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How The Super Rich Avoid Taxes Even As They Demand That The Rest Of Us Pay More

The way that we tax people in the United States is fundamentally broken and should be completely discarded.  The U.S. tax code is absolutely riddled with loopholes that allow the super rich to legally avoid taxes while many of the rest of us are being taxed into oblivion.  In our system of taxation, middle class families that work hard and try to play by the rules are deeply penalized while those that are willing to abuse the system make out like bandits.  There is something fundamentally wrong with a system that enables wealthy politicians such as Barack Obama and Mitt Romney to pay a smaller percentage of their incomes in taxes than millions of middle class families.  Mitt Romney has millions of dollars parked down in the Cayman Islands and in other tax havens.  He does this to avoid taxes.  Unfortunately, most Americans do not have the resources to funnel money through offshore tax havens.  Most Americans just automatically have their paychecks shredded by taxes and then try to live on whatever is left over.  Most Americans are just trying to survive financially from one month to the next.  But the super rich have options.  Thanks to technology, they can live almost anywhere they want and they can run their companies and manage their investments from anywhere in the world.  The truth is that the wealthier you are the easier it is to avoid taxes.  But even as the ultra-wealthy do their best to avoid taxes, many of them still feel free to demand that the rest of us be taxed more.

So what are some of the ways that the super rich avoid taxes?

Well, let's start with those that are just "somewhat wealthy".  Many millionaires still want or need to be U.S. citizens, so they are subject to the U.S. tax code.  Fortunately for them, their tax lawyers know of thousands of loopholes that have been designed to help the rich avoid taxes.

The following is from a recent article by Jen Talley....

Some of the richest people in the country pay the least, relatively speaking, in taxes. How is this possible? Answer: Through the clever manipulation of the U.S. tax code’s loopholes. And it works: as income rises, effective tax rates rise as well, but only up to a point. IRS data shows that the effective income tax rate flattens out at just over 24 percent for those making over a million dollars. As income exceeds $1.5 million, the rate begins to decline; those with incomes above $10 million pay an average income tax rate of around 19 percent. So, how do they do it?

You could write an entire series of books on the technical details of how this gets done.  Trust me, I studied tax law when I was in law school.

If you are interested in digging into some of the technical details of tax avoidance, a recent Businessweek article detailed 10 ways that the wealthy use our current tax code to avoid paying billions of dollars in taxes.  It is an article worth reading if you have the time.

Sadly, tax avoidance by the wealthy is not just something that happens in the United States.  The truth is that the exact same kind of thing happens in the UK as well.

There is not an easy fix to this problem.  Our politicians have had decades to try to come up with a fair tax system and they have completely failed.  The wealthy are always several steps ahead of them.

But federal taxes are not the only taxes that can be avoided.  The vast difference in state tax rates creates another opportunity.

One advantage that wealthy Americans have is that they are far more mobile than most other Americans are.  So if they don't like the tax system in one state they can simply pick up and move to another state.

According to the Tax Foundation, 3.4 million Americans left New York state between 2000 and 2010.

So where did they go?

The following is from a recent CNS News article....

Where are they escaping to?  The Tax Foundation found that more than 600,000 New York residents moved to Florida over the decade – opting perhaps for the Sunshine State’s more lenient tax system – taking nearly $20 billion in adjusted growth income with them.

There is no state income tax in Florida.  So moving from New York to Florida can end up saving you a bundle.

The same kind of migration is happening out west as well.  According to that same CNS article, hundreds of thousands of people have been moving from California (a high tax state) to Texas (no state income tax)....

Between 2000 and 2010, the most recent data available, 551,914 people left California for Texas, taking $14.3 billion in income.  Texas has no state income tax or estate tax.

A total of 48,877 people moved to Texas from California between 2009 and 2010 alone, totaling $1.2 billion in income.  Another 28,088 from California relocated to Nevada and 30,663 to Arizona, a loss of  $699.1 million and $707.8 million in income respectively.

Not that anyone really needs much of an excuse to move away from California.  It is rapidly decaying right in front of our eyes.

But a lot of families do not have the same options that wealthy people do. Unfortunately, most average Americans are tied to their jobs and it would be much more difficult for them to pick up and move across the country.  In this economy it can be economic suicide to give up a good job.

The reality is that most of us simply do not have the resources to play the same kinds of games that the wealthy play.

Sadly, even our most prominent politicians avoid taxes.

Just look at Massachusetts Senator John Kerry.  He has avoided approximately $500,000 in taxes by docking his yacht in Rhode Island rather than in Massachusetts.

Yet Kerry sure does love to call for more taxes on the rest of us, doesn't he?

Now let's talk about the "super rich" and the "ultra-wealthy".  For many people that are worth billions of dollars, tax avoidance has become an art from.

Facebook co-founder Eduardo Saverin made national headlines recently when he gave up his U.S. citizenship, but the truth is that his case is small potatoes compared to the global elite and the shadow banking system that supports them.

According to the IMF, the global elite are holding a total of 18 trillion dollars in offshore banks.

That amount is more than the GDP of the United States for an entire year.

So what do I mean by "offshore banks"?  I defined the term in a previous article....

Well, the term originally developed because the banks on the Channel Islands were "offshore" from the United Kingdom.  Most "offshore banks" are still located on islands today.  The Cayman Islands, Bermuda, the Bahamas, and the Isle of Man are examples of this.  Other "offshore banking centers" such as Monaco are actually not "offshore" at all, but the term applies to them anyway.

Traditionally, these offshore banking centers have been very attractive to both criminals and to the global elite because they would not tell anyone (including governments) about the money that anyone had parked there.

It has been reported that 80 percent of all international banking transactions involve offshore banks.  A whopping 1.4 trillion dollars is being held in offshore banks in the Cayman Islands alone.

An article that appeared in the Guardian estimated that a third of all the wealth on the entire planet is being kept in offshore banks.  One of the primary reasons for this is tax avoidance.

A lot of wealthy individuals never even visit these tax havens and yet reap the benefits anyway.  The truth is that tax avoidance has become way too easy.  The following example is from a recent Politico article....

A plausible scenario plays out like this: I hire an accountant. Doing her job, my accountant tells me that if I sign a few legal documents and route my money through a small Caribbean island, I could keep more of my paycheck and pay a lower tax rate. I may have earned my money in the United States, but legally I can claim that it was, in fact, earned in a tax haven.

Are you disgusted yet?

You should be.

But even though they avoid taxes like the plague, many of these elitists have the gall to call for higher taxes on all the rest of us.

For example, let's review what the managing director of the IMF, Christine Lagarde, said in a recent interview....

"Do you know what? As far as Athens is concerned, I also think about all those people who are trying to escape tax all the time. All these people in Greece who are trying to escape tax."

Even more than she thinks about all those now struggling to survive without jobs or public services? "I think of them equally. And I think they should also help themselves collectively." How? "By all paying their tax. Yeah."

It sounds as if she's essentially saying to the Greeks and others in Europe, you've had a nice time and now it's payback time.

"That's right." She nods calmly. "Yeah."

And what about their children, who can't conceivably be held responsible? "Well, hey, parents are responsible, right? So parents have to pay their tax."

Well, it turns out that she doesn't pay any income taxes at all on her own income....

The IMF chief Christine Lagarde was accused of hypocrisy yesterday after it emerged that she pays no income tax – just days after blaming the Greeks for causing their financial peril by dodging their own bills.

The managing director of the International Monetary Fund is paid a salary of $467,940 (£298,675), automatically increased every year according to inflation. On top of that she receives an allowance of $83,760 – payable without "justification" – and additional expenses for entertainment, making her total package worth more than the amount received by US President Barack Obama according to reports last night.

Her "diplomatic status" allows her to escape all income taxes.

So perhaps she should pay her "fair share" before pointing the finger at anyone else.

But she is not the only one being hypocritical.

The super rich claim that they should pay lower taxes on investment income for the good of our "capitalist system", but when their banks are about to go under they are more than happy to have those losses be socialized.

As I wrote about yesterday, the stage is already set for another massive round of bailouts when the next great financial crisis strikes.  Once again our taxes will pay for the mistakes of the ultra-wealthy.

The truth is that our system is fundamentally broken.

We need to abolish the income tax and shut down the IRS.

Those two steps alone would do wonders for our economic system.

We also need to shut down the Federal Reserve and break up the too big to fail banks.

Unfortunately, the vast majority of our politicians are not even willing to consider any of those solutions.

So our fundamentally broken system will continue to chug along.

It really is sad.

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  • AZ Man

    While I strongly agree that loop holes for the wealthy need to be closed. Before bashing Mitt Romney, lets remember that last year he donated over 15% of his income to numerous charites while Obama donated a little over 1%. So much for selfish Conservatives. We need to stop listening to the the propaganda and look at the actions of the candidates. I stopped voting “my party” years ago and now look at the lives and decisions made by the Men and Women running for office.

    • Gary2

      I do not consider the morman church and sending of morman missionaries to be charity. Also most of the charity the rich donate to help almost no one. Giving to the symphony does nothing to help the poor.

      • lEEY

        @ Gary2 First off I’m not mormon but they do more to help people than the ****** libtard liberals who expect the gov’t to take care of the poor. I am no religious nut either. If you research them which I doubt you know how you would they are second only to the catholics in regards to helping peoploe you ****** dumb ass moron.

      • Mal R.

        “I do not consider the morman church and sending of morman missionaries to be charity”

        Dont look now Gary, but you sound like a “low information democrat bigot”. Pffft, dont sweat it tho, you fit right in with the rest of the racist democrat party. BTW Clueless in Seattle, it’s Mormon.

    • Nexus789

      What….the imaginary charity the Moron Church.

    • Rowell

      Sorry AZ Man, look at the charities he’s donating to. Mormon Charities. Any other charities? Hardly.

      • Douglas

        What does it mater what charity he donates to as long as it is an officially recognized charity? Your prejudicial treatment of his charity compare to what you think is good or bad charity is irrelevant. He did, as has been often documented for all conservatives, donate more money than Obama and liberal. When they donate it tends to be to universities and art galleries and never sees use in the local community feeding the poor as most churches do.

        • Gary2

          let me repeat for this who did not read my first post- Donating to the Mormon (or any other) church IS NOT CHARITY regardless of whether the IRS says it is a Charity

          Sending Mormons to France to convert people is helping no one and probably annoys the french

    • mel

      You are naive to think Mitt Romney is donating 15% to charity when the money is transferred to his Mommon church which use the money to fund his election and all anti abortion and gay marriage campaign.

    • Helen Macdonald

      Apples and oranges my dear

  • Rodster

    I wonder if dirt bag liberal U2′s Bono is going to pay his fair share of the $1 Billion he made from the Facebook IPO? ;)

    • Gary2

      yes he needs to be taxed hard I do not care what his politics are. also I think the music of U2 sucks. what do people like about it???

  • SMASH THE CONTROL MACHINE

    TIME to weep AND MOURN YOU RICHMEN!!!!”…all for the countless harlotries of the harlot, graceful and of deadly charms, who betrays nations with her harlotries, and peoples with her charms. Behold, I am against you, says the LORD of hosts, and will lift up your skirts over your face; and I will let nations look on your nakedness and kingdoms on your shame. I will throw filth at you and treat you with contempt, and make you a gazing stock…” (Nahum 3:4-6)

  • David G.

    I hate to disagree, but Mitt Romney is retired. He does not have any “income”. What he did with his income is invest it in other companies. And that ivestment income is taxed ayt 15 percent. The same thing is true for gold. If you buy gold coins, hold them for more than a year, then sell them, you will be taxed fifteen percent on the gain. Now you and I both know that buying gold coins is a way to protect hard earned savings from inflation and confiscation by colluding central bankers and politicians. They hate that they can’t get their hands on our savings if its invested in gold coins. The same is true about private enterprize. Central bankers and politicians may say they love the free market, but they hate the fact that if you invest in a business rather than parking your savings in US dollars, they can’t get their hands on it. You can’t blame Mitt Romney for doing the VERY SAME THING you’re doing to protect yourself from out of control confiscation of the savings/earnings of Americans. You’re right, we need to rethink out tax code, but you’re way out of bounds for criticizing anyone from trying to starve the beast, and protect themselves. This is pure and simple class warefare thinking, and has no place on a blog like this. None. I’m really, really disapointed.

    • Michael

      If you read my blog regularly, you would know that I am very much against class warfare.

      Class warfare would be saying things like “the rich aren’t paying their fair share so raise taxes on them”.

      I believe that the entire tax system is so flawed that is should be abolished.

      Michael

      • Gary2

        lass warfare would be saying things like “the rich aren’t paying their fair share so raise taxes on them”.

        you would be correct-tax the rich hard. They do not even come close to paying their fair share.

        You neglect to mention that there has been class war for decades and the rich are winning.

        • GaryToo

          Remove any incentive for success and risk. Drive the last remaining entreprenuers OS. Insted of repeating the same four word envy slogan over and over, give the reality some thought.

          • Gary2

            After reading your post I think I need to go and drop another job creator in the toilet.

        • Mal R.

          You’re right Gary, the top 10% of people paying 85% of the income taxes in the country isn’t paying their fair share. Have any other wonderland gems you wanna share?

          You neglect to mention that the only way to win the class war it to socialize it all and implement your communist agenda Gary. Other than that, the rich will just exercie their freedom and either restrusture to avoid the taxes or they use their feet and go somewhere else. In the meantime, “the poor” that democrats care just oh so much for lose their jobs.

          All you democrats have to offer is MASS poverty.

          • Gary2

            the top10% of the people have 90% of the income and wealth so I would say they are under-taxed.

      • David G.

        That doesn’t change the fact that you and your gold coin stash are putting up a protective shield against government sanctioned central bank confiscation the same way Mitt Romney is protecting his after-tax savings by parking it in productive companies. Its the same thing. But you don’t call yourself out for owning gold coins. You laud the fact that your smart enough to avoid the inflationary foolery that will destroy your wealth. Isn’t Mitt Romney allowed the same kudos? Investment, wither its in gold or a business, is not taxable income. Its after tax savings that the government ALSO gets its hands on. I think its unfair to call them the same thing.

        • TX4Life

          I completely agree.

      • Jamie

        I agree Michael, we have to abolish the IRS, do away with the 16th amendment and initiate the Fair Tax.
        We also have to change the student loan system so that we are not burdening the next generation with overwhelming debt.
        .

        • David G.

          Are you kidding? A fair tax? The income tax was set up initially to act as an “asset” for the Federal Reserve so they could print money. The FED buys US Treasuries and then calls those treasuries an asset. The ONLY reason they can get away with the sleight of hand chicanery is because the Federal Government has power to tax the citizenry. Take away that power, and the assets parked at the FED would lose their value, they would no longer be able to print money based on holding assets and the game would be over. The right course is to abolish the income tax, and chase the Federal Reserve out of dodge. Do you think they would play the game any longer if they couldn’t count worthless paper documents as an asset that brings them billions of dollars in interest payments?

      • David G.

        I disagree. This is another, more veiled way to gin up class warfare, but its still class warefare. See, most people don’t get the subtle difference between a wage and an investment. You earn a wage. And what you don’t spend for housing, food, clothing, and other expenses is called savings. You can do what you want with your savings. You can stuff it under you mattress. You can put it into a savings account (I wouldn’t trust fractional reserve banking with a penny of my savings, but that’s not today’s discussion). You can loan it to your sister. You could loan it to your friend. Or you could loan it to a business and invest in their future. You could even buy some gold and silver coins with it. You buy gold coins. Mitt Romney loans it to some business. So when you call Mitt Romney out for investing in business, but you don’t call yourself out for buying gold coins, you taking advantage of the fact that most people don’t understand that he’s doing the saving thing that ever other American is doing. He’s saving his money and doing something constructive with it. And the result of that “ignornace” about the similarity of what we do with our savings ends up ginning the class warefare rhetoric.

  • Cinderella Man

    Well hopefully this article will make Gary2 happy! I agree to an extent. I just love how the super rich bitch and moan that “if their taxes get raised then they wont be able to support the economy and create jobs!” Im sorry but when was the last time you heard of any super rich fatcat bastard creating any new jobs? I only hear about new waves of layoffs and more outsourcing. The only ones who deserve a tax cut is small business owners that actually employ people not frickin GE or HP!! If the damn govt actually cared about the poor and middle class they would let us keep more of our hard earned money. I get sick everytime I think about that money that gets stolen from me every payday and I cant help but think of the bills I could pay and the extra food that goes with it. But nooo Im a single man so I dont need to eat as much and I dont deserve to have the internet or a few extra bucks to put in my gas tank. But Bill Gates needs tax breaks so he can invest into new eugenics vaccines to spread (death) I mean hope to the third world! Im starting to realize that America is a new feudalsim and I really am just a wage slave. Climbing the rung up the ladder of success is a frickin joke.

    • Gary2

      Have to agree with 99% of what you said–we can find common ground. I totally agree to lower taxes on small business and raise on big business.

      • GaryToo

        Done and Done! How about no income tax just tax on financial transactions, that way the really big business like wall street traders and bankers would pay huge tax enough to support govt, and the rest of us could live and breathe.

    • Mal Reynolds

      The “rich bastards” create many jobs. Jobs for boat builders, jobs at marinas where they dock and maintain their boats, caterers, party planners, security personnell, high end auto dealers, investment bankers, real estate dealers in the Hamptons …. the list goes on.
      Many of these individuals give large amounts to charity and political causes. Taking their $ and giving it to the gummint to spend is no solution …. that would just support legions of arrogant bureaucrats and make life harder for those of us who are productive. A better solution would be to end the Fascist Corporatism that allows gummint and business to grow larger together by stifling competition both economic and political.
      But I digress …

      • Gary2

        hey Mal–The middle class are the job creaters. the rich do not spend enough to create demand equal to the number of jobs we need. I am not saying their spending is uniomportant but WAY less important then the demand a middle class would produce. We need to tax the rich and spread the wealth to generate more demand and thus more jobs. There is WAY too much income in way too few hands.

        • GaryToo

          Thers is plenty of healthy demand from american masses, ask any fast food maker or chinese manufacturer.

      • Gary2

        most of the chariety the rich give too such as orchresta and the symphony do nothing to help the poor and are mainly for their (the rich) own benefit.

      • Mal R.

        Oh *****************. I guess mimicry is the sincerest form of flattery.

    • Mal R.

      “Im sorry but when was the last time you heard of any super rich fatcat bastard creating any new jobs?”

      Huh? Did you stop to think about that statement at all before you hit submit?

      “I get sick everytime I think about that money that gets stolen from me every payday and I cant help but think of the bills I could pay and the extra food that goes with it.”

      But you want the same thing to happen to someone else!? You people are amazing displays of cognitive dissonance.

      • Gary2

        Not for a very long time even though the are way under-taxed thanks to the bush tax cuts for the rich. You see my friend reducing taxes on the rich does not create jobs otherwise we would be in hog heaven as the rich have never paid this low taxes (Google for yourself to see I am correct on this)

        It is demand from the poor and middle that create the jobs period.

  • Gary2

    As I have repeatly said tax the rich hard and spread the wealth.

    right wingers–per michaels article–THE RICH ARE NOT OVERTAXED lets put this load of crap right wing lie to rest.

    The real job creatyers are the middle class and their purchasing power, not the greedy capitalist who will do anything to not hire someone.

    TAX THE GREEDY TO HELP THE NEEDY!!!!!

    • Snow White

      Tax the poor hard!!!! Tax the needy to help the greedy!!!! Tax Gary2 @100% and give it to me!!!

      • Gary2

        sorry to say you will not get much. I am low income.

        • Mal R.

          And have you analyzed your world view or gotten off your ass to change that AT ALLLLL? Nope. All you do is bitch and gripe that it’s someone else’s fault.

          • Gary2

            On no my friend–I am very involved. How many people do you take to the polls? How many doors do you knock on? How many canvass calls do you make? How many demonstrations and protests do you go too?

            I regularly do all of the above.

            I also am an election monitor to make sure the conservatives do not steal elections like they did in Waukesha county in the past.

    • Paul

      Yes, let all the rich flee the country and huddle together in Puerto Rico, Mexico and Columbia to avoid taxes.

      “Don’t tax the rich they will flee overseas”

      You can hear this everywhere. But where can they really go?

    • Syrin

      So, moron, if they aren’t over taxed, how do you explain that the top 1% pay for 40% of ALL taxes and the top 5% pay for 60% of ALL taxes. Please, show us your brilliance in action. I am ready to debate this to no end with you. Want to see the REAL PROBLEM GARY?

      From Monty Perelin:

      At the risk of alienating the stupid and ignorant and the piously politically correct, let me suggest a different approach to getting our finances and government in line. Get rid of the bottom 50% of the country. This would have virtually no effect on government revenues. Among the benefits:

      -It would eliminate all welfare and most entitlement programs and hosts of government employees. There would be no need for the programs or those who purportedly “manage” these programs.
      -Government spending could be slashed by 70% since the so-called rich (I prefer to call them “productive) have no need for these services/programs. Tax revenues would still approximate $2.5 Trillion but government spending would drop to around $1.0 Trillion.
      -Overnight government insolvency would be solved! Overnight the country would become more productive. Taxes could be cut by 50% rather than raised and the budget would be in surplus.
      -Politicians would no longer be able to buy votes by creating dependents. The ballot box would better reflect judgments regarding ability to govern rather than “gimme more.”

      By “getting rid of” I am not necessarily advocating deportation or some other extreme means. Merely doing away with all entitlements would produce the same result.

      • Gay Veteran

        like a good little boot licker, Syrin hasn’t figured out that the elite control the overwhelming majority of the income and wealth in this country

        • Mal R.

          Like a good little moron, you haven’t figured out that rich people controlling theirwealth start new or expand existing businesses with thier, giving stupid ppl like you jobs. Well, not stupid people like you, because as we all know, you dont actually believe in working for what you eat.

          • Gay Veteran

            oh, you mean rich people like the Wall Street Banksters? or the Koch Brothers who inherited their massive wealth which they use to buy the politicians?

          • Gary2

            where are all the jobs? are you seriously this stupid??? Really??

      • Paul

        Getting rid of the lower 50% is done already:

        They are entering the armed forces and return in body bags.

        Getting rid of all those lower income people would also mean, the rich had to clean their house by themselves.
        And if the drain is blocked they’d have to clean that too.

    • Syrin

      That last part really applies to you GARY, you know the “gimme more” greedy part.

      Hey GARY. SHOW ME A SINGLE STUDY THAT SHOWS HIGH TAXES MAKE THE POOR WEALTHIER.

      Hey EVERYONE. I’ve been asking this moron to do so for YEARS now, and he can’t do it. Why? BECAUSE IT DOESN’T EXIST. In fact, the REVERSE IS TRUE. So GARY, why do you hate poor people? I have study after study after study showing high taxes hurt the poor the most. Yes, high taxes on RICH people hurt the POOR the most, but you are so logically impaired, so economically illiterate you can’t even FATHOM this basic reality.

      • Gary2

        Syrin–I have provided so much proof that you fail to check for yourself (probably because you find out I am 100% correct but you are not big enough to admit I am correct)and that you do not comment on. Others have also called out you errors which are many. Please do not take my word for anything. Simply Google what I am telling you to fact check on your own. (I have said this to you before)

        All you need do is look at the scandavian countries or germany. A new study was released by UNICEF showing the USA at # 35 out of the top 37 countries when it comes to child poverty rates. The top countries are the scandavian countries that tax the rich WAY more than we do and guess what they have less, way less childhood poverty and poverty in general.

        Syrin regardless of what you may believe the FACTS are clear and you are wrong. The above directly contridicts your theory that taxing the rich does not make the poor less poor.

        Still I appreciate your feedback. I find you very entertaining.

        Off topic somewhat: I think that in 20-40 years we will look back on this conservative tea party era like we now look back at the slavery era or the women can not vote or own property era and shake our heads at how we could be so misguided.

        • GaryToo

          Gary scandinavia is wholly irrelevant to what bsyrin is saying. It is ridiculous for you to say you provide any proof. You chant an envy slogan with no logic or reasoning.

          “others have also called you errors which are many”. that is as realistic as your economics. Fact is commentary in every article much of it is wasted on new posters trying to educate you countless others try and give up. At least your’e infamous.

        • Mal R.

          “I have provided so much proof ”

          No, actually you’ve never provided any proof of anything. You spout lies and idiocy that my 13 y/o can see thru.

          Here for eaxmple, Clueless in Seattle would try to tell you that the Republican party is the party of racism. It’s ALWAYS been FACT that democrats are the saints and republicans wanna kill all the black people.

          Well here is just a little bit of the FACTUAL history of the Democrat party. The democrat party should be made to tattoo “Racists R Us” across their foreheads forever more.

          Why do you continually cite euro failure countries that have either been occupied and made slaves for most of the country’s exitence or a country that has unsuccessfully tried twice to enslave the world? Have you ever thought for two seconds about the bullcrap you spew.

          • Gay Veteran

            you do understand that Southern racist Democrats after 1964 became Southern racist Republicans?

      • Gay Veteran

        hey Syrin, we’ve been cutting taxes for the past TEN years and the richer are getting richer while the middle class and working poor suffer

        you sound like a paid troll for the top 0.1%

        • Gary2

          syran–see we are again calling out your stupidity and have provided proof to show you are wrong.

          Do not say we do not respond to your fact free rants. I am correct and you are wrong You need to be adult enough to admit it.

          • Gary2

            again no reply from syrian because he/she knows I am right

    • DAS

      Screw the needy. Get off your ass and get a job Gary2. I bet you one of the 50% of people that pay no tax at all. I am sick of working to pay for your housing, healthcare, cell phones, food, clothing, and so forth.

      • Gary2

        Das–another proof that the right wingers are extremley selfish. You prove my point on that perfectly.

        You also perfectly prove that conservatives are very low information people. To suggest that 50% of the people do not pay taxes is laughable. Ever heard of sales tax? State tax? Property tax?

        I wouild urge you in the future to think before you speak or write so as to review your words for stupidity. Doing this will at least make you appear less unintelligent.

        • Mal R.

          “low information conservative” WTH does that mean Gary? You keep spewing that crap like it actually means something. You people deal WHOLELY in fiction and somehow you think we’re low information. LMAO!

          Gary, dont look now but somewhere out there your mother is denying she knows you right now.

    • Mal R.

      “THE RICH ARE NOT OVERTAXED lets put this load of crap right wing lie to rest.”

      Well Gee, just because Clueless in Seattle said so.

      • Gary2

        mal look at the facts–google this for yourself.

  • Gary2

    To all the have nots and never wills who will rush in to defend the rich–Go get a brain cell.

    (I really wanted to say go f yourselves as the rich have been doing it to you as you stupidly vote for them)

    • Paul

      Can’t agree more.

      Alternatively buy a boulevard magazine and be happy with the reports of hick ups and skin blemishes and drug escapades and colorful pictures of the “celebrities”.

    • Tim

      I see Mr. Hyde is back.

      • Gary2

        he was in hiding for a time.

    • Syrin

      To the idiots who have no brain cells thinks of this GARY.

      Again this is econ 101, something that might as well be particle physics to you GARY. From Monty Perelin:

      The rich literally are paying for our morbidly obese government. Suppose we got rid of the so-called top 1%. Government revenues would shrink by 40% which means the deficit would increase by a Trillion dollars. Suppose we got rid of the top 50%. Then government revenues would shrink by over $2.5 Trillion, raising the annual deficit to near $4 Trillion.

      Losing tax revenue would only be a part of the country’s problems. The so-called rich are employers and owners of capital assets. Presumably they would take their assets with them when they left the country. Confiscating these assets wouldn’t change much because there would be no entrepreneurial and managerial talent left to run whatever was left of the economy. Unemployment would skyrocket over 50% and incomes would plummet as what jobs remained, if any, would be low tech and service related.

      • Paul

        Alternatively you could fire all those millionaire congressmen and get the homeless into congress who’d require much less wages, and probably wouldn’t create so much debts in the first place.

        “Presumably they would take their assets with them when they left the country. ”

        Yeah, sure. WHERE?

        Where are they going to go? Let them go!

        I’d really like to see Bill Gates employ Donald Trump as house keeper or gardener in North Korea or Ghana.

        They can’t go to Europe, because in Europe everyone is afraid too, that the rich will leave.

        And the rich can’t take all their assets to the Cayman Islands. There is only so much space for a car factory and chemical plant.

        Let the rich go. They will all return.

        • GaryToo

          Paul just look at where all the US jobs and plants have been shipped to. try Mexico, China, Chile, India for starters. Thats where. Youll’be back!!! Ive heard that one.

      • Gay Veteran

        we’ve been cutting taxes for the rich since Saint Reagan, so where are the jobs?!?!?!?!? oh that’s right, they went to China, India, Vietnam, etc., so the rich could get even richer

    • Syrin

      By the way GARY, what YOU want is “The Hunger Games”. It’s the end result.

      As I have REPEATEDLY shown you before GARY, the ONLY formula that has worked in every DECADE it has been tried, in every COUNTRY it has been tried is to slash tax rates and regs, and decrease spending. It’s a mathematical formula. But you’re a greedy jealous liberal piss ant whose sole goal is to steal someone else’s property and make it an economic policy. It never even OCCURS to you that one day that it might be YOU that some regressive ass bag such as yourself is targeting for property theft via gov’t taxation.

      Why do you hate prosperity GARY? Why do you hate freedom GARY? Why do you think you have a claim to someone else’s property GARY? Why are you so damn stupid GARY? Hey GARY, I’ll say it. Go f yourself you greedy little jealous piss anty. Your “policy” would destroy this country over night. It’s already working. Our best and brightest are leaving for Singapore taking their talent, ability jobs and capital with them. At least you can hang with your buddies who take “bath salts” and eat faces. That’s your voting base, you know, the successful people who deserve the property of someone who busted their ass and became successful.

      -liberalism – destroying nations for centuries

      • Gary2

        Syrin–You are so entertaining. You must be what is called a troll as no one who is remotly sane would beleive what you say when there is evidence all around you that your ideas do not work. Just because you keep repeating a falsehood over and over does not make it all of a sudden become true.

        • Mal R.

          “You must be what is called a troll as no one who is remotly sane would beleive what you say ”

          Ya know Gary, I think you’ve GOT to be some NSA auto bot. Nobody could actually be as stupid as you are, spouting the insanely stupid things you do as fact and still have the ability to draw breath.

          GO ahead and tell us again that it’s the republican party that are the racists.

          • Gary2

            ok–its the republican party who are racists. simply look at their dog whistle code words. This is common knowledge. Just admit it and be honest. If your a conservative there is a 95% chance you are racist.

            Not all conservatives are racists but ALL racists are conservative.

        • GaryToo

          Gary if you despise being those things try changing them insteadof trying to pass them off onto someone else. Thats called projection. You draw fire from a dozen people every article. Thats a troll. You repeat the same simple envy slogans. If you have no answer you respond with “thats low info right wing conservative” (even though you envy the success of the same). Spread the wealth. Eventually some-one with absolutely nothing will look at you like you look at the successful and industrious and decide to redistribute your relative wealth.

      • Gay Veteran

        yeah, cut environmental regulations so corporations will be free to pollute our air and water!

        • Mal R.

          Yea, make more environmental regulations so that instead of dealing with the reality that life isn’t pristine, they just offshore the job to a country that doesn’t give a crap.

          • Gay Veteran

            life isn’t pristine?!?!?!?!? you remember when one of the great lakes caught fire because of all the pollution?

            yeah, let corporations pollute our air and water so they make even more profits while we die

  • Paranoid

    Not disgusted at all. No one ever, Should have to pay over 20-25% in taxes. Government isn’t worth more than that. (Perhaps in a real war, not this junk we have been doing) It’s the stupid spending, no amount will ever be enough, they want it all, plus 15%

    • Nexus789

      Ignorant moron…you are the reason why the US will be doomed by selfishness and greed.

    • knightowl77

      I agree….taxes are tooo high now for the crappy services we get….

      The Gov’t attempts to do (very badly) too many things…Think the post office, amtrack,GSA, TSA, Dept of Energy, Dept of Ed, and a host of other crap that does not belong at the Federal level…

      @ the local level you have the food police in NY City banning large sugary drinks, or too salty foods, or being able to smoke outside…

      I thought the pro-abortion crowd said that a woman had the “right” to do whatever she wanted with HER body…So she can have an abortion, but NO large Cola for you. You can kill your unborn child, but you can’t have any salty foods….

      Government needs to be small and leave me and mine the hell alone.

      • TX4Life

        Isn’t supporting the election of aborting FEMALE babies the ULTIMATE “War on Women”?????Don’t you love how the liberals love to pick and choose “rights” with regard to women, health, children, etc.?

        • Gay Veteran

          and I guess women should be slaves and forced into childbirth

  • Big Dave

    We need a flat tax. The rich still pay most of the taxes. 50 percent of Americans pay no taxes and a good number of them get an “earned income credit”‘which is an annual welfare check. How does that encourage productivity?

    • Gary2

      everyone pays taxes–ssi, state, sales–stop spreading the right wing crap about 50% pay no taxes. How can anyone be that low information to believe this. Simply THINK for a minute and you can see this is false.

      • goldnguns

        Gary
        A Mind is a Terrible Thing to Waste.

        • Gary2

          I know–tell that to syran, mal et al.

          • GaryToo

            No hes agreeing with them, you are not using YOUR mind. Sales tax on spending money you have not earned but given as welfare is not paying tax. Property tax? sure the workers tax builds govt housing for the non-workers to live cheaply and spend freely.

    • http://yahoo.com richard swank

      THE RICH ALSO OWN 80% OF EVERYTHING IN THIS COUNTRY. THINK ABOUT THAT THEY SHOULD PAY.

    • Gay Veteran

      “50 percent of Americans pay no taxes”

      that is an outright LIE, everyone pays sales taxes, gas taxes, phone taxes, etc.

      • Mal R.

        And of course you know he talking about income taxes.

        ob·tuse   adjective
        1. not quick or alert in perception, feeling, or intellect; not sensitive or observant; dull.
        2. not sharp, acute, or pointed; blunt in form.

        • Gay Veteran

          well, well, well, Mal R. finally understands the meaning of “obtuse”

          eyeroll

        • Gary2

          Thanks for describing yourself to us. Now don’t you feel better being honest for a change??

  • Cleo

    A flat tax would cure a lot of our economic ills, and get rid of the IRS.

    • Gary2

      all you need to do is see how many of the rich want a flat tax to see that it is a bad idea.

    • Jamie

      A fair tax is better than a flat tax. Pay at the point of consumption, no payroll or SS or medicare tax at all.
      It’s not regressive because those that don’t earn enough money get a tax prebate. So they won’t pay.

    • knightowl77

      Eliminating the IRS would be a very good start…………

  • Geupard

    Wait so your telling me that the politicians of the world are actually not doing what they should be? What blasphemy is this. Thats a typical response my grandfather would have given if he read this article. Luckily I just happen to be a bit more with the times and know for a fact most politicians are more crooked than the mob who actually had a set of rules and conduct that they would have to follow

  • http://worldendsar5newsat11.blogspot.com Roberta Lamb

    Party, party, party
    Not a worry, not a care!
    I got my remote underground shelter, 20,000 sq. ft. with a pool and a spa and I got a 10 year supply (for each person) of food & water, medical supplies and other necessities like caviar. I am sharing my underground bunker with a doctor and his close family so I have free medical. Tons of solar panels and wind turbines, so I got lots of power.
    How YOU survive – “I DONT CARE”.
    But don’t worry about me, I’ll be just fine.
    Signed: SUPER-RICH
    PS ya wanna hear something funny? I wrote all this off on my taxes, so basically YOU paid for this. he he he – NOW THAT’S FUNNY!!!

  • Barn cat

    You can buy municipal bonds and state bonds that are free from federal income tax. Making bonds tax free allows cities and states to borrow at lower interest rates.

    The key is that you can’t receive wages or taxable interest if you want to avoid taxes on a high income.

    Capital gains are taxed lower than wages because your entire investment is at risk. If you bought gold at $500 you don’t have to pay any taxes until you sell the gold and have an actual profit. Rich people often have most of the income in unrealized capital gains.

    • Gary2

      no investment of the rich is at risk–the gov bails the whining bastards out.

      Cap gains is income plain and simple and needs to be taxed accordingly.

    • Paul

      You can’t invest what you don’t have.

      And real investment is seldom at risk. Invest in a good sleeping bag to save heating costs.

      But you still have to pay VAT for that sleeping bag.

      And capital investment?
      If a factory closes down, the owner loses some extra money, but the workers lose their income!
      So, who bears the full risk?

  • BeenThere

    This is part of the systemic looting of the world by the elite that occurs in the last days.

    However, it is not allowed to go on forever.

    James 5:1 Go to now, [ye] rich men, weep and howl for your miseries that shall come upon [you].5:2 Your riches are corrupted, and your garments are motheaten. 5:3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days. 5:4 Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth. 5:5 Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter. 5:6 Ye have condemned [and] killed the just; [and] he doth not resist you.

    • Gary2

      I knew there was a part of the bible I could love-the rich can rot in hell–I bet Lazerous is loving the rich ***************** burn.

      • Tim

        This is inappropriate. Many who come here are Christians. Please be mindful of that.

        • Gary2

          thanks, I will try…

      • Mal R.

        low information?

  • El Pollo de Oro

    When the late Leona Helmsley infamously said that taxes were for little people, truer words were never spoken. I’ve often said that Leona Helmsley didn’t really go to prison for tax evasion—she went to prison because she was arrogant enough to brag about it (and therefore, was made an example of). But she spoke the truth. The super-rich know how to dodge taxes, although most of them are much smarter about it than Helmsley. So when the super-rich dodge taxes and the poor don’t have anything to tax, the middle class becomes the IRS’ favorite cash cow. But with the middle class being wiped out in The Banana Republic of America (formerly Les Etas Unis), the IRS is losing its favorite cash cow.
    Democraps will say, “Tax the rich more,” but it usually doesn’t work out that way because the rich simply dodge taxes. Here in Philadelphia where I live, the “tax the rich” Democraps will try to balance budgets by hounding some poor bodega owner to death. But the Democraps at the Philadelphia Revenue Dept. are imbeciles because they will piss away 5 grand unsuccessfully trying to collect 5 hundred.

    RepubliKKKans will say, “Tax the poor into oblivion because the poor don’t pay enough taxes,” which is idiotic because the poor don’t have much to tax and are barely surviving as it is. RepubliKKKans can tax the poor at 95%, and it still won’t put a dent in all the deficits in the BRA.

    Kick the poor hard enough, and they will inevitably join the underground economy—in other words, they will either sell drugs or they will turn to kidnapping, carjacking, violent home invasions and other examples of what I call The Desperate People Doing Desperate Things Tax (DPDDTT). The DPDDTT won’t be pretty—just ask anyone who has lived in Honduras or Guatemala and has had the misfortune of meeting DPDDTT collectors. But that’s what the BRA signed up for when it decided to become a Third World hellhole and kill off its middle class.

    “For many, the American dream became a nightmare long ago. It’s little wonder that Americans are afraid and angry.”—Michael Fumento

    “The problem is not capitalism. It’s monopoly capitalism.”—Alex Jones

    “Capitalism should not be condemned, since we haven’t had capitalism.”—Ron Paul

    “Los Estados Unidos has become a banana republic.”—Gerald Celente

    “How can a country have a world empire when it can’t finance its domestic budget? It’s not possible.”—Paul Craig Roberts

    Please say a prayer for The Banana Republic of America because this Third World snakepit needs all the help it can get.

    • mondobeyondo

      Leona Helmsley got caught. That was probably her only regret. But she’s not the only one. There’s plenty more wretched scum and villany out there.

    • Gary2

      El Pollo–your posts are always so practical. How do you not get so steamed? How do you keep such a level head?? You tell it like it is and I appreciate this.

      My guess is because you have traveled to many other countries you have a more “big picture” perspective that I probably lack at times.

      • El Pollo de Oro

        Hola, Gary2 in Wisconsin: Gracias, jefe! You know how I’ve often said that much of Europe was exempt from the horrors of the Desperate People Doing Desperate Things Tax and that DPDDTT was largely a Latin American/Caribbean/African/Asian Pacific phenomenon? Well, it looks like the DPDDTT might be making its debut in Greece:

        http://www.nytimes.com/2011/06/15/world/europe/15iht-greece15.html?pagewanted=all

        http://articles.latimes.com/2011/may/31/world/la-fg-greece-austerity-20110531

        Violent crime is on the rise in Athens, which is very much a symptom of the destruction of the Greek middle class. When I visited Athens in the past, the city was much, much safer than most American cities. I had a cheapo hotel room in an area called Omonia, which had a reputation for being the seedy part of Athens. But being from Philadelphia, Omonia didn’t seem especially threatening to me. I told the Greeks I knew, “If Omonia is the worst part of town, you should be proud of Athens because if you want to talk about dangerous, try visiting Guatemala City or Caracas. Now THAT’S dangerous.” But now, Greece is losing its middle class and becoming a banana republic—and Athens, a city that used to be safer and was very livable, is becoming dangerous. Violent muggings used to be practically unheard of in Athens. Not anymore. How tragic—a picturesque jewel of a city with amazing architecture, great food and history galore plunged into Third World squalor.

        So to those who think the destruction of the middle class is not a problem, I say, “Have fun getting mugged, kidnapped, stabbed or carjacked.” DPDDTT sucks.

    • Snow White

      George H.W. Bush said to watch out when politicians aim for the rich, because they end up hitting the middle class. He is one of them and either slipped and told the truth or just felt like rubbing salt into the wound.

    • Gay Veteran

      El Pollo de Oro is right again!

  • Deborah

    This is just so sad that after reading this my husband and I are considering not paying our mortgage anymore, saving all of our money and leaving the USA. But where do you go? The entire globe is corrupt. I truly want to cry.

    • Old Man

      Not paying your mortgage?

      Only in the USA is defaulting mortgages so ‘nice’. Because you only lose your home. Elsewhere, mortgage debt cannot be defaulted separately from other debt or assets. They will come and take your other assets to repay the mortgage. In short, your just can’t walk away. You know, maybe this nice treatment is partly responsible for so many millions of people who got so freaking reckless with their mortgages.

      Save your money? Saving is good and smart, as I posted. But it is hard, very hard in a runaway consumer society. So hard, much of middle class didn’t save, and now must pay big for the rest of their lives.

      The entire world is corrupt? Hardly – watch too much TV. (TV is for entertainment, even war and disasters are entertainment. TV is never for news, or knowledge!) In fact, much of the world is in fine shape. Except half of the USA, parts of southern Europe, a bit of Ireland and the whole of Iceland. That adds up to a very small minority. But this minority deserves the treatment, as payment for unearned good times since the mid-1990′s. The US, especially deserves big punishments as instigator of so much madness and corruption.

      Nevertheless, there are lots of good places to go in the world. The problem is not lack of place, it is the ability to adjust to different cultures, and the difficulty and cost of going. Immigration laws for Americans are pretty tough, so touch is practically impossible for much of the world. That’s payback for a lot of foreign policy nastiness most Americans hardly know anything about.

      Oh yes, since the topic is tax, must I remind you that Americans settling in any other country MUST PAY tax to Uncle Sam? Even when you don’t stay, work, or collect income from US investments? There is no escape. That’s another beauty of US tax laws – taxed by citizenship, not by residency or source of income. Only country in the world that taxed by citizenship. Isn’t that great?

      • Deborah

        Old man I think you need to look around. Have you been to parts of the African continent or some parts of the Middle East? Ever seen El Salvador or the Mexican Riviera (just outside the resorts)? How about the rest of Mexico? Or just ride the Amtrak train from NYC to DC, you will see plenty of “bad” then. The world is becoming an evil place. I live in a relatively peaceful area, nice schools, good job, etc., but let me tell you old man, I was ripped off for my education, ripped off for my house and I continue to be ripped off by taxes. I am waiting patiently for the hell to hit my life and don’t have enough or earn enough to prepare adequately. I am trying to start my garden and stay educated. I sometimes feel like I may be better off running away! So before you judge me or try to tell me that this world is only a little bad, please look harder. PS – I do not watch TV. I read sites like these.

        • Old Man

          I have traveled the world extensively (not as a tourist), been to just about everywhere, have seen the best and worst. When I say much of the world is in fine shape I mean they are what they are and people live the lives they made. For example, much of the Philippines is quite poor, yet people are reasonably happy. Because that’s is what they made for themselves given the limit of nature. Same goes for Africa – a continent of perpetual poors but in reasonable harmony with nature. Millions of Africans are happy attending to their herds. And same goes for the people of Dubai (been there too!) – rich, lots of oil money, ultra-modern stuff all over, fancy islands, locked up by their religion yet happy. In these places I called fine shape, there is no massive disruptive gap that has opened up in society. But in good ol’ USA, this IS A MASSIVE DISRUPTIVE GAP! (And yes, a pretty ugly drug money gap has existed in Mexico but it is quite confined.)

          You join millions who feel they have been ripped off. As one who has been at the upper echelon of corporate capitalism, yet starting from blue collar factory, and has done a whole lot of things in-between (now retired at 70), let me tell you the honest truth – YOU INDEED HAS BEEN RIPPED OFF.

          It’s a complicated story and this is not the forum to expand on it. But I also must tell you another painful truth – you (meaning the millions) has been ripped off because you have allowed yourself to be ripped off.

          If you’re reasonably young, say not more than 40, then going expatriate may be worth a try. But you gotta really do your homework on the legality and qualification of the countries you target. In most cases, it will cost you big money – $50k to $250k, cash! A few countries offer instant permanent residency for $250k. A few English-speaking countries that are in fine shape (and I mean really FINE ECONOMIC shape) like Canada, Australia, New Zealand, Singapore currently has an immigration line that’s so long we are talking 1 or more years just to wait for an acknowledgement of your application! (Unless you’re Irish – Canada accepted some 10,000 desperate young Irish people in a few months by issuing emergency residency permits. Not a word about Greece. :)

          Over on the EU, all the northern countries are OK (except UK) but landing residency there is tough. A lot of Americans are looking at Chile. Many other countries present a severe cultural shock and has high barrier against accepting Americans for residency. Their doors are shut – sort of karma for being beaten up by brutal US foreign and economic policies over the decades.

          I wish you all the best.

    • davidmpark

      Don’t weep. Cry to god. It’ll be alright.

  • James

    Well, the U.S. had its best chance to take care of some of these things. However, the populace of the U.S, decided that the man who was running for the next President was too radical to become the President. He said he would cut government departments, eliminate the Fed, check out Fort Knox to see how much gold we actually had, and put us back on the Gold Standard. He said he would shut down all of the military bases worldwide, and save us a few trillion dollars, and run the Lobbyists out of his office. But, the U.S. would have none of this radical “nutjob”. His name is Ron Paul. Hopefully by the next Presidential election, IF THERE IS ONE, we will use our heads and vote for Rand Paul.

  • 005

    Then I heard what sounded like a voice among the four living creatures, saying, “Two pounds of wheat for a day’s wages, and six pounds of barley for a day’s wages, and do not damage the oil and the wine!” (Rev. 6:6)

    Sounds like St.John was onto something there

  • mondobeyondo

    If only the rich would pay their fare share… instead of having the poor and middle class (what’s left of it) footing the bill. Christine Lagarde should write a book called “Tax Evasion for Dummies”. I’d buy it.

    Must be nice being rich. Someday I hope to visit the Cayman Islands, but Rome and Paris are first on my list. At the rate it’s going, I’m lucky to visit Tucson once in awhile.

    • Gary2

      dude–I can not even afford to pay attention!

      • Hang ‘em High

        Which is why you’re consistently wrong and completely ignorant of the substance of any and all issues.

  • Bad Brian

    Tax the ( POLITICALY – CONNECTED ) rich, Fixed it for you Gary2.

  • K

    The Bible sums this up nicely. The love of money, is the root of all evil. The few rich people I have known in my lifetime, all had one thing in common. They were empty, soulless people. I pity them.

    • Tim

      It’s true that many rich people are miserable. But that’s not true of every rich person. Furthermore, it’s not a sin to be wealthy. Many saints of old were very wealthy, like Abraham, Job, David, Hezekiah, Joseph of Arimathea to name a few.

      • Gary2

        I hope they were taxed. They were mainly wealthy because they had slaves. Yeah thats right, the Christians had SLAVES. what a load of ****

        • Reality

          Gary, so did others at that time in history. Nice try though.

      • K

        Tim, please reread my post. I said I had never met a decent rich person, in my lifetime. You are right, wealth is not a sin. The love of money is. All the ones I have known, could speak of nothing but money.

  • M. Hapney

    “Unfortunately, the vast majority of our politicians are not even willing to consider any of those solutions.”

    The correct wording should be “unfortunately all important politicians are bought and paid for so they support their banker/corporate masters”.
    Politics is a sham 100%. Only there to give the slaves the illusion of freedom of choice.

    • M. Hapney

      No important political decisions are made by the people ‘put into office.’ Their function is merely to act as a stage puppet. Anyone that believes B.O. decides anymore of consequence please place a dunce cap on your head. Puppet A or Puppet B, same agenda handed down.

      Voting is for the insane. A complete waste of time. Your input means NOTHING.

      • M. Hapney

        B.O. is just Bush with an afro. Same masters, same fake (WOT) agenda; same policies, same occupations/invasions; same destruction of the dollar; same draconian legislation, etc, etc.

        Politics, like religion, is for the uninformed and the weak minded.

  • McKinley Morganfield

    Every time I hear Warren Buffet blustering about how he needs to pay more taxes I have to exert extreme self-control to keep from blasting the TV or radio with a 12 gauge. All he has to do is write a check to the IRS, same goes for the likes of John Kerry. They never write the check, they just fan the flames of class warfare.

  • Old Man

    That the rich pays less tax as a percentage than the less rich has been around for a long time. As long as since they invented the capitalist economic system.

    In a capitalist system, it is the financial capital that’s prime. Everything else, including human labor, is secondary. Which is why salary is taxed higher than money used for investment, i.e. capital.

    That means the trick for success in life is to accumulate capital – the more you accumulate the less you get taxed and the wealth compounds. If you work as employee all you life, you pay the maximum tax. And if, in addition, you borrow to finance your living, than you pay the compounded tax rate due to principle and interest payments. Pretty stupid, eh?

    The rich got to be rich because they 1) own capital, i.e. savings, 2) invest the capital, gets higher returns and get tax less.

    Did you save a whole lot and invest your capital? Or did you max’ed out your credit card for that minimum monthly payment to prop up your lousy salary?

    You pick your choice. The economic system is essentially capitalist. Play accordingly. Lost out? Blame only yourself.

    • Gay Veteran

      labor and capital should be taxed the SAME, otherwise you create a financial elite who will then buy the politicians

      • Old Man

        Throughout history, the elite (aka aristocrats in imperial Europe) has always bought powers. Democracy is supposed to stop that, by transferring powers to the people. But, in the end, if elected politicians are willing to be bought, then they will be bought. No system can stop that. Only values held by people.

    • Time to wake up people

      Old man writes;
      <<<>>>

      This above statement is an example of how a Brainwashed citizen by the 1% thinks.

      OK did you’ll hear that people? “””BLAME YOURSELF””””, that your company moved overs seas and you lost your job, your home, and you have been reduced to working at McDonalds for minimum Wage?…. then BLAME YOURSELF

      Lost your investment in the risky pyramid scam called the Stock Market?…BLAME YOURSELF

      Got yourself a degree in worthlessness and can’t find a decent job….BLAME YOURSELF

      Born into a low income class family and struggling with two part time jobs to make ends meet…BLAME YOUR SELF.

      That’s how they think and speak “BLAME YOURSELF”

      • Old Man

        “..company moved overs seas and you lost your job, your home, and you have been reduced to working at McDonalds for minimum Wage”

        U.S. companies have outsourced basic productions to overseas for about 20 years, accelerating the past 10 years. Goods were imported back for consumption at a much lower price, thus contributing to a current account deficit totally about a trillion dollar over a decade. During the same period, Americans bought more than $10 trillion of imported goods. To make up for the trade deficits, the biggest in recorded history, the US government borrowed more than $3 trillion dollar from China and Japan. These are facts you can easily confirm.

        My point: Nobody did anything about the massive import/export deficits for 2 decades despite numerous dire warnings. Not the politicians, and not the consumers. In fact, the consumers supported and reinforced the outsource/import trade regime by buying all those imports like mad dogs. They love the low prices, jam mega big box stores like no tomorrow, and worry about the hollowed out factories later. BLAME YOURSELF.

        “Lost your investment in the risky pyramid scam called the Stock Market”

        Anytime you made or lost money in the stock market, it is your decision and your money. Nobody forces you to play the market, directly and indirectly. Wall Street big money managers have twisted the market to their favors. A few even Ponzi’ed their customers. This is called corruption and is illegal. Many lost their shirts. But if the politicians you elected passed laws and regulations to make corruption of the stock and financial markets legal, then it is legal. Which is why nobody in Wall Street got charged. BLAME YOURSELF!

        “Got yourself a degree in worthlessness and can’t find a decent job.”

        No don’t blame yourself. I never said blame yourself on this. An U education is worthy. But a degree does not mean you get a job. Never was. If means you are qualified to APPLY for a better job. But getting a job is always controlled by the supply-demand of the economy, not by college degrees. If you don’t realize this basic reality, then you have not learned important things in your education.

        “Born into a low income class family and struggling with two part time jobs to make ends meet.”

        Nobody is responsible for your birth status except your parents. Throughout human history, billions were born rich and more billions poor. Until the past half century or so, you are stuck with this born status. You can blame your parents, the country, or some deity. But since the creation of modern free state, the shackle of born status has been loosen or freed. You may move up the ladder and improve you life. But whether you make it depends on you and perhaps luck. Nothing is guaranteed. If you don’t make it, you can blame anything and anyone, including yourself. But, if you are smart, you’d blame yourself. Because then, you will be willing to do something about it. Blaming others for your misfortune is life get you nowhere.

      • GaryToo

        yes G2 sockpuppet, no brainwashing in it. as old man said keep whining gets you nowhere, get off your ass does.

  • mark

    If you want to shrink the economy more then raise taxes. You will have more lost jobs in the US as business flys to low tax countries. We should put in place large selective tarriffs against a country like China that will not play fair. Next we should replace the income tax and the IRS with a national sales tax on new items. If you are poor and can’t afford the tax, then buy used cars, used clothes, used furniture, etc. You get the picture, with used stuff you pay no sales tax. Grow a garden to escape much of the sales tax on food. If the global elite have to pay a taxes to import their junk to sell in the US, it might be made at a lower cost here. If Countries like China want to play fair, the tax could be lower.We will also need to remove many regulations of the backs of small business. With this system, some consumers will be unhappy as prices on stuff would take more of you paycheck to buy. It might be more like the US in the 1950s when it took a while to save up for a TV or a washing machine as an example. But you can’t have cheap imported stuff and use borrowed money to pay for it very long. With us swamped with cheap imported stuff our jobs are exported away.

  • Colin

    This ability by the wealthy to be nomads means that they have no home to call their own, for their home moves with them. This is a paradigm shift in how the wealthy relate to the countries they were born in and raised in. For thousands of years, the wealthy felt a connection to the land and to the people. The wealthy knew for them to live in their homeland they had to give something back. This could be in the form of buildings they either built with their own money or invested money in, or they could create an organization that provides funds or aid to the poor, or they would pay taxes. There was a time when many wealthy accepted paying taxes as a duty to their homeland. Now, this is no longer the case, and the wealthy see no need to give back, so they continue to build their investment portfolios at the expense of nations and peoples. Ayn Rand envisioned this scenario in one of her novels, and predicted one day that the wealthy would live in enclaves surrounded by a decaying and chaotic civilization.

  • Evie

    There are plenty of places to go. In most countries evrryone is patriotic but will leave the country and look for loopholes not to pay. The problem is the central planners are blood suckers. Why is it my obligation to bail out banks who gamble and make bubbles? Plus I should foot the bill for dictators who harbor terrorists and also pay for private contractor defense providers and military billions of dollars with wasted lives. I do not think the elite deserve billion dollar perks for causing economic collspse. When I was growing up we did not have so many non effective rlite. The rich earned about 10 times what normal people did.

  • davidmpark

    “A poor wayfaring man of grief, hath often crossed me on my way. Who sued so humbly for relief, that I could never answer nay. I had not power to ask his name, where to he went, nor whence he came; yet there was something in his eye that won my love I knew not why.

    Once, when my scanty meal was spread, he entered; not a word he spake, just perishing for want of bread. I gave him all; he blessed it, brake, and ate, but gave me part again. Mine was an angels portion then, for while I fed with eager haste, the crust was manna to my taste.

    I spied him where a fountain burst clear from the rock; his strength was gone. The heedless water mocked his thirst; he heard it, saw it hurrying on. I ran and raised the sufferer up; thrice from the stream he drained my cup, dipped and returned it running o’er; I drank and never thirsted more.

    Twas night; the floods were out; it blew a winter hurricane aloof. I heard his voice abroad and flew to bid him welcome to my roof. I warmed and clothed and cheered my guest and laid him on my couch to rest, then made the earth my bed and seemed in Eden’s garden while I dreamed.

    Striped, wounded, beaten nigh to death, I found him by the highway side. I roused his pulse, brought back his breath, revived his spirit, and supplied wine, oil, refreshment – he was healed. I had myself a wound concealed, but from that point forgot the smart, and peace bound up my broken heart.

    In pris’n I saw him next, condemned to meet a traitor’s doom at morn. The tide of lying tongues I stemmed, and honored him ‘mid shame and scorn. My friendship’s utmost zeal to try, he asked if I for him would die. The flesh was weak; my blood ran chill, but my free spirit cried, ‘I will!’

    And then a moment to my view the stranger started from disguise. The tokens in his hands I knew; the Savior stood before mine eyes. He spake, and my poor name he named, ‘Of me thou hast not been ashamed. These deeds shall thine memorial be; fear not, thou didst them unto me.”

    Yes, the government is in turmoil and your cultures are falling apart; becoming such a major problem. The answer is right before your eyes, and most of the time we do what is popular and what other people think should be done; rather than what must be done. We must become men and women with minds again.

    The wealthy do have a lot of wealth and influence. However, research what wealth, money, influence really is. And you will find that it is vain – all of it. Money is merely an agreed upon medium of exchange that has it’s own intrinsic value. Does a dollar bill have value beyond being thick paper, or a number on some banks computer screen? And what of influence. By what standard are they influential? Who told you they are your superiors and you are to never reach their status? What good is their status? And what good is their influence when it’s revealed that the only thing backing that influence and wealth is their threats and guns?

    Their deeds are a memorial to them – and personally, I don’t want to be part of that culture that will sit on their ships, and bitterly weep and wail when that Great City Babylon is burned and destroyed in a day.

  • Time to wake up people

    First of all, id like to say Gary2, has put it right, most of us are hard working, I know I am and have always paid my taxes, I paid for my own college tuition, worked through school, did everuthing right, invested in my 401k.
    But I wil never be rich, thoughi was taught if you do everything right work hard you too can be well off and successful.
    What.a fricken lie, to think most of you people on here will never own a home, a boat, a summer home but you will defend the 1%
    Mega wealthy who give a rats ass about you ever getting ahead.
    As Gary2 said you all better get a brain cell.
    Or as I would say wake the frick up.
    Tax the Rich till they can be taxed no more. Get that money into the hands of the helpless and the needy.
    For **************** people DO THE RIGHT THING!

    • Gary2

      Thanks–its nice to see sane postings on this site.

      • GaryToo

        thats two posters now who made only one post ever, and sound exactly like you, use exactly your words and agree with you.

        If nobody backs you up, making up fake friends wont help.

      • Time to wake up people

        Your welcome Gary2,
        There are a few that post on here regularly who are brainwashed by the 1%,
        They truly believe that they too can be mega wealthy, so they work their minimum wage jobs long hours into the night, take out crushing student loan debt, get a degree in worthlessness, get a middle of the road job then mortgage up their lives, pay crushing debt and taxes all their lives….
        but they are brainwashed, controlled by corporate media and their advertising into sticking up and defending the 1% and their tax loopholes which most of the 99% will never understand or know how to use in their lifetime or their children’s lifetime and yet they will defend the 1%, as though they truly believe they will someday be part of the 1%.
        Sickening isn’t it ??

    • Mal R.

      “What.a fricken lie”

      Oh? What’s your degree in?

      Well, lets see. I went to college for several years. Got sick and tired of spending all my time working thru the BS liberal indoctrination and dropped out. I have an associates of science degree that took me 8 years to get. Iworked and paid for all of it. I am WAY GAINFULLY employed writing software. I have 2 homes, 2 paid for cars, 10 acres of property that paid for and a very decent bank account.

      So obviously you did NOT do everything right. YOU probably studied something useless or so rarely in need that it’s wortheless either way. You probably have no skills and spend an inordinate amount of time getting stoned and whining about how your failures are someone elses problems.

      You need to wake yourself up that taxing away your job by stealing from the people that earned it will never improve your situation. It never has.

      • Gary2

        You need to wake yourself up that taxing away your job by stealing from the people that earned it will never improve your situation. It never has.

        Mal–I guarantee that if Obama took your money and gave it to me it would improve my life a great deal. I probably would make better use of it than you and probably need it more than you do. Nothing wrong with redistribution.

      • Time to wake up people

        Is it Mal R or Malware?
        So you own 2 homes, 2 cars, 10 acres, your a computersoftware designer, well thats all good!
        But you are not the 1%, nor will you ever be. The 1% have people like you as personal nanneys or handymen.
        Infact the 1% who like leona Helmsley think people like you are the little people, who should pay more taxes, not the 1%.
        Even though you ae succesful

      • Time to wake up people

        Is it Mal R or Malware?
        So you own 2 homes, 2 cars, 10 acres, your a computersoftware designer, well thats all good!
        But you are not the 1%, nor will you ever be. The 1% have people like you as personal nanneys or handymen.
        Infact the 1% who like leona Helmsley think people like you are the little people, who should pay more taxes, not the 1%.
        Even though you ae successful, you are not even considered 1%.
        Yet you mindlessly defend thier tax loopholes, while you blame the 99% for the outrageous taxes you pay.

  • Paul

    Whom are you voting for?

    Those guys who spend most on election campaigns or the housewife or homeless?

    You probably wouldn’t even consider to vote for an unemployed housewife in the first place, except maybe Sarah Palin.

    Remember:
    If you keep doing the same over again, don’t expect different results.

  • chiller

    Totally agree with everything. However, you may want to correct your 18 trillion in off shore banks figure as being higher than the total world GDP. Global GDP is more like $65 trillion. Good article.

    • Michael

      Yup it is true – I have corrected that mistake. :)

      Michael

  • Matt

    While I agree with the thrust of this article, it is not factually correct to say that the sum of $18 trillion (held in offshore banks) exceeds world GDP. Maybe you meant United States GDP? World GDP was approximately $70 trillion in 2011.

    • Michael

      Oops you are right.

      Michael

  • GaryToo

    Michael would you retell/repost the story of Norman Rousseu, as seen on doomsteaddiner or economic undertow sites. This is compelling and not uncommon, ewery joe sixpack can expect this kind of thing too easily from ther banks I know, more people need to know. A tragedy not in vain.

  • http://thelifeinexile.wordpress.com Scott

    I was not aware Mitt Romney feels ” free to demand that the rest of us be taxed more.” Barack Obama?…most definitely! The question that should be asked is “Why should ANYONE be expected to surrender more of their income, whatever it may be, to bloated and wasteful government entities throughout this country?” I don’t fault the “super wealthy” for parking money off shore. As long as taxes in this country take from those who achieve and reward those who do not, it’s likely to continue. Of course the tax code is in dire need of overhaul. Unfortunately, as long as the element referred to that calls for everyone else to pay more is in charge, it will never happen.

    • Michael

      Actually Romney raised a whole host of taxes while he was governor of Massachusetts.

      Michael

  • Newton

    Said it before, I”ll say it again. Ask Steve Jobs if he”ll give up his 50 Billion for one more month on this planet. Ask Warren Buffett if he”ll
    Give up 50 Billion to negate the prostate cancer he has.

    When you get that much money, most of your time is consumed looking over your shoulder.

    I”d rather be healthy, well rounded and have a net worth of 50k any day.
    These uber rich people will not live one more day, have any more enjoyment, eat any better food, have any better relationships with others
    Or enjoy a beautiful sunset any better than I .

    And I don”t have nickels to rub together most of the time and don”t really care.

    Because it really is a learning curve & sooner or later ( much later for most) you realize that it really isn”t about having what you want.

    It is however, wanting what you have.

    So simple, yet alot of people never, ever figure it out.

  • Optimistic Pessimist

    ‘Where are they escaping to? The Tax Foundation found that more than 600,000 New York residents moved to Florida over the decade – opting perhaps for the Sunshine State’s more lenient tax system – taking nearly $20 billion in adjusted growth income with them.’

    and

    ‘Between 2000 and 2010, the most recent data available, 551,914 people left California for Texas, taking $14.3 billion in income. Texas has no state income tax or estate tax.

    A total of 48,877 people moved to Texas from California between 2009 and 2010 alone, totaling $1.2 billion in income. Another 28,088 from California relocated to Nevada and 30,663 to Arizona, a loss of $699.1 million and $707.8 million in income respectively.’

    Lets breakdown those numbers to find out what the average is (I know, this average is representative because some will have more, some will have less – Maybe I have over simplified the numbers):

    New York move to Florida
    $20 billion divided by 600,000 = $33,333.33 per a person

    California move to Texas (2000 to 2010)
    $14.3 billion divided by 551,914 = $25,909.83 per a person

    California move to Texas (2009 to 2010)
    $1.2 billion divided by 48,877 = $24,551.43 per a person

    California move to Nevada
    $699.1 million divided by 28,088 = $24,889.63 per a person

    California move to Arizona
    $707.8 million divided by 30,663 = $23,083.19 per a person

    Now I know that the average does not account for the maximum and minimum in the above groups but $23,000 to just over $33,000 does not sound like the wealthy moving round, more like the middle class moving round trying to find jobs because they have been laid off.

    OP

  • Robert

    I hope all here are smart enough not to fall into the Machavellian class warfare smokescreen being put up by both democrap and repubicans to keep us divided and fighting so we are powerless to ride them out of town on a rail.

    Thumbs up, three cheers and a tip of the hat to ANYONE who can avoid paying taxes.

  • http://none Earl Turner

    The only fair tax is a consumption tax but our government is greedy and wants to rob you both directions, coming and going !

  • KG

    “There is not an easy fix to this problem. Our politicians have had decades to try to come up with a fair tax system and they have completely failed. The wealthy are always several steps ahead of them.”

    Lets get real. The politicians ARE often wealthy or patronized by the wealthy. That is why the laws do not change.

  • http://www.conservativemormonmom.blogspot.com Eva

    I agree with previous commenters. You’re missing the overall point by buying into Obama’s class warfare. Evny and greed don’t solve anything, and if you want investment taxes to be over 30% you’d better expect even worse unemployment. Otherwise, do you want tax rates below 15% for everyone? That I could get behind!

    • Michael

      I think most people are completely missing the points I was making in the article.

      I want to ABOLISH the income tax.

      That means 0% income tax on everyone.

      Unfortunately people are so caught up in Republican/Democrat rhetoric that they cannot even see an idea that does not fit in with what the talking heads on television are spewing.

      Michael

      • Gay Veteran

        and replace it with what? a sales tax? which is a greater burden for the middle class and working poor than for the rich

        • http://none Earl Turner

          It has absolutely nothing to do with the burden on any section of the population. It has everything to do with whats fair. A consumption tax will tax every american according to what they are capable of spending based on a percentage of that amount. Tax on income has never been equitable to all citizens. No man should be required to pay a higher percentage than another just because he is mentally or physically capable of earning more.

          • Gay Veteran

            gee, how kind of you to ignore the burden a sales tax places on the working poor

            “A consumption tax will tax every american according to what they are capable of spending”

            the working poor have to spend 100% to stay alive

            but so long as the Wall Street banksters get their tax cut

        • Mal R.

          low information?

          “I am for doing good to the poor, but…I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it. I observed…that the more public provisions were made for the poor, the less they provided for themselves, and of course became poorer. And, on the contrary, the less was done for them, the more they did for themselves, and became richer.” – Benjamin Franklin

          Not so much there catcher.

  • a lot more trouble…

    News coming out today is not good people, I’ve been sounding the alarms about continued mass layoffs as you all well know and it’s looking worse and worse each day!!!

    Weekly unemployment claims rise modestly
    ‎USA TODAY – 21 minutes ago
    Government revises economic growth for first quarter to 1.9% annual rate from 2.2% initial estimate.

    Job market looks dismal in May
    ‎CNN – 28 minutes ago
    Reports show hiring was weaker than expected and layoffs are at an 8-month high in May. Separately, the government said claims for unemployment claims …

    Most European Stocks Decline as American Jobless Claims Advance
    ‎San Francisco Chronicle – 11 minutes ago
    … monthly drop since August, as reports showed the number of Americans applying for unemployment insurance payments rose last week to a one-month high,.

    US weekly jobless claims jump to 383000
    ‎MarketWatch – 25 minutes ago
    The number of people who applied for unemployment benefits last week jumped to the highest level in more than a month, the government reported Thursday,

    Companies in U.S. Added Fewer Workers Than Forecast in May
    ‎San Francisco Chronicle – 13 minutes ago
    A Labor Department report due tomorrow may show that private payrolls rose by 160000 in May, and unemployment held at 8.1 percent, economists projected.

    Fremont seed company closing plant
    ‎WANE – 12 hours ago
    The Ferry-Morse Seed Company is conducting mass layoffs and eventually closing its plant on Reed Road in Fremont.

    Plan To Close Southwestern High School In Detroit Draws Sit-Down …
    ‎Huffington Post – 17 hours ago
    Detroit Public School Layoffs: Pink Slips Sent To More Than 4000 Teachers. In a repeat of last year’s mass layoffs, approximately 4100 teachers in the Detroit …

    Federal cuts to strip 70000 more US workers of jobless benefits in …
    ‎World Socialist Web Site – 9 hours ago
    Mass layoffs are continuing. Last week Hewlett Packard announced the elimination of 27000 jobs. The US Postal Service offered to buy out 45000 mail handlers …

    Learn more, be prepared and get ready, the great crash that was predicted is coming and it will be horrific.

    • Gary2

      Thanks for these updates. I have been meaning to tell you how much I appreciate you doing these.

  • Randy

    It is usually very easy to harp on someone you think has it better than you. As someone who went from making 11K a year to over 150K a year, I can tell you that you hate the idea of bigger taxes. I pay more in taxes that most make but do not get more services. I am squarely in the middle class and do not have large tax breaks for either being poor or rich. The poor get breaks as sometimes their income is adjusted down enough they get large amounts back each year.

    What is have to ask ourselves is “Why should there be a 500K tax difference to park a boat in one state vs another” or “why should I have to pay taxes on increase in my money after I already paid taxes on it when I made it”. I hate the fact that I take already taxed money – take a risk on an investment and then have to pay taxes again – the gov did nothing to help me increase my money. I did not get help or advice from them.

    The tax code should be rewritten but everyone should realize that if you expect unemployment, food stamps, social security, medicare, medicaid, police on every corner, fire response in 15 minutes, payed roads, parks, and so forth, and so forth, and so forth – everyone has to pay for them.

    Try a “pay-as-you” go concept and see if the rich actually use as much government services and the poor. They don’t.

    • GaryToo

      excellent post

  • Burt Gummer

    The IRS is nothing but a collection agency for the PRIVATE Federal Reserve Bank. I don’t blame anyone who can avoid paying these Mobsters. I wish I could find a way to not pay them a cent. The whole tax collection scheme is a sham run by a criminal private banking cartel.

    • Graham

      Burt Gummer:-

      The following may answer your wish.

      Under the vast majority of circumstances, Americans do not have to declare their income to the IRS, let alone pay Federal Income Tax. The reason being, is the 16th Amendment was never properly ratified and there is “NO WRITTEN LAW” which states that all citizens have to pay. This matter has been successfully challenged in court on several occassions.

      If every citizen challenged this IRS nonsense, I wonder what would happen. See the second link for the full length Aaron Russo documentary where he investigated the IRS and their legal grounds to tax. The outcome of a jury case is astounding and they found in the defendants favour as the Judge was challenged to provide a copy of the law which states the defendant was liable to pay. No law was produced and the Jury found him not guilty. Note the “twin pillars” of corruption are the privately owned Federal Reserve System and the Inland Revenue Service.

      Abolish both and get back to living an enjoyable life free of serfdom. The relevant question is this. Irrespective of political affinity, which Presidential candidate would do both? Are you voting for him, or that Mormon crook called Romney? Do you want more of the same from a Mormon President? I don’t think so. Freemasonry and Mormonism apparently almost merged a long time ago for a reason. Do the research.

      Also see what “Sam” has posted below on this matter.

      Attorney Tom Cryer:- (Case won)
      http://nesaranews.blogspot.co.uk/2012/05/second-american-revolution-may-be.html

      The Memorandum:- (Document used in defence)
      http://www.gcstation.net/liefreezone/THEMEMORANDUM.pdf

      “America, Freedom to Fascism” (IRS Fraud Exposure)
      http://www.youtube.com/watch?v=XLwHrxjPT5E&feature=youtube_gdata_player

      Footnote:-
      Despite the garbage being promoted by CNN, I think you will find that Romney has NOT won the nomination. Far from it. Research the real data and keep an eye on Ron Paul’s delegate results. Anything of course to cover up the truth as the latter is a clearly major threat to the status quo.

  • justadad

    When life is measured by the size of our bank accounts we aren’t really living. We will become cold and dead like the gold we worship, we will always be discontent with any system that takes what we worship away from us at any percentage rate, and we will envy whoever has more money than us. (no wonder our currency is green)

    I can’t be called ultra-rich by the world’s standards but I would not give what I have for the whole world.
    Back when I only had 5 children my second son went up to a friend of mine and said ,”my daddy is richer than you because you only have three children.”
    I am grateful that at 4 years of age, my son realized that I prized him and his sibblings as more valuable than anything else. So the truth is, yes, I am ultra-rich because I would not exchange one of my children for the world and all that is in it.

    “He is no fool who gives what he cannot keep to gain that which he cannot lose.” – Jim Elliot

    If you don’t understand that statement I suggest reading the biography of Jim Elliot in the book “Through Gates of Splendor.”

    Debates over taxes is just hedge trimming, we must lay our axe to the roots.

  • Jerry

    There are a lot of ways the rich get richer.

    Problem is, they know things that we don’t.

    I am so glad I became acquainted with a
    millionaire who has shared some of his secrets
    with the general public.

    http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bid=e6b01db8&chan=y

    He is sharing what millionaires are doing to make more moeny
    and also to prepare for what is to come.

    They believe a major collapse of our economy is near
    and they are gearing up for it.

    Massive wealth is going to be made by those
    who are prepared.

    He has taught me that you don’t have to be a millionaire
    to prepare and profit from the coming collapse.

    Check out his free webinar and you will gain
    a wealth of knowledge which can help you
    prepare.

  • MG

    All taxation is unethically premised upon anti-voluntary coercion and should be abolished

  • erheault

    When the political class found they could spend other peoples wealth with out a controlling factor Pandoras spending box was opened and once opened it cannot be closed again.
    We are in for a very long economic down spiral as the out of controll spending and paper money printing spree has just begun, The major countrys that do heavy trading are starting to trade with their own monies thereby passing up the dollar Australia and Japan just joined China for money swaps for trades I believe they are the 7th nation to start to by pass the dollar So the great American dominancy has started to down slide and it will continue to downslide as the national debts are taking us to the bottom along with most of Europe, Debt is beyond comprenhension 15 Trillion and not even slowing down should tell you what the outcome will be,
    It really dont matter who or what eventually winds up as fearless leader the finincial out come is a finincial train wreck I suspect one of two possible results Massive Inflation or Money devluation or quite possible both.and a lowering of lifestyles, many nations in history have gone down the same road and the results always lead to ruin.

  • http://www.robbysworks.com robert

    I am rich, though not super rich, and I don’t ask that other people pay more taxes. Nor do I try to avoid taxes. What I recommend is that everyone recognize that when someone, even if it’s a government, makes you give them money, and threatens to hurt you if you don’t, that that is extortion, and that while some taxes are beneficial, most tax money is misspent and does not benefit anyone but people in government who have the power to force others to pay taxes. Because of these beliefs of mine, my hope is that taxes will become lower for everyone, not higher for anyone.

  • Klean

    LET’S ORDER BIG AND LET SOMEONE ELSE FOOT THE BILL, SOMEONE STUPID, OBEDIENT, POOR, AND UNINFORMED.

  • patriot alice

    Crooks are always looking for ways to take from others, in the name of fairness…Give me half of your stuff so that we can be equals, and when I spend the half you gave me, you’ll have to give half of what you have again, and again, until we are both poor/equally poor..Communists in the making…Socialism is the gateway to Communism..Capisce?

  • Sansprogressive

    The whole tone of the article reeks of the occupy movements call to “tax the rich”. I agree the system is broken and encourages politicians to spend too much. Taxing more is not the solution. Cutting spending is the answer. Cutting government programs massively needs to happen. Sadly it won’t. Too many expect government to “take care of the poor”, ” feed the starving children”, “provide adequate healthcare”‘ or “invest in our community”. Why are they not doing those things themselves? It’s easy to send the tax man to rob the rich and “take care of” those issues we feel are unjust with those dollars.

    • Michael

      You read the article totally wrong.

      I do not want to “tax the rich”

      I want to eliminate the income tax altogether.

      It is fundamentally unfair for middle class families to be obliterated by taxes while the poor and the rich get away with paying next to nothing.

      Michael

      • Gay Veteran

        yeah, the poor should pay more taxes, just take the bread out of their mouths so they can pay more taxes

    • Gary2

      we need to tax the rich and spread the wealth because the rich have stolen all the money. When the richest 400 people have more wealth and income than the bottom 155 million then no one has any money to “do it themselves”

      The rich do not even come close to paying their fair share when you consider how few have so much. They should be being taxed at 90% given as the rich easily have 90% of the countries wealth and income.

      • justin grimard

        Stolen? how did they steal it last time i checked i buy something i like and give my hard earn money for it because i want what he is selling. then he get’s rich doing this, then he owes the world a living because you mad he did something of value with his life and made alot of money doing it. Wile you sat on your but blaming them for your lazzey life

  • Sam

    Hey Michael I heard that many Americans do not pay the income tax and while some are pursued by the IRS others escape their clutches. Even former IRS agents are not paying the income tax. I heard the income tax is illegitimate because it was not ratified by all the states in 1913. The IRS is stealing the people’s money and putting them into the Federal Reserve’s coffers? I don’t think people should even pay for tolls because state gas taxes go to pay for highways. You’re right we’re being taxed into oblivion and it is totally unfair.

    • Graham

      Sam:-

      See my response above to “Burt Gummer”. There may be some interesting links for you to pursue further.

  • http://worldendsar5newsat11.blogspot.com Tony Lamb

    I feel like I am taxed and taxed and taxed to the point about 50% of what I buy is all for taxes of some sort. I read an article some years ago and I was amazed to learn that there were over 150 different taxes associated with a loaf of bread. From the farmer who pays taxes on his fields, taxes on the seeds he buys, taxes on the profits from his crop and so on down the line. IF it weren’t for ALL those taxes a loaf of bread would only cost you a quarter. BUT no you gotta pay a $1.50 and that’s for the off brand/discount CHEAP bread, that probably is full of fillers and has NO nutritional value…
    Think about it? It’s just another part of the BIG ponzi scheme.

  • Pastor Glenn

    Gary, you argue that because of social security the poor pay taxes.

    The reality is this: in total math, the lower income people take in far more than they give back.

    That is what people are actually trying to state when they say “the poor pay no taxes”.

    As for the wealthy wanting to keep what they feel is theirs – they aren’t doing anything ANYONE else in their position wouldn’t do.

    This does not make it right, just or proper – but it’s true.

    Liberal types just cannot fathom natural law and the actions of a fallen humanity.

    Here’s a news flash for everyone: read it slowly so it sinks in.

    We – are – not – going – to – ever – have – utopia – on – earth.

    The – poor – will – always – be – among – us.

    I fully agree that the IRS needs to be abolished, as do most of the alphabet soup agencies of the way over-reaching Federal government – but then I’ve been saying this to friends for over 30 years with virtually nobody listening, so why start trying to make any progress now?

    • Gary2

      No I think the low information dolts actually believe that the poor pay no taxes.

      • GaryToo

        That is no answer, like I said, when you have no answer you yourself provide no information and call what you can not argue against “low information”. If You get money without working for it you are not being taxed when you spend it. It was always someone elses taxes that gave you that free money in the first place.

  • Washington

    Nebraska Congressmen question EPA aerial surveillance on ranches Brett Wessler, Staff Writer   |   Updated: May 30, 2012

    http://www.cattlenetwork.com/cattle-news/latest/Nebraska-Congressmen-question-EPA-aerial-surveillance-on-ranches-155822325.html

  • Washington

    Mitt Romney, Mormonism and the 2012 Election. Do you understand Mormonism?

    http://www.youtube.com/watch?v=KcnFtqYSHpU&feature;=colike

  • Dalarna

    The rich ones will not have the last laugh.

    Holy Bible (Matthew 19:24)
    Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God.”

    • M. Hapney

      Yes, and I am sure they are terrified of a fairly tale while sipping champagne on their yachts.

    • justin grimard

      The “eye of the needle” has been claimed to be a gate in Jerusalem, which opened after the main gate was closed at night. A camel could only pass through this smaller gate if it was stooped and had its baggage removed. This story has been put forth since at least the 15th century, and possibly as far back as the 9th century. However, there is no evidence for the existence of such a gate.

    • Jack

      HAHAHAHA!!!! Religious idiot. Stop hating on rich people just because they win at life more than you do. You would forget your own kind in a second if you became a millionaire all the sudden.

  • JJ The Fed

    Tell your boss you want to be paid in stock. Then when you need the cash you cash in the stock for a %15 cap gains tax rate. Beats the 25 – 35% John Q. Public pays on his paycheck. Then you stuff the cash in a non-interest bearing account.

  • Barry light

    When i was a young dutch boy i started to play baseball, back then it was a novellty.
    American trainers,with names like andy mc dowell, came over and tought us things like : warming up,curveballs nockleballs, slidings to first and headfirst.
    They chewed tabacco with bubble gum.
    At that time it felt like a piece of the new world came in my life.
    ofcourse i grew up with the tv…..
    ( now i smile )
    jezus; buck rogers, famely ties, the a-team, the cosby show and hill street blues tssss.
    Amerika the USA, man i wanted to go there and life my live there.
    To go short; when i was young the land of my dreams, barbecues, beers and freedom.
    But then that lie of te two, oeps (3) towers happend,and i started to see and learn.
    Cia, vietnam, drugs oil, gold,big corperations, jfk, secret societies, nwo, clinton etc. etc. etc.
    Come on My American brother, i am with you , what is going on there?
    What happend?
    Why are those basterds in controle now.
    To all my American brothers and sisters out there, don’t forget we still love you..
    FREEDOM FOR ALL.
    P.S sorry for my poor english.

  • Graham

    Michael:-

    How risky would it be for you to do a full blown story on the fraud and deception being perpetuated by the IRS? The facts completely back your stance re “abolishment”. Perhaps there isn’t actually a need to abolish it, as it cannot “legally” charge every citizen Federal Income Tax to begin with. Refuse to file a return/s and see what happens. Challenge them to produce the law, which they can’t… neither can a court. It’s a scam!

    I know you have watched “America, Freedom to Fascism”. Also see the links I have put in a reply to Burt Gummer above. I came across the material a few days ago after being cross linked to the site mentioned. Why pay if you don’t legally have to? Note that the revenue taken in by the IRS pays for the US military. Last figure I saw was over $900 billion USD (per annum). So the people are made to pay for what is ultimately NWO global empire expansionism? Sounds preposterous to me.

    I certainly intend raising the matter with an acquaintance in Miami who has been awarded the title “Super Lawyer” twice due his highly successful career in Maritime law. Time magazine did a feature on him many years ago, after winning the biggest case in maritime history ($25 million USD). He also had the balls to take on Boeing on their own doorstep, and the US Navy for dumping rubbish at sea. Won both. Great guy.

    Let’s see what he makes of the IRS tax fraud, despite tax law not being his forte. I’m sure he will investigate through other legal sources. Will let you know if any advice comes out of it that may be beneficial to all.

    • Michael

      Well, I will say that I did really enjoy “America: Freedom to Fascism” and that I hope everyone will check it out. If you have not seen it yet, you can find it right here.

  • Tatiana Covington

    Why not just sterilize the poor and be done with it? Robots will soon do away with the need for so much human cattle just hanging around doing nothing useful.

    • Rhynn

      Perhaps you’d like to prove your point by “doing something useful” and taking your own bullets during your warmongering Imperialistic military power grabs overseas instead of having the poor take your bullets for you?

      Have you heard of the Draft Riots by any chance, Ms. Antoinette?

      Soon.

  • Alasha

    Yay!!! This story is linked on the first page of infowars.com. Go, Michael! Go Michael . lol

    • Michael

      Thank you – it is an honor to be featured there.

      Michael

  • Mick68

    Right on Dalarna. The rich forget that all the money in the world will not buy eternal life. They will die when God determines they will die and every ill gotten dollar they made will accuse them before the throne of God.

  • J ..Lawson

    Regular income is hard to “shelter” or “loophole” into a low tac situation. Most of it is taxed at a marginal rate of 45% and more (depending on the state). That doesn’t include sales and other taxes. I don’t care how much money someone is paid. Half is too much to pay in taxes. Most of the wealthiest people’s income is dividends. They are paid in money that has already been taxed once at 40-50%, then paid to the owners who bear the investment risk of loss, and are then taxed again at a lower rate. So the govt gets 60% or so of those dollars. Unfair? I just don’t see it.
    The people you vilify can move to reduce taxes, yes. The mass of people, however, can vote and throw out the politicians who waste our money and overtax us all. Do it.

    • Chris

      Your post is either very naive or you are pandering to the them. Perhaps in defense of your own self. Your sweeping generalization “most of the wealthiest people live on dividends ” is an overt over simplification. Just Like I do no not criticize people simply because they are rich. I know wealthy people and I have a personal friend who does exactly what you say. He has purchased many good solid stocks and lives on their dividends. But he himself admits that there are way too many wealthy people out there who have gotten there at others expense. Open your eyes and learn a little about large corporations who’s ONLY bottom line is to make money. To look good to the share holders. My former employer’s Father had a 50 employee stock brokerage firm. And he ran his business with integrity and honesty. His specialty was getting funding for new up and coming start ups. Back then Even I bought some stock. Now There is a huge change. Large corporations are lobbying (bribing) the government to slacken rules (deregulation) that endangers public safety.
      It was president Ronald Reagan who came up with the idea of “trickle down economics ” Saying himself that if the rich had less to pay they would have more money to spend on the economy. This idea has proven to be a myth. If what you mean by the majorly of the Rich does not include the very wealthy then I would agree. Because the very rich DO NOT live off of dividends except maybe if they are retired. No many of them OWN corporations. And the trickle down theory? Watch some documentaries or read some books. The truly wealthy tend to with some exceptions , to keep the wealth with in the family. Most of their wealth is in banks outside the USA. Then there is always another side to this tax issue. The amount of taxes collected by the government determines what they have to spend.They like every other organization have a budget.
      The 911 Terror attacks spawned a plethora of wars in the name of national security. The wars themselves were too expensive to the point that the debt reached a critical point at which we are now facing an impending financial crash that will kill more people and ruin more lives that any terrorist attacks. So who REALLY won? I am admitting it is not all on the rich the problems we are having . But also the mismanagement of our taxes.

  • Myrrh

    None of the tax money collected by the IRS is spent on any services for the people, all of it, all of it, is interest charged on the money created out of nothing by the banking cartel the Federal Bank – it’s a private company, your taxes go straight into their pockets. It’s a fraud by organised criminals, banking families.

    Research your own history.

    http://wattsupwiththat.com/2012/05/27/quote-of-the-week-bonus-krugman-insanity-edition/#comment-998338

    And wake up.

  • DownWithLibs

    A lot of things in this country need to be done away with and retooled into something more coherent and logical. Enough with this gumming-up of the works!

  • Gay Veteran

    We can have concentrated wealth in the hands of a few or we can have democracy. But we cannot have both. (Justice Louis Brandeis)

  • Ivan

    What’s sadder? That the taxes are paid by the people in the middle, or that most of it goes right to the federal reserve?

  • Chris

    I so much resent the extreme stereotypes. I have been employed for most of my life , I do not consider myself middle class nor dirt poor. In fact i have always had jobs involving skill. Mechanical and electrical and electronics and some programming. The term poor is very relative. The point is I made enough money to put a roof over my head and food in my mouth and some extras .I also paid my taxes like any one else. I started working In the 70s. At a time when a hard worker could work their way to the top. It has only been since the year 2000 that my earnings plunged and prices shot up. Courtesy of our government who have spent too much money on endless wars. It is the fed’s that have bankrupted the country A budget is a budget. Does it make sense to spend irresponsibly on a war that was to stop terror only to create a failing economy that will plunge America into a depression so bad that terrorism will be the least of our problems. Right now the “terrorist” have won and we do not even know it. The terrorists hit the buildings that represent our economic system and look at the economy today. If the Government had any back bone they would tax the rich and not need their campaign funds. (bribes).

  • justin

    His “charity” is the mormon church. They are required to donate. Look it up.

  • http://www.facebook.com/joel.paull.16 Joel Paull

    As Princess Lea said to Darth Vader, “the more tighten your grasp, the more we will slip through your fingers”

    Likely, you pay no tax. What are you complaining about.

  • Anon

    this article would be good if you didn’t go into a rant every 5 lines. you offer some good information but this is way longer than it needs to be. stop ranting, more facts, more numbers. thanks.

  • http://twitter.com/Youxia88 Youxia88

    People hate Mitt Romney because he’s Mormon.

  • noferblatz

    Why do you say that the tax code is *broken*? It’s not. It’s *designed* to work this way. Every notice that most politicians are lawyers and they’re not poor? You can bet that before a politician closes a loophole, he checks with his accountant and tax attorney before doing so.

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