Month: September 2012

An “Anonymous Coward” posted the following ranting comment on an article this morning about “asset protection” AKA “hiding money”.

“The money I make is taxed( once). The money my money makes is taxed.(Twice) When I die my money that I leave to my heirs is taxed.(Thrice) All to support fools who make no money!”

I wish I could get every GOP parrot and talking bobble head to read and comprehend the following explanation. It will stop them from either speaking ignorantly or lying once and for all on the topic of inheritance and capital gains tax. Something they clearly don’t know a damn thing about or pretend not to for the sake of a straw man argument. Let’s break it down:

“The money my money makes is taxed.(Twice)”

…and the money your wife makes is taxed, the money a second job makes is taxed. Doesn’t matter if your money earns money, your labor earns money or if someone gives you money cause they like your smile. It’s all income, all taxable.

“When I die my money that I leave to my heirs is taxed.(Thrice)”

Not on the federal level…only if it’s many, many millions. Or if you inherit property that produces income such as interest, dividends, or rent. Then only the income produced from those investments starting at the time on your death certificate is taxable against the receiver. As of 2010, 11 states assess tax on inherited money including Oregon, Tennessee, Nebraska, Connecticut, Kansas, Kentucky, Maryland, New Jersey, Iowa, Pennsylvania and Indiana. Sorry if you live in one. Tell your heirs to move.

You see, the word is INCOME. Everyone is taxed on personal income, not on the amount of money you have, where you put it or who you give it to. From this day forward you can stop repeating hollow lies and go forth informed about the difference between principal investment dollars and real income.

There is a country where the majority of workers are unionized with good pay and universal health care. Their unemployment rate is 3.4% today. Better than the United States unemployment rate at any time during the last 63 years. The unemployed are tested for skills by the government and retrained or educated when necessary at tax payer expense. Along with the world’s leading wages they have high taxes, a strong banking industry, loaning to most of Europe, and they are the worlds second largest exporter, bested only by China. If you haven’t figured it out yet it’s Germany. According to the GOP principals they’re doing it all wrong. In fact, the GOP’s core ideologies of limited to no government, low taxes and little or no private business or banking regulation is the exact opposite of what made Germany the wealthiest nation in Europe which is still speeding up while the US economy continues to stagnate. Just more proof that everyone in the world has it all wrong except for the vocal minority in the US clinging to their GOP ideals of God and guns against the evil government, the source of all problems.

“Free your mind, your ass will follow.” – Funkadelic’s 1970

The only defense money that should be spent is that used to defend the interests of the United States, it’s sovereign territories and it’s borders. Let the middle east destroy itself from the inside out without any more US ties to these countries at all.

There is no logic to continued presence in Iraq, Afghanistan, Libya, Pakistan or any other region of the world hostile to the US. Anyone who thinks these areas can be civilized to the point of opening a Wal-Mart and a Chik-fil-A is unfit to serve in any leadership role as a representative of US interests.

End the illogical insanity that began 11 years ago. Bring our troops home and use those human and monetary resources to protect the US. The US owes nothing to these regions of the world that will not benefit us under their most optimal cultural conditions.

What is stopping this? The military industrial complex looking for excursions and interventions anywhere in the world engaged in conflict. Conflicts that have no bearing on US interests.