The Mother of All Tax Loopholes
My Sister wrote me today; actually, she just sent a link to the latest moveon.org petition. This one, which I do support, is to help prevent “the mother of all tax loopholes.” Basically, if you are in the highest income percentage, you pay virtually nothing in taxes. I signed the petition for congress to close this. Unfortunately, I do not think this one, above all other votes in vain, with have much sway on congress. The reasoning behind this emotion is that the masses, unbelievably, think they will each one day be in that bracket.
Most people will not oppose this; they think the upper-class should not have to pay equal and appropriate taxes. Ask almost anyone on the street and they’ll tell you that those that have reached that level deserve to avoid taxes, or at least deserve to avoid the same 30ish% we all pay.
Why? Because every one of those people thinks millionaire-billionaire status is within his/her reach. If it is the person dropping 20.00 a week on the lottery ‘knowing’ that they are due and the win is imminent, the person buying into a MLM scheme, the ones with internet site plans, some secret inside track on a horse, a stock market tip, mail-order plans, inventions in the basement, a secret map of an ancestor … other? Ask anyone of those people and they’ll deliver an itemized list of what they’d do with the monies: travel, education, residences, etc.
Whatever the plan, everyone has one and genuinely believes island-buying status is within reach, and that when they get there, they do not want to pay 30% tax. The logic is that it is better to pay 1k-3k extra now per annum then to pay a few hundred k per annum in the future.
While I’m standing on the correct side of the fence I can look over pretty easily and see that which motivates so many in this country, and, like organized religion, most look toward – and reach for – the highest possible goals… the alternative is unthinkable.
Nonetheless, I signed the petition in the hope that I do not have to pay the extra per year now.
For now, I must depart – I’ve got $50 on “Wireless Carefree Island” to win in the 5th.