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Stossel, Remy, And Taxes.

As April 15th was yesterday, we thought we’d follow up the day with some interesting tax related things.

First, from John Stossel:

On 60 Minutes, Rep. Alexandria Ocasio-Cortez (D–N.Y.) recently said “people are going to have to start paying their fair share in taxes.”

Anderson Cooper then asked her what a “fair share” would be.

Ocasio-Cortez responded that in the past, “Sometimes you see tax rates as high as 60-70 percent.”

Soon, that became the progressive plan.

But economic historian Phil Magness, of the American Institute for Economic Research, says that progressives miss an important fact: The high tax rates that America had in the past actually didn’t bring in much revenue.

When rates were at 70 percent, Magness tells John Stossel, “A millionaire on average would pay 41 percent.”

[….]

This led President Ronald Reagan, with bipartisan support from Democrats, to lower rates and remove deductions. That began the path to the 37 percent top rate that rates that we have today.

Despite the lower rates, federal government revenue—as a percentage of the economy—is still about the same as it was when the top rate was 70 percent. It’s even about the same as it was when the rate was 90 percent.

And then there is Remy, who posted this satirical song based on Pharrell Williams hit, “Happy,” (which we had never heard of.)

LYRICS:

It might seem crazy what I’m about to say.
I’m loving all these taxes that I gotta pay.
Like income, sales, gas, capital gains,
and having to pay you to figure out the way.

Clap along if you’re like me,
and it makes you feel so good.
That your total tax paid for part
of an outhouse in the woods.

Clap along if sweet
camel statues make you groove.
Clap along if you worked four months
to help pay for its hooves.

But don’t you want to pay for what PETA says?
How about for Pre-K programs for fetuses?
How about $180 grand to study quail?
How about this—do you NOT want to go to jail?

Clap along if you love
looking for every last receipt.
Clap along if it feels
you’re on a bike without a seat.

Clap along if you just want to
high five and say shucks.
When the State Department
can’t locate $6 billion bucks.

We always say that it is easy to be free and loose when spending other people’s money – especially tax money.

But c’mon….$98,670 for an outhouse?

That stinks.

Figuratively and literally.



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