Tax Cuts for the Rich:

04/29/2017

Tax Cuts for the Rich:

The only thing that could be more ridiculous than this statement is climate change is directly caused by man-made emissions. Both have the appearance on the surface of being possible and neither have any substance, both have been pushed as a narrative to help perpetuate a single ideology because the sponsors have nothing of substance to back up their claims. Regarding the tax cuts the first mark against it seems to be it’s proposed by the Republicans, when Kennedy proposed it there wasn’t nearly as much rancor or uproar then Reagan proposed much the same thing and all of a sudden it was labeled “Voodoo Economics”, now it’s “Tax Cuts for the Rich”. This is one of those non stories that a particular bias has been pushed most would think was utter nonsense under any other scenario. Look the rich will certainly be helped with the proposed tax cuts but they still pay the bulk of the taxes, unless you’re the likes of Obama, Clinton, Reid or even Sanders as we recently learned. The tax rate of the Rich will drop from 39% to 35%, 4 whole percent and in return for this drop they no longer get to deduct the state tax payments which in states like California & New York is a really big deal. The rest of us see a much larger % drop which, at least for me and my meager salary, is a big deal and allows me to enjoy a couple more dinners out each year w/ my wonderful wife. But who are we kidding, I’m going to get a nice tax cut but how many people will I employ as a result of this tax break? Unless my small business gets a lot larger it won’t mean any more jobs for anyone so let’s look at this logically, we all need more jobs and it would be nice to see an economy grow for some of us who aren’t in politics. Can you believe how fast the Clinton’s went from “dead broke” to multi-millionaires, I’m not sure Hillary’s voice or ability to deliver a message is that golden, Bill’s might have been but that was a few years ago. And what about Barack Obama’s latest speaking engagements at $400,000 an appearance? I don’t know but if I had to get up in front of my audience and say to them “I just wasn’t able to explain myself adequately so people didn’t really understand all the good we would accomplish”, I think my boss would have fired me instead of paying over a year’s salary plus bonus to talk again.   So since the rest of us aren’t as blessed as they are, maybe letting the rich keep a few more dollars of their own will actually translate into more jobs for the rest of us common folk. Actually, there is justification for the tax cuts and improved economy relationship. Milton Friedman discussed it at length as does Thomas Sowell and lest we forget more recently Art Laffer and the Laffer curves, all tell us basically if we put more money into the “engine” of the economy instead of the “friction” of the government we’ll get better performance. Kinda makes sense I think, Ah Well – another problem solved!

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