The Rich Are Not At All Wet, Alas

Sep 26, 2011 by

by Ron Isaac –

Soak the rich? Well, at least a dampening would be refreshing.

If you didn’t learn math from an elementary school equivalent of the Leadership Academy, you could calculate that in the time it takes for a person of ordinary regularity to vacate his bowels and perform a perfunctory wash-up, the tycoons who are battling like rabid wolverines to kill a one or two percent increase in their tax responsibility, have increased their portfolio “earnings” by far more money than the average wage-slave pulls down over a lifetime of real work at double tours of daily duty plus overtime.

Just to keep a roof over their head, bread on the table and maybe splurge on cancer therapy for a stricken child.

How spoiled they are, say the grossly loaded.

On Maiden Lane these days, nobody’s embarrassed by an embarrassment of riches.

Even if the class-envying democratic socialists got their way and the economic end-times befell those morbidly prosperous looters and overcame their gag-reflex, forcing them to cough up an extra one or two percent after having availed themselves of the innumerable tax “loopholes,” each one wider than the Holland Tunnel, their new tax liability would still be 30 plus percent.

During the Eisenhower administration it was around 90 percent.

The robber barons’ faith in divine providence is sustained by their material fortune, the aggrandizement of wealth being a protracted rite of purification that they feel validates their “piety.” And so, as they leave their houses of worship following a ritualistic thanksgiving, you can visualize them patting their creator on the back for being so good to them.

Ah, every man’s bounty is his just due. Praise the deliverer!

How blessed they feel to be operating in a land where CEOs typically net as much pay as 400 of their in-house subordinates combined. This, to their minds, equitable ratio fuels their fervor for our system where there is no safety net to entangle productivity. Such a relationship between bosses and workers is unheard-of in, say, Europe, where their counterparts are strangled by a social contact for workers.

“Those greedy and ungrateful rank-in-file employees are always over their shoulders, in their hair, under their skin and at their throats! Thank the good Lord that we’re not French CEOs!” sings the Republican Stand-Bearers Chorus, their hands waving in the air.

(Some Democrats have been spotted lip-synching the refrain.)

Well, according to a letter published in the Queens Chronicle, “In France…the wealthiest individuals have…voluntarily called for a special tax on the wealthy to help manage their own national debt burden.”

The writer, Nicholas Zizelis further notes “The wealthy pay a top rate of 40 percent. Plus, they pay an annual wealth tax on their total assets, fees of between 0.5 and 1.8 percent on assets above $1.1 million, not to mention all the other estate and inheritance and gift taxes and social taxes and corporate taxes and value-added taxes Nevertheless, they insist on helping their country at this time of severe distress. I’m sure some in our country will say they are doing it for some devious reason but I think patriotism might be the true definition of that motivation.

Some of the uber-rich in our country besides Buffet seem to have feelings similar to their French counterparts. Stephen Schwarzman of the Blackstone Group, George Soros Fund Management and others involved in that “class war” are coming about, stating that the minuscule additional tax they would pay (as they did prior to the Bush Jr. tax cuts) is irrelevant to their total fortune, so they might as well save the country that gave them the opportunity to rise to the financial heights they have…”

If we can’t “soak the rich,” dare we not at least take some baby steps towards wringing them dry?

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