Obama’s War on Wealth Continues: IRS hires “hundreds” for new wealth unit

/Sarcasm – so what, it’s those evil rich who don’t pay their fair share anyways, screw them!

The reality.

1. First of all the John Kerry like rich often pay less than 13% of their income in federal taxes and there is a reason why so many Democrats in the Senate are super rich; they design the tax laws so that much of their income is defined as non-taxable income or they legislate other favors for themselves.

2. The investment class didn’t get to be the investment class by not know what to do with money, they will move wealth to China or move it off shore in many circumstances anyways. This causes American economic casualties because they money isn’t being put to good use here in America. When investment or risk taking class is under assault by our government and society, why would they do business here. Money and capital go where it is treated best, which isn’t America. This costs jobs.

3. So what is left? The productivity class, the upper middle class, small to medium-sized businesses who employ more than a dozen people, are defined as “the rich” in the tax code and they are the ones who pay a huge amount of taxes and can produce and hire less as a result.

4. The top 10% of wage earners pay 50% of all income taxes. These wage earners are NOT the John Kerry rich nor are they the investment class, these are the upper middle class and the productivity class.

Reuters:

The IRS high wealth unit, part of a broader effort to combat international tax evasion, is focusing on “the entire web of business entities controlled by a high wealth individual,” IRS Commissioner Doug Shulman told a tax conference this week.

Another IRS official told Reuters “hundreds” of people have already been hired to staff the new unit, including some from within the agency.

“We have drawn top talent within the IRS that have expertise involving wealthy individuals as well as examination of their related entities,” said Mae Lew, an IRS special counsel.

The high-wealth unit is focusing on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals.

While use of sophisticated legal structures can be legal, in other instances they “mask aggressive tax strategies,” Shulman said.

Will they get some of the people in the investment class who are hiding their money from an increasing assault upon them by the U.S. Government, sure they will, but the money they recover will be a drop in the bucket compared to the loss in confidence and under siege feeling these people will have which will keep even more of their wealth going to China. The capital gains tax rate here in the US approaches 30%, in China the rate is ZERO as China just appreciates people taking risk by investing in China. If you were a member of the investment class what would you do?

Pinhead of the day: Noted Journalist & Scholar Calls for Forced One Child Policy…

…and has two children of her own.

I appreciate Diane Francis because she is a quintessential example of the typical “progressive intellectual”. She is absolutely convinced of her own virtue and “moral authority”, believes that elites like herself should plan our society rather than letting the rabble participate in the animated contest of freedom; she does so to the point of advocating a point of view that brushes up against social darwinism and eugenics, whose attitudes and themes are epidemic among leftist academia and journalism.

Like almost all “progressive intellectuals” Francis has one standard for herself and another for everyone else. This is a reoccurring theme among the progressive elite, free speech for me and not for thee, the desire to criminalize opposing them politically and of course, only those deemed worthy like herself should have more children. Since most progressives are “post modernists” their “reality” is a mental construct that is self-serving to themselves. As Stalin once said, “The truth to a communist is anything that supports communism”.

Like all social darwinists, each member of the progressive elite is convinced that they themselves are the genetic and/or intellectual ideal.

Diane Francis:

Humans are the only rational animals but have yet to prove it. (translation – I am rational and the rabble are not – Editor) Medical and other scientific advances have benefited by delivering lower infant mortality rates as well as longevity. Both are welcome, but humankind has not yet recalibrated its behavior to account for the fact that the world can only accommodate so many people, especially if billions get indoor plumbing and cars.

The fix is simple. It’s dramatic. And yet the world’s leaders don’t even have this on their agenda in Copenhagen. Instead there will be photo ops, posturing, optics, blah-blah-blah about climate science and climate fraud, announcements of giant wind farms, then cap-and-trade subsidies.

None will work unless a China one-child policy is imposed. Unfortunately, there are powerful opponents. Leaders of the world’s big fundamentalist religions preach in favor of procreation and fiercely oppose birth control (Thousands of years of human experience and wisdom since the time of Abraham mean nothing now that Diane Francis is here! And that whole Jesus thing, don’t you fools know that now that we have Diane Francis, Jesus has been rendered irrellevent and backwards! – Editor) . And most political leaders in emerging economies perpetuate a disastrous Catch-22: Many children (i. e. sons) stave off hardship in the absence of a social safety net or economic development, which, in turn, prevents protections or development.

China has proven that birth restriction is smart policy. Its middle class grows, all its citizens have housing, health care, education and food, and the one out of five human beings who live there are not overpopulating the planet. (Ahhh yes once again the problem is the middle class, or shall I say bourgeoisie, the problem is YOU, and just like every other crisis both real and imagined, central control of elites like Francis is always the answer. – Editor)

For those who balk at the notion that governments should control family sizes, just wait until the growing human population turns twice as much pastureland into desert as is now the case, or when the Amazon is gone, the elephants disappear for good and wars erupt over water, scarce resources and spatial needs. (Actually in spite of the growth in population, we have more food then ever because technology in innovation and efficiency means we get more food from less. History and economics prove that policies of central control result in scarcity. The problem is not that that food is difficult to produce in great supply, the problem in most of the world is the lack of freedom to do so. As less and less of our population works in agriculture, food supplies grow more and more. – Editor)