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The Fiscal Cliff Diversion Has Nothing To Do With Tax Policy
Forbes ^ | 12/15/2012 | Nathan Lewis

Posted on 12/15/2012 10:35:46 AM PST by SeekAndFind

One thing that united both the Tea Party and Occupy Wall Street, around 2009, was their opposition to corporatism/crony capitalism. Someone had committed some very big crimes, and they were getting away with it. Immense sums were being stolen from taxpayers, mostly by big banks, around the world. Companies that should have gone bust instead were bailed out and became even more dominant. Politicians were bought and paid for by Big Business – not all big businesses, but a relatively small group of companies whose names we all know well.

This issue has strangely disappeared from official discussion. Now we are told that the Tea Party wants lower taxes (or at least no change in taxes), and Occupy Wall Street wants higher taxes.

Divide and conquer.

This is not to suggest that tax policy doesn’t matter. It is one of the most important things for the long-run (and often short-run) success of any country. However, none of the events of 2008-present have anything to do with tax policy – not even the budget deficit. Federal tax revenues were 18.5% of GDP in 2007, about their long-term historical average since 1950, and more than the 17.6% of 2002 or even the 18.0% of pre-Reagan 1978. Since then, tax revenues dipped to 15.4% in 2011, but that has more to do with the sluggish economy than any changes in tax policy.

Occupy Wall Street was diverted by the idea that this small group of corporate criminals – among a much larger group of honest businessmen – were “the rich,” and that they should be punished not by the capitalist outcome of having their companies go bankrupt and then doing jail time for crimes committed, but rather with higher taxes on higher incomes.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: fiscalcliff; tax; taxes; taxpolicy

1 posted on 12/15/2012 10:35:53 AM PST by SeekAndFind
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To: SeekAndFind
Immense sums were being stolen from taxpayers, mostly by big banks

Making bad loans, some under government threat, is not stealing from the taxpayers. What is this guy talking about?

2 posted on 12/15/2012 11:10:55 AM PST by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: SeekAndFind

Inflation-pyramid-scheme, for which the TARP should never have been passed, and without that, the money powers who often argue for mergers and acquisitions, would have found themselves to be that which was broken up and “the working parts sold.”

Instead, the Federal Reserve now writes more and more rubber checks to pay for U.S. Treasuries, which creates a problem of its credibility, placing that ahead of the “full faith and credit” of the Treasury. At the door, in other words, instead of meeting the credit of the U.S., one meets its creditors.

The net is, that the bankster-lawyer-politicos who make the arrangements, are rewarded with pay that exceeds the actual cost of living and then some; there are now so many phoney leaders who clamor about merit pay, yet are without merit.

They are faux-capitalists, then next crony-capitalists, then next, fascists, which is a fancy term for the creme of these money-arrangers in and out of gov’t, whose riches from the scheme, exclude *their* world from the affectations and effects of the nationalizing-socialism and its low-to-non-existant-rewards world, they impose.

It’s a pyramid scheme, and that is theft.

The result is usually that workers “work” but are not paid; rather, they “work” in order to have something to do in their dreary existence.

The result is that leaders lie quite a lot, and what gov’t says, is usually not true.

That also, is theft, of virtue, which quality we need for honest transactions, in addition to much more and shall miss very much.


3 posted on 12/15/2012 3:20:22 PM PST by First_Salute (May God save our democratic-republican government, from a government by judiciary.)
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