Monday, June 20, 2016

AMERICA'S WELFARE QUEENS; THE RICH

Somewhere along the line something went wrong and the rich folks lost sight of the fact that the reason they got to where they are is because they live in a country that provides them with resources and opportunities to achieve and accumulate wealth.



More important they ignored the reality that wealth came at a price and magically convinced themselves that they were "entitled" to hold on to every last nickle and give nothing back in return for what was provided them by the millions of Americans who work and contribute to the country.



Their wealth brought out the worse in many of them and they opted to hide, dodge and avoid  rather than share and give.



In essence they argued that getting something for nothing; much like what they accuse the poor of, was the way to go.



Taxes? That's for the working class to worry about. Not them.



Supporting the country that made them wealthy? In your dreams.



In fact many of them opted to spend untold amounts of money hiring armies of "tax experts" to  ensure that the country that gave them so much would never get a single cent back.





While candidates bicker and Congress stagnates and the rest of us dwell on the latest shooting tragedy, the super-rich enjoy the absence of attention paid to one of our nation’s most destructive issues.



The richest Americans are takers of social benefits. Yet they complain about paying 12% to20% in taxes, even as respected researchers estimate an optimal revenue-producing rate of80% to 90%, and even with the near-certainty that higher marginal tax rates will have no adverse effects on GDP growth.



The super-rich pay little in taxes because, as Senator Lindsey Graham said, “It’s really American to avoid paying taxes, legally…It’s a game we play…I see nothing wrong with playing the game because we set it up to be a game.” In reality, it’s a game of theft from the essential needs of education, infrastructure, and jobs.



The Richest Individuals Cheat the Most
According to a recent IRS report, an incredible $406 billion annual gap exists between owed and paid taxes, with individuals accounting for over three-quarters of the total, and with the most egregious misreporting coming from the highest income-takers.



That’s about $3,000 per U.S. household in annual lost revenue. Yet even though the IRSretrieves well over $100 for every dollar in salaries paid to their agents, the agency has been rapidly losing staff, making the tax avoidance game a lot easier for the biggest cheaters.