..Business
Insider, July 25, 2012
Joe Biden's Awkward Rant On Wealth Included Him Saying 'I Wish My
Kids Would Become Wealthy
by Brett LoGiurato
...
"I wish my kids would become wealthy!"
Biden said, trying to emphasize his point that Obama and Congressional
Democrats don't dislike wealth.
... Biden
drove home the points that Romney wants to extend the tax cuts on the
wealthiest Americans and that his economic plans would benefit the wealthy.
... "He's
a good family man, a guy who means well," Biden said of Romney. "But I don't
think he gets you. I don't think he understands what you're all about, what
makes you tick, what makes you decide to go in this profession, which you
couldn't pay 90 percent of the population to do."
2-4-8 Response
Tax Wealth or Recession Likely
No business will add a job unless it has customers able
to purchase its product or services.
If a businessman has 99 pounds of gold in his safe no
tax break will cause him to create a new job.
The top 10% wealth holders gained $3,558 billion - six
times the amount of wealth owned by the bottom 50% ($584 billion), between
1995 and 2010.
The tax code has made most people 70% poorer over the
last 20 years but has been very good to those at the top
The Wealth Gap in the U.S. has not been this bad since
the Great Depression when unemployment was also as bad.
Payroll taxes are the biggest obstacle to job creation
because they reduce consumer demand (7 ½% employee share) and impose a large
per worker tax on business (7 ½% employer share).
After the great depression top income tax rates were
increased from 24% to: 63%, 79%, 81%, 88% and finally to 94% in 1944 in
order to correct the economic imbalance.
A net wealth tax creates a healthy negative
reinforcement (“use it or lose itâ€) to use assets in productive business
investment (as opposed to opening a foreign bank account, investing in
precious metals, hording assets of any type, etc.)
The U.S. has the highest marginal corporate income tax
rate (35%) because it is the only developed country not to have a business
value added tax (VAT)
If the corporate income tax rate were lowered to 8%
there would be no reason to switch from a worldwide to a territorial tax
system.
If the U.S. implemented a 4% VAT the corporate income
tax rate could be lowered to 8%, tax loopholes could be eliminated and we
would still have the most competitive business rates in the developed world.
A 2% tax on individual net wealth (excluding $15,000
cash and retirements funds) could replace payroll taxes and create millions
of jobs without government spending.
Read more at www.TaxNetWealth.com
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