The idiot Marxist does have a good point, which he actually understates because he’s so busy peddling garbage.
Wage earners, laborers and salaried professionals can pay over 40% of their income in taxes, between state and local income tax, FICA and social security taxes. (Can we drop the idiocy and acknowledge that social security paycheck deductions are simply taxes?) Contrarily, heirs who simply leave their Daddy’s money in their investments and sip by the poolside pay only 15%.
Yet this 40% taxation, which cripples the economic freedom of 80% of Americans generates relatively little bang for the hardship it causes. Obama’s trillion-dollar spending spree could have eliminated federal income taxes for 80% of all Americans... altogether. Now go back an look at last year’s quarterly GDP figures. See that 2nd quarter growth amidst all the declines? That was President Bush refunding a median 10% of federal taxes. What impact would refunding 100% cause?
Contrarily, heirs who simply leave their Daddy’s money in their investments and sip by the poolside pay only 15%.
That used to bother me too, until I realized that daddy already paid the tax on those dollars invested. And depending on when he did, some of those dollars may have been taxed at 70% or higher. If he wants to use that money to support his deadbeat heirs, who am I to say no?