Friday, January 20, 2012

They Love Capitalism, but Don't Know the Basics of Bookkeeping or Accounting.

Oh this lie might not be a new lie, but it galls. The dishonesty of the oligarchs, the plutocrats, and their minions. They are now claiming that the 1%, particularly those like Mittens who earn their income mainly from investments and only pay the low cap gains rate of tax around 15%, actually pay more taxes by percent than the rest of us.

Their dishonest reasoning? That corps first pay 35% on the corporation's own income. So the people making money on investing their money in the corp, (after the corp pays taxes and only then decides whether to issue dividends, or plow money back into the biz, or invest the profits somewhere else,) it is now being argued, personally paid that 35% tax first when actually the corp paid the tax, before investors pay the 15% tax on their own personal income, after the corporation decides to issue the dividends to investors.

Bullshit. Such utter bullshit, and not even considering that many corps do not pay remotely close to the 35%, to start.

Is it disturbingly humorous that people who claim to love capitalism so much they revere its basic tenets with as much ardor as their love of God and the religions they practice, seem to lack the most basic understanding of corporate bookkeeping and accounting.
And a follow up. Now I can't honestly say this only happens on the right wing. But there is, I have observed for years and years, a greater tendency for wing nuts to get all gooey or otherwise excited over arguments that merely contain attractive (to them) "points." I contrast such points with reasoned argument based on straight facts, and objective reality. This twisted double taxation argument is a perfect example of a point that is detached from objective reality.

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