On Teabags

The Teabaggers of today have turned the motto of the revolution on its head. Rather than protesting against "Taxation without representation", the 'baggers are protesting for "Representation without taxation". So sad. A total misunderstanding of the purpose of our government.

Greed Over Parity (GOP≠EU)

Let me see… the “We’re Not Europe” Party. Here’s the platform…

1. Taxes should be optional for corporations and high income individuals.

2. Taxes should be reduced or eliminated, regardless of fiscal consequences.

3. Defense spending should never be criticized – ever.

4. Desperation and starvation are good motivators for the underclass – they should be allowed to flourish.

5. Government should serve corporations and the wealthy – any deviation from this plan should be fought with relish.

Supporting corporations and the wealthy is par for the course. You can call it whatever you like – the GOP is still the party of Greed Over Parity.

Join the “We’re-Not-Europe” Party

Why raising taxes on unearned income makes sense.

Regardless of what term you use to describe investment income, this income is not currently subject to social security or medicare taxes. Earned income is already taxed at a higher level in most cases than investment income, which is a disincentive to work. Rationalizing our taxation system will require increasing the taxes on capital gains to at least the same level as taxes on earned income. This is entirely normal and healthy.

The truly nonsensical notion was identified by Warren Buffet.

Speaking at a $4,600-a-seat fundraiser in New York for Senator Hillary Clinton, Mr Buffett, who is worth an estimated $52 billion (£26 billion), said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

The solution to this problem is very simple – raise the tax rate on unearned investment income. Anything else is truly nonsensical.

The Nonsensical Notion of ‘Unearned Income’