An Ol' Broad's Ramblings
Tax policy should be serious business carried out by serious politicians using real facts and figures. This is why we have the Library of Congress and the Congressional Budget Office, among other expert institutions.
How can we take Congress seriously when the Senate Majority Leader, Harry Reid, makes patently inaccurate, outrageous and bizarre claims on an important tax-policy issue without any heads being turned? I guess this is what we have come to expect of Congress. No wonder citizens with favorable opinions of Congress are as rare as unicorns, to borrow a phrase.
Congress’ ratings suck because Congress sucks. It’s pretty much that simple. We have no trust in a body of arrogant back stabbers who are suppose to be working for US, not against us at every turn.
Harry Reid’s statement on December 6 on his proposed 1.9 percent surtax on million-dollar incomes has kicked up some dust. Here is his statement:
“Millionaire job creators are like unicorns. They’re impossible to find, and they don’t exist… Only a tiny fraction of people making more than a million dollars, probably less than 1 percent, are small business owners. And only a tiny fraction of that tiny fraction are traditional job creators…Most of these businesses are hedge fund managers or wealthy lawyers. They don’t do much hiring and they don’t need tax breaks.”
I’m tellin’ ya….this guy needs to be put out to pasture! Millionaire’s don’t create jobs? Really? What has Bill Gates been doing? How about Steve Jobs? I guess they had their own unicorn’s farting rainbows filled with pots of gold, eh? The dud shows all the signs of being either in early onset of Alzheimers or he is just flat out insane, and in need of a heavy dose of thorazine!
Taking their cue, National Public Radio launched a search for one millionaire job creator. They triumphantly announced:
“NPR requested help from numerous Republican congressional offices, including House and Senate leadership. They were unable to produce a single millionaire job creator for us to interview.”
Really? Ya know, I find it absolutely amazing that no matter what we say, we are still funding NPR. What a bunch of useless libtards. And they still beg for more from clueless listeners. I seriously doubt they could survive in the real world where the market actually dictated the need for their, uh….non-services.
Were it not for Google, I would have accepted Harry Reid’s unicorn story and NPR’s confirmation. Unlike Harry Reid’s office, I went to the IRS’s Table 1.4 “Sources of income, adjustments, and tax size of adjusted gross income, 2009” to check things out. (I summarize my sources in a separate blog posting). Here is what I found:
There are 236,883 tax filers with incomes of a million dollars or more. By Harry Reid’s count, only one percent, or 2,361 of them, are business owners, and a tiny fraction of them create jobs. I do not know what Harry means when he says “a tiny fraction of a tiny fraction.” If we let 5 percent represent Harry’s “tiny fraction,” we are left with 118 businesses owners who earn a million or more and create jobs. Yes, they are only slightly less rare than unicorns, if Harry is to be believed.
This leaves 236,765 million-dollar-plus tax payers, most of whom are “hedge fund managers and wealthy lawyers” who “don’t create jobs and don’t need tax breaks.”
I would have to say that Reid’s staff is totally incompetent. But then, so is Reid, so I guess they’re all a good match. Heed the words Mr Reid: Google is your friend. Or if you prefer, Bing will also aid you in your search for a fact or two.
My Google search for Harry Reid’s quarter million hedge fund managers and wealthy lawyers came up empty handed. I could identify at most sixteen thousand “wealthy lawyers and hedge fund managers,” not Harry Reid’s quarter million.
Well, Harry Reid’s numbers leave much to be desired, but maybe he is right that millionaire business owners do not create jobs.
What does the IRS have to say about this? Millionaire tax filers earn a total taxable income of $623 billion, on which they pay the highest average rate (30 percent) of any tax bracket. (Either Warren Buffet’s secretary has an incompetent tax accountant or Buffet has some pretty juicy tax breaks. I think the latter is more likely). A 1.9 percent tax surcharge on million-dollar-earners would yield $11 billion, assuming those shifty millionaires take no evasive action to avoid the tax.
I’m more inclined to say that Warren Buffet has lost what little sense he has, and will soon be sharing a rubber room with Harry Reid. While there are many people who are totally clueless, and will not do any investigation for themselves, there are just as many who WILL. This leaves people like Buffet, Reid, Pelosi, and D’Bama with a dilemma. What to do about the folks who aren’t as stupid as they believe? Well, they are doing their darnedest to silence any dissent from their rainbows and unicorn scenario, of course!
Millionaire tax filers earn $221 billion – almost a quarter of a trillion — from business and professions, partnerships, and S-corporations. This is puzzling: If Harry Reid’s figure is correct (2,361 millionaire businesses), then the average millionaire-owned business earns almost a hundred million dollars, and all, except 118 of them, do this without hiring anyone. These super heroes do their own typing, selling, drafting. public relations, building, and manufacturing. They do not need employees. Remarkable!
I wonder, since Harry Reid has become quite rich off the backs of the taxpayers, does he actually create any private sector jobs? Hmmm… Evidently, all those real business folks have managed to become quite wealthy (good on them) without doing a thing. How can I get into that racket? Not that I care about being rich or anything, but I’d really like to learn how these folks manage it without producing any products that the public wants, or without hiring hundreds or even thousands to not produce anything.
Millionaire tax filers earn almost a quarter trillion dollars from their businesses. They must hire hundreds of thousands of employees to do so.
There are a trivial number of millionaire hedge-fund managers and wealthy lawyers (who, according to Harry, do not hire anyone and don’t need tax breaks). The millionaire tax surcharge is not aimed at them, but at the tens of thousands of millionaire business owners.
To put it in ol’ broad terms…. Harry Reid is full of caca de toro!