Tuesday, August 10, 2010

Proof Tax Laws Faulty: 9 Out Of 10 Americans Set To Declare Bankruptcy

As the distribution of wealth in America becomes increasingly skewed toward the wealthiest 7% or so of the population, where we find more and more resplendently bedecked billionaires, the income of the other 93% of the populace continues to go the way of wealthiest.

The growing destitution of this significant segment of the population has now become so acute that the majority of Americans are all set to declare bankruptcy.

Appropriately concerned, since we remember the Aristotelian analysis that the stability of a state depends on a the middle class – in case ancient sage’s segmentation has dropped out of the back of your mental file cabinet, he avers, it turns out a bit too generally, that the poor have no material stake in the society and the wealthy are too taken up with whooping it up – we ask, why is it ever more possible for the few to accumulate billions, while the many grow more insolvent?

There is, of course, the much reverenced idea that the race is to the quick and we’re lucky to have the energetic entrepreneurs, CEO’s, and various early adapters and assorted scammers, because, in the process of accumulating their wealth, they do throw off some shekels for the needy multitude.

Yet one does still persistently wonder about the current upward drift of pay dirt.

As a result of our cursory demographic analysis of the distribution of assets and debt, we arrive at the conclusion that the tax code is evidently flawed.

If every billionaire who’s gleefully accumulating his or her way to the status of multibillionaire was also required, while clenching legally onto some few billions as a just reward for expertise of one sort or another, to pay billions in taxes, the government would be well-enough provided for without taking a pair of Draco’s shears to the transparently taxable paycheck of the average Joe or Jan.

Further evidence of that the tax code is not proportionate to the ability to earn is, while someone who earns billions makes headlines, if even anybody ever paid billions in taxes, he or she would make history.

In conclusion, it’s time to set up the tax laws so the quick who earn their billions will pay proportionate billions and the beleaguered average wage earners can step back from the brink of bankruptcy.

The revision requires little change in lifestyle at the high end and presents rejuvenating rewards to the middling low end.

After all, what is the difference between the life a person can have with a mere billion or so to fling around or keep under the floorboards compared with the one he or she can have with many more billions? On the other hand, there is quite a sumptuous difference between how one can live when he or she is making the usual $40,000 to $50,000 a year while their much revered but feared Uncle Sam is standing by with his big hand at the ready for a scoop of what is, in today’s calculation of monetary splendor, hardly more than necessitous chump change.

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