Skip to content

Tax the successful even more?

October 11, 2016

So for all you folks out there undecided, all you younger folks in college, striving to get into the ‘real world’ and make something of yourselves.

For all you people bitter at the fact that really successful people make a lot of money, or wealthy people inherit money from really successful people, I’d argue this point below.

 

Taking tax revenue from 2015, total taxpaying units (individuals or families) and % breakdowns from 2014.

In 2015 the federal government collected a record 3,248,723,000,000 dollars. That’s Trillion with a T.

Data states that taxes paid were broken down as follows:

Top 1% paid 45.7%

next 19% paid 39.3%

Bottom 80% paid 15%.

Now remember, this is not % of people, this is % of TAX PAYING CITIZENS.

Now total potential tax payers in 2013 was 171.3 million units. 44.3% of those people did NOT pay federal income tax. That means 77.5 million people paid 0$ in federal income tax. It also means 93,800,800 people paid the total sum of 3+ trillion dollars.

With me so far?

Based on this you have the following:

Top 1% = 938,000 people paid 1,484,666,411,000 in taxes. That’s TRILLION. Avg per unit = 1,582,800

Next 18% = 18,677,000 people paid 1,276,748,139,000 in taxes. Again, TRILLION. Avg per unit = 68,359. (my assumption is that is the “Middle Class” to our politicians)

Remaining 80% = 75,040,000 paid 487,308,450,000 in taxes. That’s Billion. Avg per unit = 6,493.

 

I rounded % off which is why you get 99% for taxpayer totals.

 

This system is clearly angled at far more taxes for successful wealthy people than the rest right? Those wealthy people that spend and create most of the millions of private sector jobs. That’s fine, it’s where we are, it’s what liberals believe is “just”. I disagree. I think taxing the successful creates disincentives to risk taking, entrepreneurs, the lifeblood of this nations rise to power and the heartbeat of capitalistic markets.

 

Pay attention now please.

Total appropriations for the 2016 budget for the state of New Jersey is 33,844,000,000 billion dollars.

New Jersey has the 3rd highest personal income tax in the country, now at 8.97%, up from 6.3% in 1996. Doesn’t sound like much huh?

58 year old David Tepper has a net worth of approximately 11 billion dollars (His firm Appaloosa Management). He WAS a resident of New Jersey around the time the NJ Budget was formulated.

Now? Now Mr Tepper is a Florida resident, where there is no personal nor state income tax. Why? Based on what I know of David and his financial IQ, why on earth would you pay hundreds of millions of tax dollars you legally do not have to?

Here’s where you younger folks need to pay attention. This whole “pay your fair share” crap has been a complete and total fabrication but also the very foundation (along with ‘picking up’ minorities from poverty (which they still have never done) of their plan to ‘grow’ prosperity and create a larger middle class.

See here’s what happens, and will happen.

The state of New Jersey now finds itself, according to Frank W Haines III, NJ legislative budget and finance officer, nearly 140 million dollars “short” of the 2016 budget allocations. Why? Because the 140 some million they assumed would be paid in personal income tax by Mr Tepper is money that no longer exists.

Guess who is left holding that bag? Yep, the rest of NJ tax payers.

He did nothing illegal, not in the least. He did what most every single financially successful person would, and will do (including every single one of you reading this).

You can go ahead and elect the felon on the democratic ticket. She and liberals might possibly get their shot at taxing the hell out of the ‘1%’ they both belong to while at the same time acting like they despise. Think that’s made up? Read this. 

If it does happen, big if, it will happen ONE time, just one time. You think these people are going to remain in a place to be taxed to hell for taking risks, creating companies, and jobs, and being successful? For using capitalism to create wealth and jobs? Not gonna happen.

Now play this out on a federal level. The government makes an annual budget in the trillions. They keep raising taxes and they are going to find themselves “Teppered”. What does that mean on a national level?

Anyone remember this? 

Now all of you people screaming “FEAR MONGER” and “WAKE UP THIS IS AMERICA” need to step back and remember a short little history lesson.

On March 6, 1933, President Franklin D. Roosevelt issued Proclamation 2039, which effectively stopped all bank transactions in the nation.

This nation is 20+ trillion dollars in debt. There’s literally no scenario in which a Democratic White House reduces that by even 1 dollar.

They are, and always have been the party of “Tax and Spend” and if you listen to her diatribe she has zero plans to change that.

She wants trillions for an “Infrastructure bank”…. What?

Ah, I see, that’s the new phrase replacing the bailout needed to create “Shovel Ready Jobs”. Seen those yet? How much was that?

(From the NYT July 2011)

Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through April 30, the government has made commitments of about $12.2 trillion and spent $2.5 trillion —

How’d that end up working out? Solyndra anyone? Oh and the auto industry? 10+ billion to bail one out, while the other saved itself.

The point is this. Government, at every point in history, that tried to ‘grow’ the economy through more gov’t programs and raising taxes has never, not once, succeeded. It hasn’t, won’t and never will.

The federal gov’t is required to do 2 things.

  1. Protect the citizens of this nation through secure borders and a strong military
  2. Provide for Americans that cannot provide for themselves
  3. Actually I’ll add this one. It MUST demand perfection in its treatment of our veterans and their families. So many in the VA are doing everything they can but there’s way too much left to do.

One last point. And this might be the most important.

You cannot, in any universe, have a welfare state AND open borders. Think about that a second. That’s not physically or financially possible but that’s exactly what the democratic nominee wants. She’s stated it VERY clearly to wall street, a “Hemisphere of open borders”.

 

 

8 Comments leave one →
  1. October 12, 2016 1:58 am

    “You cannot, in any universe, have a welfare state AND open borders” so on point…its a strategy to bankrupt the country. The people that are taxed are the ones that should receive benefits from this country. Common sense right?! Giving away free school, drivers licenses (when they have no insurance) and generally supporting the lives of illegals is a shockingly idiotic reality we live in now. We’re all going to pay for these things one way or another if they continue. Hillary supporters clearly don’t consider this as there is just no argument to support this. Stick to the damn issues everyone.

  2. October 12, 2016 1:41 pm

    Reblogged this on Qui me amat, amet et canem meum ~St. Bernard of Clairvaux~ and commented:
    Food for thought. Always good to expand the mind and think in a different directions.

  3. October 13, 2016 2:36 pm

    I gotta say, Curt. I saw your comments on CNN watching you defend Trump for saying he would date a 10 year old based on how he assumes she will look when she is of legal age, and I have to wonder if you have any moral conscience at all. It is astonishing you even have the gall to show your face in public much less make those remarks. Do you want to live the rest of your miserable life in shame? You are well on the path of doing so.

    God help you, degenerate deplorable. You are a disgrace to this great nation. People like you should be spat upon.

  4. October 18, 2016 8:03 am

    Are you kidding me? Are you really as stupid as you sound or a big fraud? Or both? You claim to be a conservative and CAME TO MY STATE AND STOLE MONEY.

  5. October 19, 2016 12:17 pm

    The top 1% pay 45% of taxes because they own between 60% and 90% of all the U.S. wealth. All of a sudden it strikes me ….. they’re not paying enough. That’s because their lobbyists control Congress to a large degree. The bottom 80% own 7% of the wealth and pay 15% of the taxes. This doesn’t include taxes on food, gas, etc. The percentage the bottom 80% paid would be even higher if those kinds of taxes were included.

  6. October 21, 2016 10:22 pm

    Perhaps you can explain why *every* time the wealthy have been given tax cuts, there result was not increased economic growth; the result was an increased annual deficit. Look at the growth of the annual federal deficit under Reagan and Bush 43. Look at what’s happening now at the state level in Kansas.

    Bush 43 accurately referred to “trickled down economics” as “voodoo economics”. It just doesn’t work.

    What does generate economic growth? Increased demand for goods and services? What is the primary source of that demand? The so-called “middle class”. How to you enable the “middle class” go generate demand? Enable its members to find and retain well-paying jobs. How? By ensuring that they are well-educated — not just from pre-K through college, but over the entire course of their working lives.

    There was a time when one set of skills would enable you to hold down a good job for the rest of your working life. That time is gone. The pace of technical change has increased to the point where far more flexibility is required. The only way to achieve that is with continuous education.

  7. October 24, 2016 3:57 am

    Hi Curt,

    Big Trump fan of the Von Mises school of Austrian thinking and am refreshed by your openness. Just a brief note about Point #2 on what you claim the responsibilities of the Federal Government are (and I will copy and paste what I commented on a you tube video of your recent interview with Jake Tapper):

    “”As a Jew myself, I believe (and I certainly don’t speak for all Jews, I am just stating an opinion), that Tapper is correct when he states that most Jews vote democrat for social welfare issues. That is based on the constant drum beat of Jewish thought that Jews must “heal (or repair) the world,” which is called Tikkun Olam (sp?).

    As a LIbertarian myself, I think the flaw of those Jews (often wealthy) who vote democrat for the sake of Tikkun Olam is simple: using the government (the monopoly of force in a geographic area) to enforce what should be a private, charitable mitzvah demanded by Jewish theology.””

    I will add also that this topic is spoken often with many of the Jews I speak with of a more conservative bent (most of my immediate family are Chabad members), and you must remember the long history of Jews and the Bolshevik revolution and Marxist collusion. The White Army aristocrats long forced Jews to send their first born sons to join the (non kosher) Russian army etc.., and they weren’t allowed to own land, many types of businesses etc..

    Thus, I think, it seemed like a reasonable alternative to veer Red (Marxist) and defeat the Whites. That link remains till this day in the likes of Bernie Sanders. It was a false dichotomy then as now: Democratic masses fighting the upper class for a worldly Utopia using their brains and their wealth to achieve that end vs. Monarchistic and Oligarchic dictators fighting the masses for control and wealth as a type of slave owners of the lower classes.

    Individual rights got lost in the mix, as it is now in our own country founded on the rarified brilliance if Individual rights protected by the government (and not having their wealth stolen to “take care of those who can’t take care of themselves” as you state. That is the role of private charities just as education is a role of private citizens joining together in co-ops without the force and fraud of the government internment and indoctrination camps being foisted upon the youth of this great country.

    Keep up the good work!
    Michael

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

38 Pitches

Curt Schilling's Official Blog

%d bloggers like this: