Taxes, Socialism, Redistribution of Wealth
Image By Superstartist
The Earned Income Tax Credit was created during the Republican Reagan presidential term. It is a credit that is available to low income wage earners. If a taxpayer qualifies for the Earned Income Tax Credit, they do not have to pay taxes to receive a tax refund. Is this a redistribution of wealth? Is this socialism? Is this fair and equal tax policy?
Wealthy Americans, as well as low and middle income Americans, also collect Social Security and Medicare but their highest income dollars are not taxed for Social Security so only a percentage of their earnings are taxed for Social Security when low and middle income taxpayers pay social security on every dollar they earn. Is this redistribution of wealth? Is this socialism? Is this fair and equal tax policy?
The Bush Economic Stimulus Payments were sent out to some taxpayers who were not required to file returns because they did not have to pay taxes on their income. Yet they received refunds. Is this a redistribution of wealth? Is this socialism? Is this fair and equal tax policy?
Higher Income taxpayers benefited under the Bush tax policies at a greater percentage of tax savings than middle and lower income taxpayers. Is this fair and equal tax policy? Is it fair and equal tax policy for the top 1% of the country to have the wealth redistributed upward to them at the expense of the middle and lower income taxpayers? Is this redistribution of wealth? Is this socialism? Is this fair and equal tax policy?
Redistribution of wealth goes in both directions and is done by both parties. But over the last eight years tax law has been unequally favorable to the wealthy at the expense of the lower and middle income levels. The thing that is important regarding this concept is to know when and how to use it for the benefit of all Americans.
Isn't it time for a change that is ultimately in the best interests of all income levels? Too many failed policies for too long cannot be repeated. As Einstein warned, "Insanity is doing the same thing over and over again and expecting different results." There must be a change in ideology for a brighter day to come!
I hope you’re enjoying Tax Facts on the Taxing Subject of Taxes!
Any U.S. tax advice contained in this electronic communication was not intended or written to be used, nor can be used, by any recipient of this communication for the purpose of avoiding penalties that might be imposed pursuant to the Internal Revenue Code or U.S. Treasury Regulations, or any other state or local law or regulation.
Content of this site is not intended to replace professional consultation.
This site needs an editor - click to learn more!
Editor's Picks Articles
Top Ten Articles
Content copyright © 2018 by Kate Woods. All rights reserved.
This content was written by Kate Woods. If you wish to use this content in any manner, you need written permission. Contact BellaOnline Administration for details.