07/21/10 Alexandria, Virginia — 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
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.
The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.
Start your 100% FREE subscription to The Daily Reckoning today and you’ll get a free research report, “How to Survive the Fall of Social Security.” Simply enter your email address below to get your free report and join over 495,000 worldwide Daily Reckoning subscribers!
We Respect Your Privacy and We will
Never Share or Sell Your Email Address
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.
Rocky –
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.
- Rocky