Congressman James Clyburn made an appearance on Neil Cavuto’s show on Fox News today, to make his case in support of Obama’s desire to increase taxes on the rich. I thought Clyburn was downright clueless and non-sensical and sent the following email to Neil Cavuto -
“James Clyburn is representative of the worst of the Democratic Party buffoons! He ignores the fact that millionaires pay the highest rates on job income of anyone, that their investment income comes from re-investing after- tax dollars into companies that provide jobs and produce economic activity, that their investment income is then taxed at the highest corporate tax rate in the world, with all of these taxes coming BEFORE the individual pays capital gains taxes on top of everything else. This is a basic saliva test. ANYONE that talks about the rich not paying their fair share is too ignorant to deserve any respect.
Clyburn obviously is ignorant of what happened after the Democrats forced the first President Bush to violate his “no new taxes” promise, The Tax Reform Act of 1986 changed the rules on passive income and wrote new taxes to punish the rich that bought expensive boats and cars. All of this was done to “close loopholes” used by the rich and to help raise taxes to support the poor and middle class (sound familiar?). The passive income changes caused many investors to pull their money out of real estate projects, directly causing the S & L Crisis that destroyed the real estate market in the early 1990′s. The taxes on luxury cars and boats badly hurt the companies that produced and marketed those vehicles, directly hurting the poor and middle class workers that depended on those markets for their incomes and benefits.
Clyburn and Obama and all of the “Apologists for Mediocrity” seem to think you can build an economy on the backs of the weakest workers and anybody that actually thinks about it knows this isn’t true. In a capitalist economy, ALL of the economic activity, including all the jobs, are the result of INVESTMENT CAPITAL, not government interference.
For those that believe the government creates jobs, think again. The government has no money of its own. ALL of its money comes from other people’s pockets via taxes, borrowed money, or inflation (printing more money). So anytime the government spends money, it’s actually taken that money from other people who could have used it more efficiently to drive the economy, siphoned off a large portion to pay for the cost of collection, then redistributed the rest in the least efficient manner. ANYTIME the government interferes with the actions of a free capitalist economy, they reduce the standard of living for the middle and lower classes the most.
Finally, the biggest flaw in the Obama Ignorance Campaign is that he and his supporters all seem to think that the rich are sitting targets, that their actions and strategies won’t change if the tax rules are changed. How STUPID can you get?! Rich people, as a rule, are more than able to hire smart people who will help them avoid the new taxes. The advisors of the rich are a hell of a lot smarter than the buffoons writing the tax rules, so the end result of trying to “tax the rich” is always failure, even if you can get the changes passed. Frankly, this is such a stupid approach to governing that even Obama probably knows this. He has no expectation of success. He’s just looking for a populist bump at the polls from a public that simply does not understand the facts and, when the leader of the nation is reduced to praying that the public will hate the other guys more than they hate him, nobody wins.”