Narf! Brain … Pumpkin Spam!?!
If a tax cut increases government revenues, you haven’t cut taxes enough.
Taxpayers with incomes in the top 10 percent of adjusted gross incomes pay about 70 percent of all federal taxes. My income falls in that range, so some people might buy the argument that I pay more than my fair share of taxes, but that’s not true. I pay almost exactly my fair share. My total federal tax bill (income tax, FICA, etc.) as a percentage of my gross income comes to just a bit more that than total federal spending as a percentage of Gross Domestic Product. I’m just covering my share.
If I’m in the top 10 percent and just barely covering my share, what does that say about the long-term stability of a system where 90 percent of all taxpayers are receiving government services at a discount—and a substantial portion are getting a free ride?
But a larger long-term problem may stem from the fact that the top 1 percent pay around 39 percent of all federal taxes. Given their options to move their wealth around the world, what are they getting from the system that appears to take so much from them? Harvey Weinstein’s fundraising is not even the tip of the iceberg.
Capitalism is the exploitation of man by man. Yes? Well socialism is exactly the reverse.
—Czech 1960s Joke
I say thank God for government waste. If government is doing bad things, it’s only the waste that prevents the harm from being greater.
In a piece about the proposed tax cuts, the New York Times notes that
[t]he plan would not benefit lower-income households that do not pay federal income taxes.
(H/T, Steve Hayward at PowerLine).
Google has fired an employee who wrote an internal memo which escaped into the wild and caused a brouhaha on the Interwebz. The reason given was that the employee had violated the company’s “Code of Conduct.”
When an employee and a company’s Code of Conduct are at odds, one of them has to go. Time will tell whether Google has made a wise choice.