Monday, August 10, 2009

Let's tax the working folks?

Many people in this country have been duped into believing changes in tax law benefit them, they don't. This country became a great nation because people were given the opportunity to succeed - or fail - through their own hard work. Yet the last 30 years have seen this decimated by people that are changing our tax code to focus on taxing Labor - the work that we do to earn money - and reducing taxes on Wealth.

Now, the average middle class voter might think that when I say wealth I mean money we have saved. No, this refers to the wealthy, a special class of people who live entirely off the capital gains of money that their fathers, grandfathers and great-grandfathers worked hard to earn.

In his article describing the Son of Boss tax dodge, Robert L. Sommers writes:
"When one understands the tax code, it becomes apparent that the conflicts are not between liberals and conservatives, but rather the battle is between old wealth (both liberal and conservative) and new wealth – those living on investments verses those earning an income. Thus, the estate tax, capital gains, and tax-free bonds laws favor old wealth, while those earning large incomes (professionals, business owners, entertainers and athletes) pay the highest rates on their compensation income, as well as employment taxes."

Think carefully about this. You may be paying a few dollars, maybe a few hundred dollars less in taxes since the tax rate on capital gains has been cut, but if you still work for a living, whether you are self employed, work for a small company or a huge corporation, do you really want to shift more of the tax burden to working folks like yourself?