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The US system as it is today has changed the "of the people, by the people and for the people" to "of the attorneys, by the attorneys, for the attorneys".
GE pays no taxes on 14 Bill in profit with a 57,000 page tax return.
Congress thinks they can punish the "rich" by increasing their income taxes. I paid $3000 in income taxes in 1973, more than John D Rockefeller. His net worth was 175 million, mine was probably less than $2500.
The hypocrisy of the tax the rich is compounded exponentially by the fact that that would only make it more difficult for those climbing the ladder the reach the top. It does not touch those worth billions already. They have no need for any income when the tax burden gets ridiculous.
Study the history of income taxes to see the effects of higher rates, but understand that decades ago you did not have the many taxes that are imposed today on consumption and home ownership. The ultimate hypocrisy is to blather about relieving the poor of tax burdens, while advocating them paying a much higher rate on everything if they dare to try to climb the ladder of personal net worth.
As Frank stated earlier, in my case I built my house, but even though it was paid for when completed, it will never be paid for and could eventually be confiscated by the state for non payment of taxes, while I am sitting in a nursing home, in a coma, on life support (and don't respond assuming I can not afford it although I would rather be suffocated).
If I posted what I really thought about the current govt in the US, including both "parties" I would probably get visited by the FBI or Secret Service, but hey I am old and not to longer left on this world, so lets just pass the bill on to the next generations, right?
regards
Mech
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