Music to read by:
History shows again and again
How nature points up the folly of men.
While the Buffett Rule starts at 30 percent, Reagan once said a country's "disintegration" begins at a 25 percent tax burden.
In the end, free societies get the governments they deserve. So, if
the American people wish to choose their chief executive on the basis of
the "war on women," the Republican theocrats' confiscation of your
contraceptives, or whatever other mangy and emaciated rabbit the Great
Magician produces from his threadbare topper, they are free to do so,
and they will live with the consequences. This week's bit of ham-handed
misdirection was "the Buffett Rule," a not-so-disguised capital-gains
tax hike designed to ensure that Warren Buffett pays as much tax as his
secretary. If the alleged Sage of Omaha is as exercised about this as
his public effusions would suggest, I'd be in favor of repealing the
prohibition on Bills of Attainder, and the old boy could sleep easy at
night. But instead every other American "millionaire" will be subject to
the new rule – because, as President Obama said this week, it "will
help us close our deficit."
Wow! Who knew it was that easy?
A-hem. According to the Congressional Budget Office (the same
nonpartisan bean counters who project that on Obama's current spending
proposals the entire U.S. economy will cease to exist in 2027) Obama's
Buffett Rule will raise – stand well back – $3.2 billion per year. Or
what the United States government currently borrows every 17 hours. So
in 514 years it will have raised enough additional revenue to pay off
the 2011 federal budget deficit. If you want to mark it on your
calendar, 514 years is the year 2526. There's a sporting chance Joe
Biden will have retired from public life by then, but other than that
I'm not making any bets.
Let's go back to that presidential sound bite:
"It will help us close our deficit."
I'm beginning to suspect that the Oval Office teleprompter may be
malfunctioning, or that perhaps that NBC News producer who
"accidentally" edited George Zimmerman into sounding like a racist has
now edited the smartest president of all time into sounding like an
idiot. Either way, it appears the last seven words fell off the end of
the sentence. What the president meant to say was:
"It will help us close our deficit ... for 2011 ... within a mere
half-millennium!" [Pause for deafening cheers and standing ovation.]
Sometimes societies become too stupid to survive. A nation that takes
Barack Obama's current rhetorical flourishes seriously is certainly
well advanced along that dismal path. The current federal debt burden
works out at about $140,000 per federal taxpayer, and President Obama is
proposing to increase both debt and taxes. Are you one of those
taxpayers? How much more do you want added to your $140,000 debt burden?
As the Great Magician would say, pick a number, any number. Sorry,
you're wrong. Whatever you're willing to bear, he's got more lined up
for you.
Even if you're absolved from federal income tax, you, too, require
enough people willing to keep the racket going, and America is already
pushing forward into territory the rest of the developed world is
steering well clear of. On April Fools' Day, Japan and the United
Kingdom both cut their corporate tax rates, leaving the United States
even more of an outlier, with the highest corporate tax rate in the
developed world: The top rate of federal corporate tax in the US is 35
percent. It's 15 percent in Canada. Which is next door.
Well, who cares about corporations? Only out-of-touch dilettante
playboys like Mitt Romney who – hmm, let's see what I can produce from
the bottom of the top hat – put his dog on the roof of his car as
recently as 1984! That's where your gran'ma will be under the
Republicans' plan, while your contraceptiveless teenage daughter is
giving birth on the hood. "Corporations are people, my friend," said
Mitt, in what's generally regarded as a damaging sound bite by all the
smart people who think Obama's plan to use the Buffett Rule to "close
the deficit" this side of the fourth millennium is a stroke of genius.
But Mitt's not wrong. In the end, a corporation doesn't pay tax. The
marble atrium of Global MegaCorp's corporate HQ is indifferent to the
tax rate; the Articles of Incorporation in the bottom drawer of the
chairman's desk couldn't care less. Every dollar of "corporate" tax has
to be fished out the pocket of a real flesh-and-blood human being,
whether shareholder, employee or customer.
And that's the problem. For what Obama's spending, there aren't
enough of them, or us, or "the rich" – and there never will be. There is
only one Warren Buffett. He is the third-wealthiest person on the
planet. The first is a Mexican, and beyond the reach of the U.S.
Treasury. Mr. Buffett is worth $44 billion. If he donated the entire lot
to the Government of the United States, they would blow through it
within four-and-a-half days. OK, so who's the fourth-richest guy? He's
French. And the fifth guy's a Spaniard. No. 6 six is Larry Ellison. He's
American, but that loser is only worth $36 billion. So he and Buffett
between them could keep the United States Government going for a week.
The next-richest American is Christy Walton of Wal-Mart, and she's
barely a semi-Buffett. So her $25 billion will see you through a couple
of days of the second week. There aren't a lot of other semi-Buffetts,
but, if you scrounge around, you can rustle up some
hemi-demi-semi-Buffetts: If you confiscate the total wealth of the
Forbes 400 richest Americans it comes to $1.5 trillion, which is just a
little less than the Obama budget deficit for year.
But there are a lot of "millionaires," depending on how you define
it. Jerry Brown, California's reborn Gov. Moonbeam, defines his
"millionaire's tax" as applying to anybody who earns more than $250,000 a
year. "Anybody who makes $250,000 becomes a millionaire very quickly,"
he explained. "You just need four years." This may be the simplest
wealth creation advice since Bob Hope was asked to respond back in 1967
to reports that he was worth half-a-billion dollars. "Anyone can do it,"
said Hope. "All you have to do is save a million dollars a year for 500
years."
It's that easy, folks! Like President Obama says, all you have to do
to pay off his 2011 deficit is save $3.2 billion a year for 500 years.
He thinks you're stupid. Warren Buffett thinks you're stupid. Maybe
you are. But not everyone is. And America's foreign debtors understand
that "the Buffett Rule" is just another pathetic sleight of hand en
route to the collapse of the U.S. dollar, and of American society
shortly thereafter.
When he's not talking up his buddy Warren, the Half-Millennium Man
has been staggering around demonizing Paul Ryan's plan, which would
lead, he says, to the end of the weather service, air traffic control,
national parks, law enforcement, and drinkable water. Given what's at
stake, you might think then that the president would have an alternative
plan. But he has none, save for his proposal to pay off the 2011
federal deficit by the year 2526. The Obama No-Plan plan means the end
of everything. That really ought to be the only slogan the Republicans
need this fall:
What's your plan?
And all you hear are crickets chirping.
But don't worry, they're federally funded crickets, chirping at a
research facility in North Carolina investigating whether there's any
correlation between chirping crickets and the inability of America's
political institutions to effect meaningful course correction.
Hey, relax. The Buffett Rule will pick up the tab.
©MARK STEYN
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1 comment:
Hehehehe...
My first concert...
"Oh no... They said he's got to go, go go Godzilla... Yeah...
Oh no... Their goes Tokyo...
Go Go Godzilla... yeah.."
Thanks for the songs of other times...
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