Thursday, May 26, 2011

Liberal Fantasies - Tax Fairness

From the The Norman Goldman Show we have a list of Liberal Fantasies that need some attention.

The top of the list is.... Tax Fairness.

1) Tax Fairness - A Progressive Tax on the Koch Bros. and their top 2% buddies;

Is it pedantic to point out that our tax code is already progressive?  The top 5% of income earners paid ~60% of all income taxes.  The bottom 50% paid near-ZERO in income taxes.  So obviously they mean more progressive than the current system.

Minor quibble: Why is the tax on the Koch Bros. and not on George Soros?  Or Warren Buffet? Or any of the uber-rich Hollywood types that are so famously progressive?

Anyway, what moral code are you using when you declare it to be 'fair' that one group pays huge amounts of income tax while another group pays nothing at all? 

The moral code is altruism.  And the political viewpoint that extends from that moral code is called Socialism.

Here is the fantasy part:  the very rich are able to shift tax burdens and take advantage of the complex and loophole ridden Federal tax code.  Raising the rates does not produce more revenue.  History shows that tax revenue hovers at about 20% of GDP no matter what the tax rate. 

So making the rate more 'fair' will only drive economic activity out of this country, increase tax sheltering, and promote tax evasion.

If the Liberals are so intent on 'fairness' in the tax code, why aren't George Soros and Michael Moore paying more than they owe in taxes?  Why wait for the rates to be increased?  Just pony up now. After all, it is only fair!

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