“Giving something back” is Obama-speak for shaking down those who already pay twice their fair share.
“Why so much fighting about economics?” asked a friend recently. “Economics is just logic.”
Well, not exactly. The basics are logical, as in reasonable or to be expected. But things get very tricky and political when it comes to applications.
With the basics, for instance, drops in supply can be expected to raise prices. A freeze in Florida’s orange groves will generally reduce supplies and hike prices.
And decreases in demand can be expected to drop prices. Christmas cards are cheap on December 26.
But get past the basics and things get a lot more arguable — and less logical.
In the current fight about taxes, spending, and “fairness,” there are no clear answers in an Introduction to Economics book about what’s “fair.”
Some might say it’s not “fair” that the Obama administration defines “rich” as someone making $250,000 in Manhattan and $250,000 in Bonaparte, Iowa.
President Obama regularly admonishes “the rich” for not paying their “fair share” of taxes.
Peter Schiff, American investment broker, author, financial commentator, and CEO and chief global strategist of Euro Pacific Capital, holds a different view.
“After the tax hikes go into effect, more than half of my total income is going to the government,” said Schiff recently. “Now you tell me, what’s ‘fair’ about that? I don’t care what the majority voted to do. They don’t have a right to steal our money just because they voted for it.”
Schiff characterizes the November election as an “auction on the sale of stolen goods.”
Obama doesn’t see it as theft via the ballot. “There are a lot of wealthy, successful Americans,” he says, “who agree with me because they want to give something back.”
Conversely, there are “a lot of wealthy, successful Americans” who think they already give back more than their “fair share.”
Internal Revenue Service data for 2010, as reported by the Tax Foundation, show America’s top 1 percent of income earners receiving 18.9 percent of the nation’s adjusted gross income and paying 37.4 percent of all federal income taxes — about double their share of total income.
Similarly, the top 5 percent of income earners received 33.8 percent of the nation’s adjusted gross income in 2010 and paid well over half the total federal income tax bill — 59.1 percent.
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Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
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It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
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