As a fiscal conservative, I
don't understand how some politicians, wealthy individuals, and
organizations get away paying a lesser percentage of federal income taxes
than most working Americans. This isn't new and few politicians seem
inclined to do anything about it, Republican or Democrat.
As a working professional,
when I add up my Federal Income tax, CA state tax, Social security,
Medicare, and other local taxes, I'm closing in on 60%. With the
federal deficit increasing, Medicare facing longer lived participants, and
SS paying out increasing sums for disability, it is highly likely that
those tax rates will be going up. Unfortunately, it will be paid for
by working professionals.
Through careful tax
planning and the use of trusts, foundations, offshore accounts, real
estate and other tax avoidance schemes, a large proportion of the wealthy
pay a substantially lesser proportion of their gain in wealth each year
than working professionals. Mitt Romney admitted he paid around 17% but at
least he was honest about it. Warren Buffet has admitted that his
personal assistant pays a higher percentage of her earnings in federal
income tax than he does.
Trump is another situation.
We know that the Clintons funnel a lot of their wealth questionably
through the Clinton Foundation but nobody has any clue about Trump's
situation. I believe that through cutting taxes and making sure all
taxes due are paid, the economy of the US can move forward and reduce the
deficit. However, too many of the wealthy are getting a free ride.
I just don't have any trust in a candidate that refuses to communicate his
taxes because he may be paying significantly less taxes (percentage wise)
than the rest of Americans.
I do not have time to use this site to effect a change in the upcoming
presidential election but hopefully, the buyer of this domain name, might
be able to.
If you are interested me, please contact me at Mike@MDougherty.com.