Friday, October 16, 2009


A Commentary by J. D. Longstreet

Obama Hood and his Merry Band, up on the Hill in DC, are doing their best to emulate the tale of Robin Hood by robbing the rich and giving it to the, well, who the heck ARE they giving it too? Beats me!

Look, I make no secret of the fact that I rather like rich folks. As a matter of fact, I’d really like to join their ranks, but, alas, time is running out for wealth acquisition for this old scribe and even if I made it suddenly, I‘d be hard pressed to spend it all before I go. You see, I DO understand that I cannot take it with me and since I have no say in whether I go, or not, I have concluded that I must be content with my station in life for the last few years.

Rich folks pay too darn much in taxes! There, I’ve said it. It needs saying because it is the truth. The following is from an article by Ed Feulner entitled: “Tax the Wealthy Even More? That’s Rich”. Mr. Feulner said the following: “Economist Curtis Dubay of The Heritage Foundation ran the numbers earlier this year. He found that in 2006, the top 20 percent of earners made 55.7 percent of all pre-tax income, up slightly from 54.8 percent in the year 2000. Yet at the same time, their share of federal income taxes increased from 81.2 percent to 86.3 percent. And the further up the income ladder one goes, the greater percentage of the total tax burden one shoulders. According to the IRS, in 2007 the top 1 percent of taxpayers paid more than 40 percent of all federal income taxes. That’s more than the bottom 95 percent combined paid.” We recommend you read the entire article. You’ll find it HERE.

The US cannot continue to wring every cent it can get from the rich. Why? Because the rich are going to leave, that’s why. We are all familiar with stories of wealthy families moving about within the United States from high tax states to lower taxing states. The same applies to the globe. If we are not extremely careful there is going to be a flood of rich folks leaving these shores and taking their wealth with them to other countries that, frankly, treat them, and their money, much better that the US government does.

The US is already broke. If the private wealth pulls out, we will be in a much worse economic state than we are today. Never forget that.

The wealthy provide the jobs, REMEMBER? Did you ever hear of a poor family opening a factory and hiring hundreds to work for that factory at decent wages? I dare say you have not. The government may boast of creating jobs, but it is all hot air. The private sector creates jobs and that portion of the private sector creating those jobs is the wealthy among us

Of course, we now have a socialist government in the US and the redistribution of the wealth is the hallmark of such a government. That simply means they take the wealth from those who have it and spread it around to those who don’t until everybody suffers equally.

With unemployment approaching ten percent in the US and marching toward 12 or 13 percent we are looking at years of hard times ahead. And we have precisely the wrong people in charge of our government at precisely the wrong time in our history.

J. D. Longstreet

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