Sunday, July 22, 2012

Does NBC Actually Have a Sane Reporter?

I am shocked that this story was actually published on the CNBC website. I guess they cannot avoid the truth any longer without making themselves a bigger laughingstock that they already are.

The following excerpts tell the whole story.

The presidential election has given us two myths about the rich. First, that their incomes, and income inequality, are at all-time highs. Second, that the wealthy pay less in taxes than ever, and lower taxes than the rest of us. A recent report from the Congressional Budget Office, however, suggests that both may be false.

 [. . . See charts and graphs with figures from CBO in article.]

The One Percent paid an average effective tax rate of 28.9 percent on their income — far more than any other group, and more than twice the average effective rate of the middle class, who paid 11 percent on average. So the rich lost more income and paid more of their money in taxes than the rest of the population.
[. . .]
But when politicians and pundits talk about the rich just getting richer and paying less taxes, they need to pay closer attention to the actual numbers.-By CNBC's Robert Frank

Robert Frank
A smiling Robert Frank
As I have said before, I am not and never will be part of the 1%. And I have no affinity for them either. Indeed, the 1% is where you will find Madonna and Rosie and Jeanine and Cher and Anderson and Chris (Rock/Matthews) and Rachel and Barack and George (Soros) and a couple hundred thousand other hater-millionaires. If they want to pay more in taxes, more power to them.

But when the haters become dividers through class-warfare, that is when my dander gets riled. If they think they should pay more, LET THEM. In fact, they CAN pay more. The Treasury Department makes provision for it. But in reality the Haters DON'T want to pay more in taxes unless they drag others into their misery, which, as we know, loves company. Indeed, they don't want to pay more at all because they could support charities that help the poor if they really had the compassion that they say is lacking in conservatives who do not want the government telling us what is a "fair share." This video from last November shows that these "fair share" seekers are not willing to put their money where their mouths are.