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Carte blanche taxation



Published: Tue, June 4, 2013 @ 12:00 a.m.

The Post and Courier, Charleston, S.C.: President Barack Obama has consistently insisted that the wealthy should pay their “fair share” of taxes. Sounds fair enough — assuming that you can trust the Internal Revenue Service to play fair.

But how much of a person’s income — or a company’s profits — is government’s “fair share”? And how high can taxes go before they become not just unfair but unproductive in generating government revenue?

That defining debate persists. However, there should be no debate about the folly of elevating taxes on the rich to this ludicrous level, as reported last week by Reuters.

The over-the-top taxing included a 75 percent surcharge on incomes of over one million euros, fulfilling a 2012 campaign pledge from Socialist Francois Hollande in his successful run for president (of France).

Fortunately, though, France’s Constitutional Council has rightly ruled the truly confiscatory tax rates on the well-to-do to be “unfair.”

The Socialists now plan to inflict that extra bite on companies instead of individuals.


Comments

1Spence(23 comments)posted 1 year, 6 months ago

There seems to be a complete ignorance of why income taxes are imposed by a sovereign nation. First it has nothing to do with raising revenue. Its sole purpose is to provide a balanced economy. Income taxes should be progressive enough to provide a balance between the wealthy and middle class with the elimination of poverty.

In today's economy the top 10% receive 80% of the income and control more than 60% of the wealth. This is an economy that has an unsustainable imbalance. Progressive income taxation is the preferred method for remedying this situation. France is having the same difficulty as the United States in that the institutions are completely dominated by the wealthy interests. In the U.S. the wealthy interests control Congress and the Supreme Court as well as many of the state governments. It should be remembered that during the Eisenhower Administration the top tax bracket was 91% and we had a strong growing economy. When Reagan took office the top bracket was still as high as 75%.

Economies where the wealthy are not adequately taxed become imbalanced, money interests control government, investment declines and the economy stagnates.

Big money interests spend hundreds of millions of dollars each year to ensure control of government institutions and that their PR messages reach the general public.

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2ytownsteelman(631 comments)posted 1 year, 6 months ago

Spence, you have illustrated the leftist rationale for taxation. The conservative view, and the view held by the founders, is that taxes are only to raise revenue necessary for the operation of essential government services. No more money should be taken than absolutely necessary. You must remember that wealth does not belong to government or "the people", it belongs to whomever produces it.

Perhaps the reason why the wealthy wants so much control over government is because the government exercises so much control over them. In a system where the government is weak and hands off, there is no incentive to gain influence as the influence will get you nothing in return. But in a system where government picks winners and losers, there is a huge incentive to make sure that your interests are in the "winner" column.

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3redeye1(4687 comments)posted 1 year, 6 months ago

@Spence You have to be one of those people who wants to live in a Socialist sytle Gov't. It's people like you who probably voted for Obammy , but never try to improve yourself in society. So now you feel those who did, owe you. Well guess what, you are WRONG!!!!!! God made all men equal and it was up to the individual to improve themselves , not the GOV"T

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