I noticed the story about the “Tax the Rich” movement posted by our editor last week. And a couple of months ago, I wrote a column about the “Eat the Rich” movement.
Two feasible solutions.
These might be authentic movements, aimed at either taxing or eating, or they could be just an attempt just to get rich people worked up over nothing.
If I were rich, I would much prefer to be taxed rather than eaten. But maybe I wouldn’t have a choice? Things sometimes have a way of getting out of hand. As we’ve seen lately.
Thankfully, I’m not rich.
When I was much younger, I thought it would be great to be rich. The way things seem to be heading, I feel blessed to be poor. It was never my intention to be poor, but apparently I had a guardian angel watching over me.
I’m still taxed, however. According to the Lamestream Media, I paid more income tax than Donald Trump in 2015, 2016, 2017 and 2020, because he had “negative income” in those years. I don’t understand how a person can have a negative income and still be one of the world’s most successful businessmen, but then, I fail to understand a lot of things. Maybe if I were rich, these things would become clear.
I hear there are lots of millionaires and billionaires who pay zero taxes.
That might be a strategy to avoid being eaten. “Hey, don’t eat me! I had a negative income last year! Just look at my income tax return, if you need proof! Here, I’ll show you…”
Donald Trump never shows people his income tax returns. We just take him at his word, which is generally impeccable, and also validated by the IRS.
There’s an instructive story in the Bible, where a woman (not named in the story) poured some costly fragrant oil on the head of Jesus as he sat at the table. When his disciples saw this, they were indignant.
“To what purpose is this waste? For this ointment might have been sold for much, and [the money] given to the poor.”
Jesus said to them, “Why do you trouble the woman? For she has wrought a good work upon me. You have the poor with you always, but me you do not have always.”
Prophetic words, if there ever were any. About the short time Jesus would be still around, and also about the poor being around forever.
Jesus also had thoughts to share about the difficulties faced by the rich, if they wanted to get into heaven. Pretty much impossible, in fact. But they can be fat and happy during their short stay on earth.
Once upon a time, the U.S. government attempted to tax the rich. Our modern federal income tax, for example, got its start in 1913, when millionaires paid a 7% tax on whatever they declared as their net annual income. Even back then, the income could be negative, of course.
By 1942, millionaires were paying an 88% tax rate in their net annual income. Presumably, the number who claimed negative income had greatly increased by then.
The top rate in 1960 was 91%. We might mention in passing that, in 1960, the federal debt was about $286 million. That’s “million” with an “m”.
The taxes on the rich began falling in the 1980s, and by 2001, the top federal income tax rate had fallen to 39%. For whatever reason. The government thought they didn’t need money? Or maybe, they thought the rich needed it more than the government did?
The top rate is now 37%. And the federal debt is $39 trillion. That’s “trillion” with a “t”. Meaning that, somehow, since 1960, the federal government has accidentally failed to collect $39 trillion from the taxpayers, to balance the books. Seems like a slight bookkeeping error… favoring the rich?
Is there method to this madness?
Well, it’s possible that the federal government is intentionally fattening up the rich, to make them tastier when we eat them.
Underrated writer Louis Cannon grew up in the vast American West, although his ex-wife, given the slightest opportunity, will deny that he ever grew up at all. You can read more stories on his Substack account.