Pity the rich

Pity the rich

"[Y]ou can see that taxes are through the roof on affluent Americans and business profits. But for the rest of Americans, things are not so bad. The bottom 60% of wage-earners pay just 2.7% of federal income taxes. The bottom 40% actually get money from the feds; they receive payments called earned-income tax credits.

I believe that I've cut back investing because of the heavy capital gains hit.

But how much more can the government take from the affluent without crashing the entire free-market economy?

Bill O'Reilly, fresh off his latest victory in once again saving Christmas from the American heathen class, launches a crusade to defend America's poor, put-upon rich people Those bastards. Here rich people are working their besuited asses off every day earning interest and collecting dividends and attending board meetings and having very important lunch meetings over glasses of very important wine while poor people, what with their refrigerator-having and rent-paying and whatnot, are living the easy life on the earned-income tax credit. It's enough to make rich person Bill O'Reilly sick, it is.I believe I've cut back investing because of the having no money part. I've noticed, in fact, that very few of the people serving the very important wine or cleaning the very important conference rooms have been investing very much at all in the American free-enterprise system of late, and no amount of cutting their paychecks or dismantling their unions seems to convince them to invest more. Like Bill O'Reilly, they are probably disheartened by the capital gains tax.That is a fine question. We could probably look at the historical data to find an answer to that, perhaps looking through the record books to find periods of strong economic growth and look at what the tax rates on the wealthy and on corporations were during those very prosperous times, but that sounds more work than either a wealthy person or a television news personality with dozens of people on staff could possibly manage by themselves.

So we should probably just declare that wealthy people pay one million times too much in taxes, and that under the Obama administration their tax burden has increased roughly eleventy billion percent. It may or may not be true, but while being wealthy in America may saddle you with a crippling tax burden and the unenviable duty of funding entire presidential races in order to keep the nation's priorities in proper order, it at least allows you to never come into contact with any of the unpleasant little snots who might look those numbers up.

