Mrs. Hillary Clinton wants income equality.
She really doesn’t. If she did, she would take some of the tens of millions in the Clinton Family Foundation and spread that wealth around.
What Mrs. Clinton really wants is votes. She thinks that poor people will vote for her if she tells them she will take money from rich people and distribute it to the poor.
She is promising to raise taxes on rich people.
This is pathetic and unworkable.
In the 1984 election campaign, former Vice President Walter Mondale told the Democrat National Convention that if he were elected, he would raise taxes. A hush fell over the convention. Then Mondale got drubbed by President Ronald Reagan.
Mrs. Clinton can vow to raise taxes on rich people because she is not telling the truth. First, her biggest supporters are some of the richest people in the country (especially Hollywood). Even though she might raise the tax rates, they will be given loopholes so that they pay little or nothing.
Billionaire Warren Buffett, who runs Berkshire Hathaway which owns the Tulsa World, is all for Mrs. Clinton’s tax increase on the rich. Buffett, the son of a Republican lawmaker, is pals with President Obama. He’s worth billions of dollars and is in his eighties – he’s not worried about a tax increase from the Democrats.
Here’s the dirty little secret. If the government confiscated all the wealth of the top 1 percent, it wouldn’t erase the deficit. It’s a spending problem, not a revenue problem.
No. Mrs. Clinton wants a tax increase but it will hit the middle class, not the rich and not the poor. She understands that you have to squeeze revenue out of the middle class to get the big money.
The poor – not all but some – understand that they don’t have to work under Obama’s policies and they could fare even better with Mrs. Clinton. Liberal elitists crave people who depend on the government. They want to give handouts – not hands up – to guarantee dependency.
Mrs. Clinton and the government are experts at disguising taxes for the middle class. For example, they made sure that gasoline taxes are rolled into the price of a gallon. That makes it look like there are no taxes.
That’s like eating at a restaurant where a 20-percent tip is automatically added in. Or like buying a 50-cent corndog for $4 at the state fair and “not paying sales tax.”
Imagine buying 10 gallons of gas at a convenience store for $20 and then adding a 35-percent sales tax, so your bill would be $23.50 instead of $20. (Oklahoma has a 35-cent per gallon tax).
Another example is the payroll tax. Employees pay half of the tax and employers pay the other half. But that means the employee really pays it all because the company would pay the employee that much extra if the tax were gone. It’s a pass-through tax.
The list of deceptive taxes goes on and on. Chamber types want more sales tax and spend millions on TV commercials to tell voters the taxes will cost “only pennies a day.”
Another great example is a “sinking fund.” This is money siphoned from property taxes that cities use to pay off legal losses. This doesn’t affect the general fund, so municipal types don’t fight lawsuits that rigorously because who cares if it’s paid for by the sinking fund?
Government must be funded (render unto Caesar the things that are Caesar’s.)
But the problem is that government spends too much on low priorities and not enough on more important items.
Here’s an example. A school district will pass a $100,000,000.00 bond issue (repaid by property taxes) and yet pay it’s teachers a low salary. Instead of building a state-of-the-art swimming pool, how about rescuing the teacher retirement fund?
In Oklahoma, rural public schools that don’t pass property tax hikes get a higher ratio of state funding than districts like Broken Arrow that max out their bonding capacity as soon as the can. So when a property owners votes for a school bond, they not only raise their house payments but they diminish state education funds.
Government at all levels has enough revenue. We don’t need to raise any taxes (especially sales tax, which has a disproportionate impact on poor people and those with fixed incomes).
And another problem that will get worse in 2016 is higher interest rates on loans. It wouldn’t be so bad if interest income went up at the same rate – but it won’t.
Mrs. Clinton wants to buy votes by telling poor people that being rich means that you are greedy and the only solution is for the government to confiscate your money. This fuels class envy.
Part of the American Dream is that someone with nothing can work hard and build a good life – complete with a big bank account.
Wealth redistribution is basically making the middle class work their tails off to benefit the ultra-rich and the lazy poor.
This is a bad policy being pushed by a politician who is not telling the truth.