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For the last two previous weeks I read the criticism and other view points about Rep. Glenn Richardson’s idea of how tax payers of Georgia should be taxed. The problem is that everybody thinks they know what taxation means. Arguments about taxation systems usually go awry because the participants are talking about different concepts.
There have been many attempts to produce or eliminate tax systems. All have failed in one way or another. Nonetheless, every generation has another attempt. The Federal Government, states and local governments have different ideas on what each tax is intended to achieve.
The problem with the tax reform policy of Rep. Glenn Richardson is he has not looked at the fact that the rich will always save more than the poor. The poor taxpayers consume every penny that is available to them. The rich do not. The tax system is not designed to be fair, so the rich will always pay less than the poor.
I recently read a article by Richard W. Rahn August 9, 2007 where he writes that Warren Buffett, the country’s second-richest man , recently wrote an article saying his average income tax rate was only 17.7 percent , while his secretary paid a rate of 30 percent.
You always hear about politicians on the left talking about raising taxes on the rich and that the rich should pay more taxes. Yet politicians like the Kennedy’s and Kerry’s only pay 37 percent of all income taxes.
In another article , I read dated August 13,2004 titled In Case There Was Any Doubt, adds that the top 1% of earners, with an annual income of about $1.2million, will get a cut of $78,460, while the middle 20%, averaging a $57,000 income, will get $1,090. This is a insult, considering the already unfair tax burden between the wealthy and the middle class. Why should the rich pay more taxes? Because they make more and they can afford it.
What should make the middle class and the poor angry is the wealthy are paying less than their fair share, even by non-progressive standards, and the gaps is even wider than it appears because of rising costs in fuel, slashes in federal programs and local and state funding, as well as falling wages which hit he middle class and the poor very hard while leaving the wealthy relatively unaffected. The rest of the world could care less about the tax burden of Americans, in fact, the USA, the Philippines, South Korea all attempt to tax their citizens on the basis of their citizenship, wherever they are, and tax aliens who are resident in the USA, or who have US source income gains or US. Situs assets. The United Kingdom taxes everyone who is resident in the UK, except foreigners (non-domiciled persons) who are taxed only on their UK source income.
If you look at the positive side of taxation you have to notice when used fairly is serves the public interest. In an effort to sustain or increase economic activity in a region, local officials often offer companies incentives to locate in an area.. These incentives come in the form of tax breaks. Property tax abatement has widely become a widely used economic development. Commerce could use them to offer tax discounts or complete property tax relief for a specified time period to business willing to locate in the Commerce area. Job training tax credits seek to offset costs associated with providing employees the skills needed to ensure stability and facilitate growth in the Commerce area.
Finally, if Rep. Glenn Richardson is serious about Georgia ‘s tax policy he should lead the fight to fix the massive tax cuts put in place over the past few decades, oppose the differing burdens of state and local governments. Fight for the middle class and poor by closing the loopholes, shelters, and deductions available to the wealthiest earners, which the middle class and the poor cannot take advantage of. Here is your chance to show us your leadership Rep. Richardson. We shall be waiting for your answer.
Bian Variani has sinced written about articles on various topics from Attracting Mate, tax. www.findthatmoney.com is the premier website for connecting entrepreneurs and investors. With Find That Money, you have money at your fingertips.. Bian Variani's top article generates over 5400 views. to your Favourites.
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