English: Number of self-identified Democrats vs. self-identified Republicans, per state, according to Gallup, January-June 2010 http://www.gallup.com/poll/141548/States-Competitive-Terms-Party-Identification.aspx. 18 point Democratic advantage 10-17 point Democratic advantage 3-9 point Democratic advantage 2 point Democratic advantage through 2 point Republican advantage 3-9 point Republican advantage 10-17 point Republican advantage 18+ point Republican advantage (Photo credit: Wikipedia)
I am so tired of listening to pundits and their guests on TV saying that small business owners are going to layoff workers if the top tax rate is increased the small amount that the President and the Democrats are proposing. Let’s be more specific and start dealing in real numbers. How much did the business earn in the last tax period and how much did the business owner pay in taxes? If the tax rate is increased, how much more will be paid in taxes? Is it $1000 or $5,0000 or $10,000? Be specific so that we in the audience can judge how serious you are and how damaging a tax increase will be. Statements that a tax increase will lead to job layoffs are not credible by themselves without specifics.
Tax (Photo credit: 401(K) 2012)
If Mitt had been elected with GOP majorities in Congress, he could have had his tax plan passed into law, eliminating corporate income taxes, dividend taxes, capital gains taxes and the estate tax. Then Mitt could have paid no Federal income taxes at all, and he would have become a card-carrying member of the 47% who take no responsibility for their lives. Even though his income is north of $20 million per year, he would have been the recipient of government services like the rest of us for which he paid nothing. Instead of being part of the 47%, he remains the out-of-touch member of the 1% who received 47% of the vote.
Mitt Romney wants us to trust him without his giving details on his tax proposals. Ronald Reagan said, “Trust, but verify.” I do not trust Mitt Romney on taxes, or much else either. If we wait until after the election, it will be too late to verify.
Tax (Photo credit: 401(K) 2012)
Who are you gonna trust when it comes to Federal tax policy? Do you trust a candidate who refuses to tell you what he paid before 2010 and refuses details about his plans for our future taxes? Or do you trust President Obama and the Democrats? Personally, I put more trust in President Obama than I do in Mitt Romney. Herman Cain had a 9-9-9 plan. Mitt says the devil is in the details and the angel is in the policy. Perhaps that is why Mitt won’t divulge details; he doesn’t want to go near the devil and the devil lives at 666.
English: Protester seen at Chicago Tax Day Tea Party protest with sign reading “I am John Galt”. Edited to protect protester’s identity. (Photo credit: Wikipedia)
By coincidence, on the same day I wrote about death and taxes in my post Uncertainty, I happened upon this in Atlas Shrugged. Please note 12 years of tax returns. Do you suppose that George Romney got the idea from Ayn Rand? Atlas Strugged was published in 1957 and George ran for the GOP nomination in 1968.
This is part of a conversation between the pirate Ragnar Danneskjold and Hank Rearden when Danneskjold attempts to refund a portion of Rearden’s income tax in gold.
“‘What is that?’
‘Your income tax, Mr. Rearden.’
‘Your income tax for the last twelve years.’
‘You intend to refund that?’
‘In full and in gold, Mr. Rearden
“‘The looters are not the only ones who have kept records on you, Mr. Rearden. So have I. I have, in my files, copies of all your income tax returns for the last twelve years, as well as the returns of all my other clients. …'”
Now if he just had access to Mitt‘s returns. According to Ayn Rand, looters are people like government officials who do not produce any goods, but live on tax revenue or other people’s work.