Country Boy Views

The Folly Of Socialism

2012-03-07

Mar. 4-2012 Do liberals ever know anything, other than to parrot what the lying media says. All you can hear, is Republicans want to protect the tax cuts for the rich. I took a look at the tax tables for 1999, and this is what I found when I compared them to the tax tables for 2003. In 1999, if you made $2975- $3000 your tax was $448, $13950-$14000 tax was$2096, $38950-$39000 Your tax $6422, $50000- $50050 Tax $9516, $97950-$98000 tax 23206. In 2003 after the Bush tax cut for the rich If you made $2975-$3000, your tax $299 A saving of $149, $13950-$14000 tax $1596 a saving of $500, $38950-$39000 tax $5439 a saving of $983, $50000-50050 tax $8201 a saving of $1315, $97950- $98000 tax $20189 a saving of $3017. In 2009 there were no income taxes on 69.5% of those making under 50K, 16.5% of those making 50K to 100k paid no income tax, 3.2% those making 100K to 500K paid no income tax, 2% of those making 500K to 1M paid no income tax, 1.5% making 1M and over paid no income tax according to estimates of the nonpartisan Tax Policy Center. The tax code needs to be changed, but the harangue that I hear about the Bush tax cut for the rich is enough to make a body ill. The liberals are going to give everybody everything, including future generations the shaft. It would be extremely useful, if we looked back at the history of Argentina. In the early twentieth century Argentina was one of the richest countries in the world. Only the us challenged Argentina for the position of the second most powerful economy. But in 1916 Argentina elected a new president Hipolito Irigoyen from a new party under the banner of “ fundamental change” Similar to hope and change. Under the changes were mandatory pension insurance, support for low-income housing construction to stimulate the economy. Put simply the state assumed economic control of a vast swath of the country’s operations and began assessing new payroll taxes to fund its efforts. With overly generous programs it soon out paced the tax payers ability to keep up. The death knell came for the Argentine economy, with the election of Juan Peron. He and wife Eva aimed their populist rhetoric at taxing the nation’s rich. This targeted group swiftly expanded to cover most of the middle class, who became an enemy to be defeated and humiliated under Peron. The size of government bureaucracies exploded through massive programs of social spending and encouraging the growth of labor unions. Argentina’s federal government continued spend far beyond its means. Hyper inflation exploded in 1989. Inflation hit 3000% due to the practice of printing money to pay off public debt. The country descended into chaos, by 2002 government irresponsibility induced a national economic crisis as severe as America’s Great Depression. In 1902 Argentina was one of the worlds richest countries. Now a little more than a hundred years later it is poverty stricken, struggling to meets its debt obligations amidst a major drought. It never fails, the socialist are going to help the poor and middle class, but when all is said and done, the whole nation is destroyed. If you have any doubts, study history. Richard Feuilly

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The Folly Of Socialism

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