Posted by
Glenn Strickler on Saturday, March 01, 2008 2:36:51 PM
The United States should confiscate the assets of the
wealthiest 1% for the good of the Country. Got your attention, didn’t I?
The liberals of this country (Who will henceforth be known
as “Mr. Liberal”) seem to have an axe to grind against the top 1%. He and
others of his ilk would have us believe that we need to institute confiscatory
tax rates on the top 1% in order to be fair. The government could
do so much with that money to alleviate suffering. The rich need to pay
their fair share.
Looking through his works on this and other blogs, Mr.
Liberal seems to use the terms “Wealthiest 1%” and “The top 1% of income earners” interchangeably. This would be
like Car and Driver magazine comparing the top 100 fastest cars with the top
100 largest cars of all time. A few may occupy both groups but they are
definitely different groups. The
wealthiest 1% are usually older, built their wealth over the years, but may not
be in the top 1% income earners because their investments may not doing all
that well, especially lately. The top 1% wage earners tend to be younger, have
worked hard, risen to the top fast, but have not yet built the wealth to be
included in the wealthiest 1%. About 36% of the two groups began with inherited
wealth. However due to the so-called Death Tax the inherited money is nowhere
near the original amount. Those of you that have inherited money or have tried
to keep the family business in the family when it is passed down know what I am
talking about.
I am going to use Mr. Liberal’s own numbers gathered from
their writings. I have been able to find various numbers that seem to vary
according to who is doing the research, but for the purpose of this exercise,
it really doesn’t matter.
We could confiscate the entire wealth of the wealthiest 1%,
put it in the general fund and run the country for a few weeks short of two
years. You could confiscate the annual income of the top 1% of all wage earners
for one year and run the country for 10 months.
I do have to admit that there are plenty of studies that
appear to show that initiating confiscatory tax rates on the top 1% have little
to no effect on the growth of the economy. Some of the studies show growth, some show a little decline, but also
state that there could have been other factors at work as well. These studies
are used as the basis for making the rich pay their fair share.
These studies begin with a conclusion that they wanted to get to and then
retrieved the data to support the conclusion. They missed the real conclusion
that the studies point to. While the wealth of both of these groups is extreme
by our individual standards, when compared to the size of the US GDP it doesn’t
matter. Confiscating all their
wealth and putting into the economy and trying to measure it is like putting a
million gallons of water into Lake Mead and then trying to measure how high the
water rose with a yardstick on a windy day.
The real truth of the matter is if the government wants new
taxes to fund new and larger social programs, they have to come to the top 50%,
because that is where all the tax collection is. And that is you and me, folks.
Once the top 1% are disposed with, then I would expect the liberals to break
this 50% into sub groups to create a new class of earners that need to pay
their fair share. It’s
all about creating class envy, eventually breaking us down until we are all
wearing the same suit of clothes and occupy the same space of misery.
I