Cincinnatus BLOG *** Political Commentary - Social Commentary

  The top 1% of U.S. taxpayers earns 22% of the income and pay nearly 40% of all income taxes. The bottom 50% pays just 3%. We are told that this is unfair, and the "rich" should pay their "fair share". It would probably not overburden the top earners to pay 43% and eliminate all taxes on the bottom 50%. After all, it would only take a 5.5% increase in the amount the top 1% already pays to eliminate the need to collect from the bottom 50%. Can the rich afford it - yes, but can the poor. Could a house so divided prosper? Given the class-warfare rhetoric from the administration and Congress it appears that this is just the country they wish to create. Use tax credits for the bottom 50%… Continue reading | 4 Comments

After reading that one percent of the households in New York City, roughly 40,000 people, pay 50% of the income taxes in this city of more than 8 million inhabitants, it made be begin to wonder where we were headed as a nation. This astonishing figure brings home the practical consequences of relying on taxes from a small group of high-earners to fund city, state and national budgets. In the case of New York City, the Mayor can only hope that this small group does not become weary of their burden and move to Connecticut or West Palm Beach. If even only a small percentage does, the financial impact on New York in a recession would be devastating. If that problem isn't enough New York City and State will… Continue reading | 16 Comments