When the wealthiest citizens can design tax shelters, Swiss and otherwise, and the poorest can either pay no taxes or receive refunds, the burden of generating US tax revenue falls squarely on the shoulders of the middle class. That same middle class essentially made up of those hardest hit by today’s correcting economy.
Robin Hood, a sort of redistributive folk hero, rose to fame by robbing from the rich and giving to the poor. How times have changed! Apparently, for the White House, it’s good enough to work that “magic” a few notches down… taking from the working-poor taxpayer and giving to the unemployed.
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let?s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
Time to tax the rich.
That’s true, BUT the “No Job” guy is, or some will be, “Broke.” What we call “middle class” in the US is laughable. The median HOUSEHOLD income in the US is around $40-$50,000 a year. That’s just a living these days–it’s not really “middle class.” Especially when you consider that, with today’s economy, a household may include grown children who can’t find a job after high school or college, elderly parents or two working parents. The super rich really have it made, and they continue to scam the system, and take wild risks knowing that the so called middle class taxpayer will bail them out as well as take care of the unemployed. No wonder the system broke.
Line up and get your nose into the trough.
Thank goodness these sorts of issues are never more complicated than what can be portrayed in a cartoon. It sure saves you some heavy lifting, doesn’t it.
Rocky strikes again with another graphic funny, which is only funny to those of us with no debts and more income than outgo.
ctmcmull & Inuvik NWT,
The cartoons are solely for generally illustrative purposes… no more.
For of all John Law’s faults, he at least understood that he who holds hard assets wins the day. Addison took the liberty of grafting supporting evidence together from his book with Bill Bonner, Financial Reckoning Day. Read on to see how originators of some of the worst ideas can give us some good ones too...
Is arthritis really genetic or is there something else at the root of it? Stephen Petranek lays out the compelling science and a disturbing connection between red meat and arthritis.
Our friend David Stockman took to the airwaves yesterday to deliver one message: The “ill gotten” stock market gains of the last few years are going to end badly. When they do, it will be America’s long-awaited day of reckoning…
The Greek stock market is down 36% year to date; the risk of global contagion in the event of a Greek exit is very real. Ordinarily such a crisis would require a massive coordinated effort from global stakeholders, perhaps directed by the IMF or some other pan-national financial body. But not in this case. Mark O’Byrne has the full story…
Remember, the great commodity boom took more than a decade to play out. Prices skyrocketed across the board. But what goes up must eventually come down. Gold and silver lost their wings in 2013. Copper went into a death spiral late last year. And I don't have to tell you what's happened with oil over the past six months...