The Death Tax, the Flat Tax - and Warren Buffett’s Fat Tax Breaks
The President Bestowing Upon Buffett the Democrat Crony Taxes Exemption Award |
All for the privilege of giving federal, state and local governments record amounts of our money.
A 2011 study said we then wasted 6.1 billion hours preparing to pay our taxes - and that was when the tax code was a mere 72,536 pages.
Built into these tens of thousands of pages are breaks and special exemptions galore. I am opposed to all of them.
I don’t like social engineering via federal law - so I don’t like even very popular things like the child tax credit. I want my taxes lowered and easier to file - I don’t want to have to produce progeny to get there.
To that end I’d happily give up the home mortgage deduction (of which I only recently started availing myself).
And lest we forget: the home mortgage deduction - combined with other horrendous laws and special exemptions, the Federal Reserve’s squelching of interest rates and the government uber-getting into the home lending business - is what caused the 2008 global economy meltdown.
What government attempts to manage - government destroys.
Not nearly all of the tax code carve outs even began benign. Many, MANY of the “loopholes” are written by Big Government proponents for Big Government cronies.
No one knows this better than the Democrats’ favorite billionaire - Warren Buffett.
The Buffett Rule is named after American investor Warren Buffett, who publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy.
“I will not pay a dime more of individual taxes than I owe, and I won’t pay a dime more of corporate taxes than we owe. And that’s very simple.”
We the People do not. So as the code gets friendlier for the Buffetts of the world – it gets even uglier and more complicated for the rest of us.
Washington, D.C. needs lots and LOTS of real, actual reform – the common denominator of all of it being Less Government.
And what’s better than a simpler tax? No tax at all.
So if after the government taxes everything throughout your entire life – from your income to your property to your purchases (and on, and on, and…) – you actually manage to accrue some coin, the government takes another 40% off the top when you die.
This is a part of the Donkeys’ “tax the rich” mindset and mantra. Except:
They warned Thursday that unless it was abolished, agricultural producers in particular could be hit hard because of the soaring value of land the past few decades.
Todd Wilkinson, president of the South Dakota Cattlemen’s Association and co-owner of a feedlot near De Smet, said the “death tax is a crushing blow that is facing all of us.” Wilkinson said if he or one of his brothers were to die they would be forced to pay a “big” estate tax.
“I guess the point is I should just go out and blow the money, then my kids don’t have to worry about it. That’s the lesson we are learning in the (agriculture) sector,” Wilkinson said. “Just give us a break. Take this away. Don’t tax us out of business.”
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Seton Motley is the President of Less Government and he contributes to ARRA News Service. Please feel free to follow him him on Twitter / Facebook.
Tags: Seton Motley, Less Government, Death Tax, Flat Tax, Warren Buffett, Fat Tax Breaks To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
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