Sunday, March 19, 2017

I Have Passed 100,000 Hits

Blogs have come and gone; but, this one has the rare honor of having received over 100,000 hits. The first post may have received only 2 hits. Bloggers are not the thing anymore, now people post videos. I am considering doing the same and switching over to vlogging. If you have an opinion on the matter, let me know your thoughts. Thank you and be well.


Anonymous said...

I prefer the spoken word, but I also do appreciate reading. Video is great because it captures so many senses. It also allows you to incorporate a lot more pathos.

In regards to social medicine and paying for it. I like the idea of getting tax right offs for the rich, but I do not think 100K a year is rich, thats low middle class and sometimes not even that. For example a family MD makes 150K a year but spent 10plus years in school( not making money) and has lots of debt. Personally I roughly define "rich" as anyone who can afford 24/7 comfortable leisure and support dependents. If you still have to work for someone else you are a wage slave. you might be a part of the few well treated wage slaves but your still a slave. Honestly income has little to do with being rich. Unless you own a business. Wealth is what defines if your rich and you need to own property for that. Thats my 2 cents.

Pimpernel said...

Dear anonymous 3/19/17. Firstly, thanks for the comment. $100,000 was a random number to make a point. The point is that we don't have to individually eliminate the tens of thousands of tax deductions that only apply to the top 1%, we can instead limit the total deduction that can be taken. It can done by percentage or by a dollar amount.

Lets say you make a million dollars a year. If the income tax rate for that bracket is 30%, you would owe $300,000 in taxes; but, after deductions you end up paying 15% or $150,000 in taxes. If we limit your deduction to $100,000 and you had sufficient deductions you would pay $200,000 in taxes. Another approach would be to make a law that said your deductions could not exceed half of your tax rate. The percentages and dollar limits are just examples.

The reality is that most professionals and small companies do not have the resources to get specialized deductions or hire a team of accountants to find creative ways to use deductions. As someone who used to make $175,000 a year I paid a lot in taxes and had very few deductions because my income came from my salary. Companies like GE go years without paying any taxes and if you make your money from the stock market you pay a lower rate because of carried interest.

While I do not follow tax law anymore, you used to be able to deduct all the money you lost producing plays on Broadway if the play failed to make money. We don't give the same benefit to people who open restaurants or other small businesses. We need to find a way to reduce the use of tax deductions by the biggest and wealthiest because it is the method they use for not paying any taxes and or lower taxes than the middle class.