Thoughts from the envious:
“I can never achieve what you have achieved. Therefore, I want to destroy you.”
A lot of chatter has entered into the national dialogue about raising taxes on the rich. Individuals know that raising taxes on the rich will not provide any benefit to their life one way or the other. The government is going to spend what it is going to spend, regardless of its revenues. Interestingly, most of these people calling for increasing taxes on the rich also believe that government debt does not matter. There is an irreconcilable contradiction in these two thoughts. If government debt does not matter, why should the government tax anyone? Why can’t the government just keep borrowing more money to pay off old debt and initiate new spending projects. Envy plays an important part in this thinking.
Climate Change is the new WW II.
We are told the human race is facing extinction in less than 12 years unless action is taken by federal governments around the world. We heard this 12 years ago. We heard this from Bill Mckibben in his book, “The End Of Nature” written in 1989. When I glance outside my window, I take note that nature has not ended. This racket changes every few decades. Global cooling , global warming and now climate change. The arctic was also melting in 1922.
To combat climate change requires a mobilization not seen WWII. In order to pay for this, taxes have to go back to WWII levels. Never mind that the math doesn’t add up! If “we” can pay for WWII than we can pay to fight climate change!
The highest tax bracket was above 90% during WWII, the 1950’s and 1960’s.
They never talk about the lowest tax bracket.
It went from about 1% to 23% to pay for WWII. This is left out of the debate. WWII was paid for with massive tax hikes across the board, inflation, and blood.
Why I am not worried.
I am going to tell you a secret. No matter how high the income tax rates have been, the US federal government never, EVER, has collected much more than 20% of revenue in GDP. EVER!
The individual income tax collected hovers around 8% of GDP since 1944.
Total from 1974 is shown below:
There will not be any massive tax hikes that actually collect taxes. The American public does not let the government take more than 8% of GDP from them. There is not going to be any green new deal.
The video above shows the case for optimism. The students reject it once the content of the bill is revealed. It has almost 2 million views. 30 years ago this video would have not seen the light of day. The guard keepers of information would have never aired it on NBC. For less than 100$ worth of equipment, anyone can become a journalist and post videos on YouTube for millions of people to view. I am not worried about the college girl, the green new deal or massive tax hikes.