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.
The latest friend of ours to weigh in on the topic of the value of your money is Steve Forbes. As you’ve been reading this week, we paid a visit to Mr. Forbes recently, to discuss his latest book, Money. In this essay, you’ll find his thoughts on currency devaluation… it’s impact of economic growth and your investments…
Is Democracy really all it's cracked up to be? And, more importantly, does Hong Kong really need it? China's wayward island already enjoys many of the freedoms of most democratic countries including free business, free trade and even low taxes. Chris Campbell ponders this idea today as he observes the protests from afar.
What causes individual investors to underperform the market year after year? Volatility? The Fed? In today’s video, Steve Forbes reveals what’s sabotaging your investment strategy – and the simple steps you can take to see consistent gains.
Why is the global economy such a mess? Why can't the world's foremost economists and financial thinkers seem to get it right? Simple... They don't understand the most basic element that makes up an economy: money. And as Steve Forbes explains, it all stems from the incorrect assumptions of a general theory of money. Read on...
For years the world's wealthiest investors have had the most profitable sector of the market all to themselves. But thanks to Title III of the JOBS Act, that's all about to change... What does Title III actually say? And, more importantly, how will you be able to use it to make a fortune? Wayne Mulligan explains...