Re: Obama XXII: Occupy the White House
Is it fair that the richest 1% of Americans pay nearly 40% of all federal income taxes, and the richest 10% pay two-thirds of the tax? Yes, if the richest 1% and the richest 10% make most of the money.
Is it fair that the richest 10% of Americans shoulder a higher share of their country's income-tax burden than do the richest 10% in every other industrialized nation, including socialist Sweden? Given America's Gini coefficient says America's 10% makes even more than the average American than a 10% Swede does compared to the average Swede, yes. Funny how greater share of income means greater share of taxes, doesn't it?
Is it fair that American corporations pay the highest statutory corporate tax rate of all other industrialized nations but Japan, which cuts its rate on April 1? Since no one pays the statutory rate, sure. (I'll ask another one, is it fair American corporations have to directly pay for health insurance for their employees unlike every other industrialized nation?)
Is it fair that President Obama sends his two daughters to elite private schools that are safer, better-run, and produce higher test scores than public schools in Washington, D.C.—but millions of other families across America are denied that free choice and forced to send their kids to rotten schools? Wait, I thought the GOP was all for school choice?
Is it fair that Americans who build a family business, hire workers, reinvest and save their money—paying a lifetime of federal, state and local taxes often climbing into the millions of dollars—must then pay an additional estate tax of 35% (and as much as 55% when the law changes next year) when they die, rather than passing that money onto their loved ones? Considering they get a stepped up basis for all unrealized capital gains and the first what, million? of an estate is exempt, yes it is fair. You want to drop the estate tax? fine, but you have to remove the stepped up basis for all unrealized gains at the same time.
The WSJ editorials have gone to shiat since Murdoch bought it out.
