Thursday, August 18, 2011
Laffer Laughs on CNBC Versus Talking Heads
Apparently B-WB's Op-Ed piece in the NYTIMES has stoked the fire and ire of the super-rich and their puppet apologists.
Listening to Squawk Box on CNBC this morning, I see Arthur Laffer debating marginal tax rates on the super rich and the apologists in a love in with the billionaire club.
There are 400 billionaires in the USA according to reliable reports. There are over 236,800 millionaires (over $1 million in earnings).
Both of these groups account for 237,200 tax payers out of approximately 150 million total tax payers in the USA.
That's .1579% of the total tax paying population. The other 99.8421% of the tax paying population pay either 33 or 41% of their income in taxes while the former group pay on average just 17% and that's HALF what someone earning $40,000 pays in taxes.
This is mathematically sound but socially unsound.
CNBC is owned by GE and loves talking about lower taxes as a way to expand growth. It never talks about defense cuts because of course GE makes billions from DOD contracts and the poor bastards in the 99.8421% of taxpayers subsidize the majority of the missiles, jet engines and other stuff that GE makes.
And a report back in February 2002 uncovered a WHOPPING $1.1 Trillion hole in the DOD accounts. In other words over a trillion dollars went MISSING! (See Link Below - Rumsfeld and missing Trillions and GAO report)
And the graphic at the top shows just how much money I am talking about here.
The bottom left corner is a man of average height, an OMOTS, a taxpayer who is getting SCREWED on every level.
But the clowns in DC will continue printing crappy money based on debt that the taxpayers who pay 35% or more will repay with ineterest of $250 billion a year into PERPETUITY!