Concerning the debate on poverty, critics on the right are concerned that government give aways are sapping our budget and holding the market down. They have a good point. I have five ideas: 1). Private planes.Three kinds of write-offs for private jets: accelerated tax write-offs, avoidance of personal taxes on the benefit by claiming the plane is for personal security, and the use of federal air traffic control paid for by the chumps flying commercial. Oink, oink. 2).Subsidies for yachts. Originally the mortgage deduction intended to spur home ownership for the middle class extended to beach homes and yachts. Oink, oink. 3). Subsidies for hedge funds and private equity, allowing tax loophole for carried interest, allowing 23.8% instead of 39.6% personal tax rate. Wouldnt capital tax rate at earned income rate like we had under Ronald Reagan be fairer? Oink, oink. 4) Subsidies for US largest banks. 83 billion this year alone to our 10 largest banks. Oink, oink. 5). 80 billion in subsidies this year to corporations on behalf of cities, counties, and states as incentives to operate locally. Oink, oink. Finally, all of this while we cut food subsidies for one fifth of the families who struggle to put food on the table while ignoring the 12 billion in write-offs for corporate meals and entertainment. Oink, oink! Go ahead, Snopes me, I dare you. JPO
Posted on: Mon, 31 Mar 2014 15:39:00 +0000