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egbertowillies

(4,058 posts)
Tue Aug 28, 2012, 09:18 PM Aug 2012

Romney-Ryan Will Cost Middle Class. Young And Old Will Transfer Wealth And Income To The Rich

The Romney-Ryan budget is not very full of specifics. I have read the entire document and all the pretty words break down to one statement. Ensure the wealthy pays a much smaller percentage of their income in taxes than the middle class. The implication is that the wealthy are our job creators, a tenet that was summarily dismissed by entrepreneur and millionaire Nick Hanauer. The middle class with our purchase of products and services from companies owned by the wealthy and not so wealthy are in fact the job creators.

Most of the wealthy’s income come from investments. That income is called capital gains. It is income that is accumulated when one is sleeping, taking a shower, sipping tea at the pool, or simply doing nothing. It is passive income. That income is taxed at a lower rate than the income of the person that wakes up every morning and goes to work. Moreover there are no social security taxes on that income.

Many on the Right have misleadingly putting out statements that only 52 percent or so of Americans pay taxes giving the impression that 48 percent of Americans are just free loaders. The fact is that all middle class employees pay at least 7.5% in Social Security and Medicare taxes while those earning income solely from capital gains and certain financial instrument pay none. Everyone pays gasoline taxes and a myriad of other taxes that as a percentage of their income is larger than most millionaires. It is important that we do not allow a misleading narrative to pit half of the middle class against the other half and the poor.

The tax system is designed to ensure that the wealthy not only pays little taxes but mathematically it ensures an ever increasing income/wealth disparity. While it is great for the ego of the wealthy being, it is a detriment to society since as wealth /income is concentrated in the hands of a few an economy suffers as the poor and middle class are “pilfered out” of the economy.

The analysis of the effect of the Romney-Ryan Medicare plan below is just one aspect of what the Romney-Ryan budget has in store. Read it in detail. More importantly read Ryan’s Path To Prosperity. It should be renamed “The Path of Expanded Prosperity of the Wealthy by the Systematic Pilfering of the Middle Class”.

You must be an informed voter. The mainstream media continues to fail us. They continue to focus on issues that have little material effect on the average American or they simply allow political narratives to mislead us.

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