Right to Opine » Economy

The Tax “Fairness” Lie

Ethan — Fri, 27 Jan 2012 09:11:37 +0000

The problem with this—and Marr can’t possibly be ignorant of the fact—is that before a shareholder receives a capital gain from a stock investment, that money has already been taxed under both the income and payroll taxes at the corporate level. ... But the real gotcha is this beautiful class warfare gem: Romney, who released his 2010 and 2011 tax returns this week, has been forced to defend the fact that he paid a tax rate of about 15 percent on an annual income of $21 million.

Obama’s “Fair” Rules

Ethan — Thu, 26 Jan 2012 10:20:35 +0000

By “same set of rules” I can only assume he intends to stop taking money from people who have made good decisions and worked hard—and are now enjoying the fruits of their effort—and handing it to people who haven’t. The rules I live by—I stayed in school, worked hard for my grades, spent twenty years developing marketable skill, so I am able to own a home, feed and clothe my family and enjoy the occasional vacation–now apply to everyone?

Econ 101: Capital Gains Taxes

Ethan — Wed, 25 Jan 2012 06:40:06 +0000

Taxes on the gain are paid at 15% for long-term investments (reduced to 0% for the bottom two personal income tax brackets) or the personal rate for short-term investments (less than a year). ... Now you can see why Buffett has no problem raising the capital gains rate—because his investments are often of shorter term, they are less impacted by inflation.

Taxpayer Appreciation Day

Ethan — Sat, 21 Jan 2012 23:34:50 +0000

This includes, but is not limited to: food programs (e.g., SNAP, WIC, and free/reduced school breakfast or lunch) federally subsidized housing (e.g., HUD housing or FHA loans) tuition assistance (e.g., Pell grants and federally-backed student loans) farm or other subsidies medical assistance (Medicare/Medicaid) retirement (Social Security or retirement pay from federal civil service) ...Marshal Service, Coast Guard, and personnel in government service who are/were employed in positions which either require the carry of a firearm or are otherwise life-endangering (e.g., FBI/BATFE/CIA field agents, but not office workers) for at least 50% of the employment period or the current or prior tax year.

OWS: Next on the Agenda—Seizure of Private Property

Ethan — Sat, 10 Dec 2011 07:38:57 +0000

OWS and its media pimps have shown precious little regard for the wanton destruction of property—public and private—and damage to local business that have characterized the movement. ... But in a society of law, you can’t just take what you want—even what you need—from others without ushering in anarchy.

Brits Tiring of Increased Taxes

Ethan — Thu, 08 Dec 2011 05:52:18 +0000

Among other interesting findings, Britons are less willing than ever to pay higher taxes to support the National Health Service, schools or the environment, a new survey suggests. The National Centre for Social Research's 28th annual British Social Attitudes report also found increasing numbers blaming poverty on “laziness”.

Christmas Consumerism vs Charity

Ethan — Tue, 29 Nov 2011 11:22:28 +0000

The situation on the dark continent isn’t likely to get better until they reform or replace their incredibly corrupt governments, which are far too often propped up or enabled by…our aid and charity. ... It came straight from the director of a Christian African business organization—born in central Africa—who spoke at Central Christian Church (Mesa, AZ) a couple years ago making the case that Americans should actually reduce our charitable contributions to the continent and replace them with economic activity and increased direct pressure on governments to reform.

Evangelicals and the Case for Foreign Aid

Ethan — Sun, 13 Nov 2011 04:10:39 +0000

Stearns is also confused about the meaning of the word “dependence”: And at a time when more than a billion people do not have enough food to eat, President Obama’s Feed the Future initiative provides nutrition assistance and helps 21 South American, African and Asian countries feed themselves, without dependence on aid. ... We are also concerned that our tax dollars are so frequently spent in ways we believe to be contrary to both America’s interests and to the primary calling of the church—to reach the lost for Christ—which the government cannot do.

It’s Not Just About the Millionaires

Ethan — Sat, 12 Nov 2011 02:26:39 +0000

But since the millionaires already pay close to $200 billion in taxes, the government would have to increase rates to nearly 100 percent — which is about the worst idea ever — for it to have any real impact. ... To put a significant dent in just our budget gap—let alone federal debt—taxes would have to be raised enough that we’d face more foreclosures and the economy would falter as the middle class stopped spending on anything but necessities.

Income disparity “Numbers Games”

Ethan — Tue, 08 Nov 2011 15:38:41 +0000

Thomas Sowell lays out the reality behind the recent media hype over “income disparity.” It is easier and cheaper to collect statistics about income brackets than it is to follow actual flesh and blood people as they move massively from one income bracket to another over the years. [...] The Internal Revenue Service can follow [...]