The Time For That Is Over...

"The difference between stupidity and genius is that genius has its limits."

Albert Einstein

Stupidity Apparently Does Not Have A Limit...

Its that time of year again when we decide whether we will approve enough funding for the U.S. to pay the obligations it has already made. We have to decide whether the super rich in this country would suffer more than the middle and lower classes if we had them pay more taxes and the middle and lower classes continue to pay what they already do. Today, Rush Limbaugh is telling all Republicans in the Congress and Senate to refuse to raise taxes on the super rich. So I had to ask myself the question, how much does someone who makes $1,000,000.00 a year suffer by paying $50,000.00 more per year in taxes? If their total tax liability is 30% they will pay $300,000.00 in total taxes. This will leave them $700,000.00, after tax, disposable income. But, what is more likely is that they will pay about 20% total in taxes. Mitt Romney made a total of $42.5 million combined for 2010 and 2011. He paid $6.2 million in taxes for the two years. That comes out to a tax rate of 14.6%. If you add another 5% to that figure he still would only pay at a rate of 19.6%.

The example above with the $1,000,000.00 per year income, paying at a 20% rate would then pay $200,000.00 and have $800,000.00 in disposable income. If someone making $60,000.00 each year pays at a 20% rate, they end up with $48,000.00 in disposable income. Over 90% of all purchases in the U.S. are made by middle class citizens. They furnish over 90% of all the business revenues in the country. The more disposable income the middle class has the more they spend and save, but whether Mitt Romney pays a 15% tax rate or a 20% tax rate will likely make no difference in how much he spends.

When I hear all the clamor from people like Rush Limbaugh, it seems as though the super rich think they are super rich because they are special in some way, but the truth of the matter is that all their loyal customers and their trusted employees are the ones who are responsible for their wealth. There are a hand full of families in this country who have passed the wealth they made in business on to their heirs, but for the most part, the Exxon Mobil, Chase Bank, Kaiser Permanente and tech companies' Board of Directors make such huge salaries because all of us who are in the middle income ranges buy their products and services. If they did not have their middle income employees to furnish their products and services, they would have nothing to sell.

What it meant, in my opinion, when Obama was reelected was that the middle and lower income citizenry in this country are done with having the super wealthy control everything. They all make much, much more than they will ever be able to reasonably use, so the time for greed is over. The time to consider what is best for our country is what is at hand. What I see here is that this means everyone pays a reasonable tax rate, including corporations. It means we cooperate with each other to design a more useful plan for our country going forward. The posturing that our so-called elected officials practice instead of the wise and moderate approach to our country's future, needs to stop. The Time For That Is Over!

Lela


More by this Author


Comments 8 comments

Sarra Garrett 4 years ago

You couldn't have said it better. Thank you for your article.. voted up


CreatePerfection profile image

CreatePerfection 4 years ago from Beautiful Colorado Author

Sarra Garrett,

Thank you so much for your comment. It really is time for the middle class to stop letting the super rich dominate every decision made by our elected officials.

Blessings,

Lela


HSchneider 4 years ago from Parsippany, New Jersey

It is definitely time for President Obama and the Democrats to hold the Republicans feet to the fire and allow the wealthy's taxes to rise for a change. Not much. Just back to the Clinton era when we had a surplus and the economy was roaring/ Back to sanity and compassion. great Hub, Create Perfection.


CreatePerfection profile image

CreatePerfection 4 years ago from Beautiful Colorado Author

HSchneider,

Thank you for commenting on this hub and what you have said is undeniable. We must insist on a different path for our country.

Blessings,

Lela


MasculistFeminist profile image

MasculistFeminist 4 years ago from Australia

People say that December 21st is the end of the world. December 31st is more likely, although even if your US dollar collapses that won't be the end of the world. A perfect storm awaits if your congress does not get it's act together, or perhaps the time has passed? Not sure, but the Tea Party seem to be major problem in your government. Whatever happens our economies will have to become more sustainable if we want to keep our societies intact for the rest of this century and beyond. We all need to understand the non-linear, exponential growth rate of human activity and it's implications. I have attached a link here that I came across a couple of years ago. I think everyone should watch it. http://www.youtube.com/watch?v=F-QA2rkpBSY


CreatePerfection profile image

CreatePerfection 4 years ago from Beautiful Colorado Author

MasculistFeminist,

What you say is so true. "We all need to understand the non-linear, exponential growth rate of human activity and it's implications." This phrase really says it all. Integrity in government vanished long ago and I agree with your assessment of the Tea Party. They are the enemy among us. Thank you for your wise comment.

Blessings,

Lela


aviannovice profile image

aviannovice 4 years ago from Stillwater, OK

Agreed, Lela. Rush Limbaugh is a crackpot, and always has been. All these people want is mo' money, mo' money, just for the sake of having it.


CreatePerfection profile image

CreatePerfection 4 years ago from Beautiful Colorado Author

aviannovice,

Greed is a sickness and in the west we have encouraged this illness to proliferate. Our elected officials have kowtowed to the super rich for so long they now think they are elected only to serve them. But, that aside, it is our own stupidity that is to blame for electing people who do not serve us. It is an atrocity that they were elected once, but to elect them again is a crime against humanity and the future of all that is good in us.

Blessings,

Lela

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    Click to Rate This Article
    working