From some mass mailings Captain Bogs gets:
Just imagine if Thomas Jefferson could see our current tax regime, where the government takes 35% of your profits at the corporate level, then 41% (starting in January 2011) of your income each year, and then, finally, 55% of your estate when you die. That’s not to mention the 10% or so you pay in state income tax/sales taxes.
Imagine you own your own business. You have no other employees or partners, so you pay yourself all of the income it earns. How much would your estate be worth, following your death expressed as a percentage of all of the income you’d earned in your life? Not counting sales or state income taxes and assuming your estate triggered the full burden of the estate tax, your family would be left with only 17.2% of your lifetime earnings. Now, ask yourself, who really owns “the means of production” in the United States?
Porter Stansberry and Sean Goldsmith
Baltimore, Maryland and New York City
July 23, 2010
The government, of course.
Filed under: Economics |