Did you know that America rewards the rich and lazy?

 

Did you know that America rewards the rich and lazy?

If you are rich in America you get the better treatment by the US government than middle class worker.  The major ways the rich are treated better are low income tax rates, 15% capital gains rate and no estate taxes for most rich Americans.

Most extremely rich Americans got their money the old fashioned way – THEY INHERITED IT!

This isn’t taught in schools and is rarely mentioned by politicians.  But over 70% of all the very rich, the top 1%in net personal wealth; got their wealth through inheritance.  I know you don’t want to believe this because we were taught that Americans believed in. “an honest day work for an honest day’s pay.”  This is just another in a long list of American myths. 

A good example is Bill Gates; he earned his billions but his wife and two children didn’t and they are billionaires.  The same is true for Warren Buffett he earned his billions but his wife and four children, not to mention his grand children didn’t earn a dime of their money and they are all billionaires.

The Republicans like to help the rich avoid paying taxes because the rich give them huge donations to keep getting elected.

I am okay with this inheritance except the rich and lazy get huge tax breaks paid for by the middle class.  The rich structure their earning to be capital gains and pay just 15%, while the middle class get their income from wages and pays 34% for much less in earnings.

In fact the top 1% averaged an income of over $1.8 million and paid just a 17% income tax rate.  This simply isn’t fair and any honest person would admit it.

The rich and lazy also avoid paying estate taxes.  This guarantees that rich families stay rich long after they provide any benefits to society.  The children and grand children benefit and the rest of us pay for their benefits.

Congressional study showed the following:

“The richest Americans are those who benefit the most from the public services that taxes make possible. The massive fortunes that are accumulated by Americans who are industrious, clever or just lucky would never materialize if not for the infrastructure, educated workforce, public safety and stability that government provides. It is therefore

reasonable that the extremely wealthy contribute more in taxes than the middle-class. It also follows that it is reasonable to tax the transfer of enormous estates — most of which consists of income that was never taxed — from one generation of a super-rich family to the next.”

America needs to do several things.  First we must vote out all Republicans because they created this system that rewards the rich and lazy, those that didn’t earn a dime of the wealth.  These same Republicans punish the working middle class by taxing them more than the richest billionaires.

 

See what Warren Buffett says about his taxes as compared to the people who work for him and pay a higher tax rate.

 

Everybody's Business NY TIMES

Warren Buffett - In Class Warfare, Guess Which Class Is Winning

By BEN STEIN

Published: November 26, 2006

“Mr. Buffett compiled a data sheet of the men and women who work in his office. He had each of them make a fraction; the numerator was how much they paid in federal income tax and in payroll taxes for Social Security and Medicare, and the denominator was their taxable income. The people in his office were mostly secretaries and clerks, though not all.”

“It turned out that Mr. Buffett, with immense income from dividends and capital gains, paid far, far less as a fraction of his income than the secretaries or the clerks or anyone else in his office. Further, in conversation it came up that Mr. Buffett doesn’t use any tax planning at all. He just pays as the Internal Revenue Code requires.”

 

You can thank Bush and the Republicans a system that rewards the rich and greedy and punishes the poor and needy.

 

Solution:  Raise the tax rate on personal income to 50% for all income over $150,000 per year, put a lifetime limit on capital gains of $5 million and tax everything over that at standard income tax rates.

 

Am I right?  What do you think?

 

Please email your senator and tell them what you think.

 

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