Why do the liberal wealthy support higher taxation?
Consider that existing wealth is not taxed
...........but getting there is taxed.
A liberal mentality is not complicated, because like everything else in life, it is operated by motivations. However, there is a difference between the liberal rich and the liberal poor. In reality, you can put the middle class with the poor since the only difference is the amount of debt and standard of living. There are poor class people with more net worth than many in the middle class.
The IRS taxes revenue, not existing wealth. In other words, it taxes money that is being made that is legally reportable. Pay attention to the phrase "legally reportable". However, consider the following. The tax is the same if a multi-millionaire reports a half-million or a poor person makes a half-million. That will be our first premise. Oh, and keep in mind that there is a difference between "reporting" and actually "making" a half-million.
For our second premise, consider that the extremely wealthy can hire tax attorneys that know tax strategy while the lower class cannot or do not.
For our third premise, consider that wealth itself is not taxed. If you have 100 million dollars in the bank, it is not taxed and cannot be reduced by taxation. Only revenue is taxed.
For our fourth premise, consider that too many wealthy people in society are not desired by the wealthy because it takes away from their power base.
Our fifth premise is that increasing taxation on the rich does in no way increase the wealth of the poor. It is unfortunate that the poor have been led to believe this fallacy.
Keeping these factors in mind, let us go on. If taxation on a higher income is increased, how easy will it be for a middle income businessperson to acquire wealth? The higher taxation on the higher brackets will take a toll on everyone that tries to move up. It will not effect the existing wealthy because they already have wealth. In other words, if a middle class stock market investor should suddenly make a bundle, he or she will get taxed back into the middle class. It does make a difference.
A more logical tax law would be if people are taxed on revenue according to their existing wealth so that if a poor person makes a bundle, he would keep a greater percentage of the income as compared to an already wealthy person. How about that!!!!! Will Kennedy and his liberal friends who are for the poor support that one????
Why don't the liberal rich such as Kennedy and Soros preach for such a tax law? They say they are for the poor. Why do the liberal poor believe this crap that is put out by these liberal politicians. Well, it is simple. The poor have been brainwashed into believing that welfare and affirmative action programs represent the path to wealth. Well, in realtiy, these liberal programs are merely geared to keep people addicted to a socialized system.
If the poor began to make some serious money, I do not believe they would feel as good about higher taxes on the higher income brackets.
You hear the expression "increase taxes on the wealthy." This statement that is continually being espoused by Ted Kennedy is deceitful garbage. Remember that wealth is not taxed.....only revenue is taxed.....and the rich can easily mask that revenue as write-offs, expenses, real-estate depreciation, and a hundred other things that the poor cannot even imagine.
Why not change the expression to the following: increase taxes on the poor if they should make a lot of money. Why not? It is the same thing.
A wealthy person pays no taxes if he or she reports no income on the tax return. Why is Don Trump in real-estate? Sure, he can make big deals.....but he also knows the value of depreciation for tax purposes. The liberal wealthy also know the value of depreciation.
Wake up.....you poor liberals, and I place the middle class in the same category as the poor. So you want the rich to pay more. What you are saying is that you want to pay a heavier tax if you should ever make some serious money in a lottery, business transaction, gambling or in the stock market. Capital gains taxation can be brutal on someone trying to become wealthy.
An expression of the liberal philosophy is.......the distribution of wealth. This far left propaganda is the cornerstone of communism. It really means a distribution of wealth between the middle class and lower class. You cannot take wealth from those who already have it, but you can take away from those trying to attain it.
Editorial: The Fallacy of Taxing the Rich