Article from Lean County Leader
By Ben L. Burnett
Linn County Leader
Posted Feb 09, 2012 @ 09:37 AM
Linn County, Mo. —
To begin, we would like to congratulate Bill Dorsey for receiving the Democratic Party's recommendation for Linn County Commissioner with a whopping 28 of the 33 votes cast. We truly believe he will be a great asset to Linn County and we will continue to give him our unyielding support.
Most people would agree that a democracy provides individual freedoms, rights of unlimited private ownership with free enterprise allowing everyone the privilege of following a career of choice. In a government of the people, by the people, and for the people, the guarantees that are stated in the Constitution provide the opportunity for able bodied citizens to prosper by working hard and being frugal with their earnings. The ideas expressed here are as American as baseball and apple pie. They also provide ample room for vast differences in opinions and interpretation of meaning.
Hard work and a frugal discipline are commendable traits in providing family needs. In fact, much success can be achieved, and a working class family can attain a comfortable style of living conditions. However, these traits seldom have any bearing on achieving great wealth. Great wealth, (the 1% of the population) and the world of high finance are foreign subjects to most of the working class, (the 99% of the population), including me. I can understand how money spent by the working class on everyday items, such as gasoline, medicine and other medical expense, insurance, interest, etc. creates great profits for individuals of great wealth that have invested in companies that provide the items being discussed. However, I fail completely to understand how someone like Mitt Romney can buy existing companies and dispose of their assets making millions of dollars in profit. Everyone should realize the vast difference between the 1% and the 99%. The 1% do not have to work hard, they can stay in bed and the money from the 99% just keeps rolling in. Simple logic would indicate that in a matter of time, the 1% of the population will have accumulated 100% of the money. Sometimes I wonder how close we are to that point.
Paying income tax on earnings is one way to keep money in circulation. Contrary to what some people say, income tax does not reduce original net worth. It only reduces the current profit that is added to the original net worth. Besides, it doesn’t really matter how much the 1% pay, because they are going to get it back anyway. Incidentally, income is income no matter how it is earned. The 1% earn most of their income investing in profit making corporations. Since no labor is involved on their part in the earnings they receive, they claim income from investments are capital gains and should not be taxed at the same rate as ordinary income.
Article from Lean County Leader
