"'Tis impossible to be sure of any thing but Death and Taxes,” from Christopher Bullock, The Cobler of Preston (1716).
Is a message we are all familiar with, taxes are going to be paid, but the question is by whom?
So lets look at what our taxes pay for. The short list would be Defense, Healthcare, National Debt and Federal Employee Salaries. Drilling down into this list we get the following small sample:
- Interest on out National Debt
- Salaries for Congress, President, Military Personnel and other Federal Employees
- Medicare
- Social Security
- Medicaid
- Federal departmental expenses
- Infrastructure
So there are things that are definitely going to get paid no matter what, employees may be forced to take furlough days without pay and something may be deferred.
There are 2 basic groups taxes, Corporate and Personal taxes, but corporations are considered people: I'm still trying to wrap my head around that one. Now Corporations are interesting since they also tax us, so in essence we are being double taxed or one might say corporation are paying less taxes. Who can say they haven't seen the taxes on their cable or cell phone bill.
Communism is defined as a political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control. Basically for the good of the Country.
Capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most of the means of production are privately owned and production is guided and income distributed largely through the operation of markets. Basically for the good for the Company.
Under Capitalism when you pour a lot of money into a company that should be entitled to shares of that company which equates to ownership. So the Banking Bailout of 2008 should have entitled Tax Payers to shares of those companies, but it didn't. They considered it a loan so ownership was not an option and yes it was paid back. There was no consideration given to the tax payers for this gift. Sounds a lot like Communism without the benefits instead of a Free Market.
They said they were "Too big to fail", this concept should exist in a Free Market. There would have been some impact to the American Economy, but what would have happened is that smaller companies would have stepped up and filled the void. This bailout was only necessary to protect the wealthy, shareholders and the Stock Market. People would have lost jobs, but once the smaller companies expanded those jobs would have came back. The most import thing is it prevent these companies from becoming insolvent, which is good for the the Stockholder and Investors not the people.
Forbes recently posted an article stating that, "The 3 Richest Americans Hold More Wealth Than Bottom 50% Of The Country." Oddly enough these 3 people are for higher taxes on the wealthy.
Fortune recently posted an article stating that, "George Soros and Hundreds of Other Millionaires Are Asking Congress to Raise Their Taxes"
Currently we are in the middle of Tax Reform and the main part of the reform are tax cuts for the wealthy and corporations. They call it "Trickle Down Economics", which has been proven ineffective. Companies get to keep more of their money and supposedly they create more jobs, well companies have been keeping more of their money for the past few decades and jobs and wage growth has not increased. What has been shown to work are tax cuts for the poor and middle class. When they have more money in their pocket they spend it on goods and services and that stimulates the economy.
Do you really want our children paying for tax cuts for the wealthy and corporations when the wealthy are asking...begging for their taxes to be increased?
