum
The Presidential debates are over. Anyone who followed the last debate (and probably many who didn't), became very familiar with an Ohio resident by the name of Joe Wurzelbacher or, "Joe the Plumber." Regardless of how one might feel regarding either candidate, Joe was able to get Obama to admit something he had previously denied: Obama wants to "spread the wealth around."
In all the debates, both Obama and Biden have vehemently denied any desire to "redistribute wealth" or engage in "class warfare." Both have stated that their tax plan would provide tax "cuts" to an estimated 95% of Americans. In reality these tax "cuts" would be the taking of taxpayer dollars and the giving of these dollars to non-taxpayers - or the redistribution of wealth.
Under the Obama/Biden plan, college students would be eligible for a yearly $4,000 check from the federal government in exchange for some community service, even if the college student paid no taxes. They claim that this is a tax "cut", but anyone who has ever paid taxes knows that a tax "cut" is when one pays less in taxes, not when one gets money while paying $0 in taxes.
Currently, only 62% of Americans pay any federal income tax. The remaining 38% of our population receive a 100% refund on any income tax withheld. Under an Obama/Biden tax plan, over a third of the population would receive a federal check without ever paying a cent in income tax! The average NON-taxpayer would receive a check of $1,000 or more!
Biden has said that where he comes from, this sort of policy is called "fair" and the paying of higher taxes is "patriotic." Others (who apparently come from someplace else) have objected to this sort of policy, labeling it unfair to take money from one group and give it to another. It has also been labeled as class warfare, i.e. the pitting of one economic demographic against another: the poor "us" pitted against the wealthy "them."
Obama and Biden have routinely accused President Bush of allowing the wealthy to pay little or no taxes under his eight years as President. The reality is that in 2000 (the year Bush was elected), the top one percent paid 32% of all taxes, or roughly one third. In 2008, this same group paid 40%. This is an increase of 8% and is hardly the "holiday" that Obama and Biden claim.
In all the debates, both Obama and Biden have vehemently denied any desire to "redistribute wealth" or engage in "class warfare." Both have stated that their tax plan would provide tax "cuts" to an estimated 95% of Americans. In reality these tax "cuts" would be the taking of taxpayer dollars and the giving of these dollars to non-taxpayers - or the redistribution of wealth.
Under the Obama/Biden plan, college students would be eligible for a yearly $4,000 check from the federal government in exchange for some community service, even if the college student paid no taxes. They claim that this is a tax "cut", but anyone who has ever paid taxes knows that a tax "cut" is when one pays less in taxes, not when one gets money while paying $0 in taxes.
Currently, only 62% of Americans pay any federal income tax. The remaining 38% of our population receive a 100% refund on any income tax withheld. Under an Obama/Biden tax plan, over a third of the population would receive a federal check without ever paying a cent in income tax! The average NON-taxpayer would receive a check of $1,000 or more!
Biden has said that where he comes from, this sort of policy is called "fair" and the paying of higher taxes is "patriotic." Others (who apparently come from someplace else) have objected to this sort of policy, labeling it unfair to take money from one group and give it to another. It has also been labeled as class warfare, i.e. the pitting of one economic demographic against another: the poor "us" pitted against the wealthy "them."
Obama and Biden have routinely accused President Bush of allowing the wealthy to pay little or no taxes under his eight years as President. The reality is that in 2000 (the year Bush was elected), the top one percent paid 32% of all taxes, or roughly one third. In 2008, this same group paid 40%. This is an increase of 8% and is hardly the "holiday" that Obama and Biden claim.
Note: writers will not reply to comments.
Viewing Comments 1 - 5 of 6
Geoffery Parsons
posted 10/22/08 @ 2:17 AM PST
Oh hey look you have no idea what you're talking about how nice
morgamic
Mike
posted 10/22/08 @ 5:03 PM PST
You criticize Obama for having a plan but don't offer alternatives. The "things cost more" argument doesn't work when you consider that health care prices will lower quite a bit, consumer confidence would be restored, and there is still not a solid argument the net difference for the middle class would be negative. (Continued…)
fwenzel
Fred
posted 10/29/08 @ 9:00 AM PST
I wrote a letter to the editor about this article, and blogged about it as well: http://fredericiana.com/2008/10/29/tax-policies-and-inappropriate-nazi-comparisons/
Bill
posted 11/06/08 @ 4:13 PM PST
Ian, because the 40% claim is a MYTH. The top 10% pay lower taxes per net worth (this is the key here) than the rest of the 90%. Yes, they pay 40% in income tax, but because of corporate loopholes, tax breaks on capital gains, overseas investments, and tax loopholes on estates, they actually pay less (percentage wise) then everyone below them. (Continued…)
Anna
posted 11/12/08 @ 8:00 AM PST
It is refreshing to know that there are some people out there who realize it is not fair to tax the rich and give to the poor. This has never worked for our society. (Continued…)
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