Friday, May 28, 2010

Fair share?!?

I just shouldn't go to CNN anymore.  I don't know why I bother.  I never really blog about politics, so this is just more of a vent, which I had to do for my own sanity after reading that Hilary Clinton says the rich aren't paying their fair share.  Seriously?  Okay, let's just take the most cursory of glances, done by simply Googling "tax bracket by income."

Taxable income from 34,000 to 82,400: 25%.  82,400 to 171,850: 28%.  171,850 to 373,650: 33%.  373,650 and up: 35%.  I'm not sure where her fictional "rich" cutoff is, but it's clear that the rich are paying substantially more than their fair share.  Even with a flat tax, the rich would pay far more than lower earners.  But with the current graduated rate of taxes, they pay exorbitantly more: a higher percentage of their income, and much, much more in total dollars.  Where is the fairness here?

And they don't get anything extra for these dollars.  It's not like there are high income bracket roads, or 35% tax rate public schools.  At least when you pay more for a good airline seat you get a faster check in line.  Her assertion is asinine.  Many wealthy people willingly choose to help those less fortunate than them.  It's called charity.  Clinton's blathering goes on to cite Brazil as an example to strive for.  Really?  Here are a few facts about this nation she wants the US to emulate:

* Brazil is not in the top half dozen nations in the world in GDP.

* Their biggest industry, by far, is oil and gas operations, to the tune of nearly five times the revenue of their next biggest industry, which happens to be mining.  How does this jibe with Clinton's environmental beliefs, I wonder?

* The 2010 Brazilian minimum wage is $510 reals per month, with an additional half month's salary in June and December.  This is the equivalent of around $300 US.  Per month.  Are we going to knock the US minimum wage down to $2 an hour in our pursuit of a Brazilian economy?

* Brazilian tax rates: 27.5% for everyone who earns over 43K reals (about 25,000 US).  Corporations get hit to the tune of 34%.

I'm looking for any part of this that looks appealing and I'm not seeing it.  How about we stop giving out mortgages to people that can't afford them, pass a flat tax, abolish the IRS, continue with a little free market system called "capitalism" that actually rewards success, and see how that works out for a while?

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