Robert Frank posted on his Wall Street Journal blog a post titled "The Rich Support McCain, the Super-Rich Support Obama":
|"More than three quarters of those worth $1 million to $10 million plan to vote for Sen. McCain. Only 15% plan to vote for Sen. Obama (the rest are undecided). Of those worth more than $30 million, two-thirds support Sen. Obama, while one third support Sen. McCain."|
Fox Cavuto - Susan Eisenhower Republican Support for Obama. According to her Socialism is a dead issue for the people. Talking about out of touch rich person!
The most important question for me is why did the Bruce Springsteen's, and the Jay-Z's of this world did not voluntarily pay more taxes? They could have easily sent more money to the IRS. It's possible. But they choose not to do it. This would be the American way. You do as you choose. But if we change the already progressive taxation to even more taxation for the rich,we turn to a system that is not truly American anymore.
An article of the New York Times from 2005 showed that Bush's tax incentives for higher earners didn't lead to more donations to charities either.
|" What the figures do prove is another, more disturbing fact about people's giving: as a class, high earners give more than low earners, but among those who actually donate money, the high earners are stingier.|
In total, low earners gave 1 percent of their income to charity in 2003, while the high earners gave 3.1 percent. Looking only at those who actually gave, however, the figures tell a different story. Low-income donors managed to part with a whopping 26 percent of their incomes, while high earners gave 3.4 percent.
The high earners had to pay more in tax. But even in after-tax terms - assuming that the highest earners paid half their incomes to the government, while the lowest paid virtually nothing - those low earners were still three times as generous.
Some low earners may consider their donations too small to be worth reporting. Yet for the high earners, the tax deduction offers much more of an incentive to give. So why didn't they give more?"
So these rich people basically say that they need a mandatory law in order for them to be "patriotic" (according to Biden's philosophy), they just can't do it on their own.
Why aren't the super rich liberals put their words into action and pay the extra tax savings that they had in the last 8 years to the IRS right now?
Isn't that very telling?
And Obama is right when he says that who that can afford should pay more. But not by force - only if they want to.
The problem is though - while they can afford it, we can't. But every time they will be forced to pay more - they will pass the difference onto us (higher prices, less employment etc.).
Otherwise they would have paid more over voluntarily.
The Alien Patriot