townpete
Corn Field
- May 30, 2008
- 4,654
- 3,634
All those lofty goals are just that....lofty.
Get money out of politics? The president is powerless. Congress passes the laws,
and the Supreme Court shreds any attempt to limit political contributions. Any bill that
does pass has loopholes big enough for truckloads of cash to breeze through.
How about taxing the rich? Well, for starters, the wealthy already pay most of the federal
income taxes:
According to the Congressional Budget Office, the top 1% paid 39% of the
personal income taxes in 2010 while earning 15% of the before-tax income, and the
top 20% paid 93% of the federal income taxes in 2010 while earning 52% of before-tax income.
So the rich are already taxed heavily, and those that aren't bought a loophole from Congress
that no president can close.
Tax codes can't be changed at the whim of the President; Congress passes tax laws,
and yes, contribution-loving Congress is open for business when it comes to buying
tax breaks.
Get money out of politics? The president is powerless. Congress passes the laws,
and the Supreme Court shreds any attempt to limit political contributions. Any bill that
does pass has loopholes big enough for truckloads of cash to breeze through.
How about taxing the rich? Well, for starters, the wealthy already pay most of the federal
income taxes:
According to the Congressional Budget Office, the top 1% paid 39% of the
personal income taxes in 2010 while earning 15% of the before-tax income, and the
top 20% paid 93% of the federal income taxes in 2010 while earning 52% of before-tax income.
So the rich are already taxed heavily, and those that aren't bought a loophole from Congress
that no president can close.
Tax codes can't be changed at the whim of the President; Congress passes tax laws,
and yes, contribution-loving Congress is open for business when it comes to buying
tax breaks.