Democrats should impeach Bill Gates lol

 REVEALED: Bill Gates's Russian 'lover' and her links to notorious Kremlin spy...

I'll bet it didn't taste very good after that

Bill Gates drove at high speed through the dessert.

Rush Limbaugh Repeats The Rich Man's Lies: Middle Class Has "Bulk Of The Money"

Here:

Where this is all going to end up, I'm pretty sure -- we'll see if I'm right; won't be too long, maximum next year sometime, maybe two years -- where this is all going to end up is that the middle class is going to get soaked.  The middle class is going to see their taxes go up, and the reason is, that's where the bulk of the money is. 

You could confiscate all the money the middle class has and run the government for quite a while.  Much longer than if you confiscate all the money the rich have.  There's a reason why the rich are called the top 2%.  There aren't very many of them, folks.  They're only the top two, the top 1%.  And the idea that 98% of the country is not going to have a tax increase under this president is absurd.  Everybody is going to see a tax increase under this president, because his objective is to shrink the private sector and expand the government so that the government becomes the primary source of prosperity and benefits for the vast majority of people.

In 2011, the poorest Americans, those making between $0 and $20K, had total net compensation of $501 billion in the aggregate. The so-called middle class, those making between $20K and $75K per year where net compensation aggregates every $5K up the income ladder constitute piles of cash in excess of $200 billion each, had total compensation of $2.9 trillion in 2011.

The income tranches of the middle are what greedy liberal tax-farmers focus on, as do disingenous rich people, because they stick out like a sore thumb, representing as they do the largest individual tranches for ordinary income purposes and constituting an unbroken line of 11 of them just begging to be ogled. See them here for yourself. You will not find any tranches among the so-called rich in excess of $200 billion. But they make a lot of money nevertheless.

Add it all up and everybody making beyond $75K per year in 2011, which includes the upper middle class, if you piled all their net compensation for Social Security purposes together, would total another $2.8 trillion, just shy of the middle's $2.9 trillion.

If you think this proves Rush's point, you would be wrong. Such net compensation isn't all there is to it, not by a long shot. It's much, much more complicated, and obscure, than that. And that's the way rich people like it. If you can't see their income you can't know how rich they are and they can thus escape becoming a target. That's why so many rich people, and their advocates like Bruce Bartlett who want to tax the middle class and deflect taxes from themselves, insist so strongly that they are middle class just like you.

While net compensation totaled about $6.2 trillion in 2011, personal income was more than twice that. The Bureau of Economic analysis, here, reports that personal income was $12.95 trillion in 2011.

People like Jeffrey Immelt, Jamie Dimon, Mitt Romney, Warren Buffett and Bill Gates receive tons of income from stocks, bonds, capital gains, dividends, rents, royalties, et cetera et cetera et cetera, adding at least another $6.75 trillion to that $6.2 trillion in net compensation for Social Security purposes in 2011.

To be sure, lots of people who aren't the very rich receive such income, too, but there is no way on God's green earth that there are enough of them in the so-called middle receiving it to say that the bulk of the money is in the middle. The middle class would like to be receiving the bulk of its income as unearned income like the investor class does, but it doesn't for the most part. It works for its money (unless you're a government employee).

No matter how much the boob with the microphone and the subscription to The Wall Street Journal tells you otherwise, the bulk of the money is not in the middle, most people know it, and that's why Obama is succeeding with his class warfare rhetoric. He has picked his targets, personalized them, polarized them and frozen them, and all the rich can do, because there aren't enough of them, is surrender (Warren Buffett), create diversions (the home mortgage interest deduction flap) or tell lies (The Wall Street Journal).

It really is quite pathetic that we do this to rich people in America and pat ourselves on the back for it. It's actually disgraceful in a country which claims to believe in equal treatment under the law that a wealthier earner is discriminated against because we say he must pay taxes at a higher percentage rate on his ordinary income than a poorer earner must pay. And we feel guilty enough about it that we then turn around and create exceptions to these unjust tax rules when taxing income which is not ordinary. Is it any wonder then that more than half of the personal income in the country has fled for refuge to be classified as other than ordinary? The founders thought a tax was equal only if everyone in the country paid the same amount. This consensus necessarily kept federal taxation low and infrequent because the great masses of people could not afford to pay very much.

The least we could do in homage to that old idea of America would be to tax everyone's income in the country in similar fashion, at one low rate, making no distinctions between the income from a job and the income from an investment. Of course, that would mean a pretty low rate compared to what's exacted today, and would necessitate some pretty drastic cuts to spending. A 10% tax on the personal income of the country of $13 trillion in 2011 would have yielded only $1.3 trillion in revenues, far short of the $3.8 trillion or so we spent.

And that, as we on the right keep saying, is where the real problem lies. Unless we slay the spending monster, there will never be taxation equality in America.

The Atlantic's Lies About Tax Loss Expenditures

The latest lazy lies attacking the so-called privileges of the so-called middle class come from one Linda Killian at The Atlantic here:

"The three largest expenditures in the tax code are all things many middle-class Americans take advantage of -- tax-free employer-provided health insurance, the home mortgage interest deduction and tax-free 401(k) retirement accounts. ... The tax exemptions for home mortgage interest cost the government more than the entire budget of the Department of Housing and Urban Development according to Steuerle [an Urban Institute economist]."

These are NOT the three largest. They rank 1, 3 and 6, not 1, 2 and 3.

If Linda Killian had bothered to read the Joint Committee on Taxation's latest report on the subject, she would have known that.

Here are the top ten tax loss expenditures for 2011, according to this committee of the US Congress:

$109.3 billion  Employer provided health insurance and related

$ 90.5 billion  Reduced tax rates on dividends and capital gains

$ 77.6 billion  Owner-occupied mortgage interest deduction

$ 59.5 billion  Earned income credit

$ 56.4 billion  Credit for children under 17 aka Child Tax Credit

$ 48.4 billion  401K-type plans

$ 42.7 billion  Pension plans aka union retirement plans

$ 42.4 billion  State/local income, sales and property tax deduct.

$ 38.0 billion  Exclusion of capital gains at death

$ 31.0 billion  Exclusion of benefits under cafeteria plans

$ 31.0 billion  Exclusion of untaxed Social Security and RR benes.

Who benefits from the top three? It's hardly a middle class phenomenon . . . today.

Rich and poor and everyone in between gets health insurance when they are employed by an employer, not just the middle class. And they don't pay tax on that "income." But the size of this break is bound to decline dramatically in coming years, if ObamaCare is not struck down or repealed. Fewer employers will be providing coverage, choosing to pay lower fines instead. Other companies will deliberately downsize in order to escape the requirements under the law, making employer-provided insurance less common than it is today. The net effect may very well be that employer-provided health insurance becomes more and more an upper class phenomenon.

Reduced rates of taxation on dividends and capital gains primarily benefit the rich in America. Could that be why Killian overlooked it entirely? It certainly doesn't fit her narrative against the middle class, does it? But this category is the real number 2 in the list of tax loss expenditures.

Working class and middle class people who are lucky enough to have joined the investor class are investing primarily through tax-deferring vehicles like union pension plans and 401K plans, which rank number 7 and 6 in Congress' accounting of tax loss expenditures. It is questionable, however, for pensions and 401Ks to appear in this list of tax loss expenditures at all. Eventually the deferred money will become income, and it will be taxed.

But the more important point is that everyone in this bottom 66 percent of wage earners by definition makes less than $100,000 per year and by and large very few of them are playing around in the stock market, where fat cats like Bill Gates and Warren Buffett and Mitt Romney derive their unearned income, taxed at the non-permanent lower rates under the Bush tax legislation of 2001-2003. Were these rates permanent, however, this tax loss expenditure wouldn't even make the list.

Contrast that with something which is more or less permanent: the exclusion of income from Social Security taxation. The current income ceiling after which income is not so taxed is almost $107,000 per year. In 2010 just under $2 trillion in ordinary wages and salaries made by the rich escaped the Social Security tax. The tax loss expenditure of that? $125 billion, higher than anything in the Joint Commission's report. And it all went to the rich.

Third is the ever popular whipping boy of the tax reform crowd, the mortgage interest deduction. It should worry average Americans who struggle on the crumbs which fall from their masters' tables that our betters want to make it harder for us to own four walls and a little garden and a tree. 100 million out of 150 million wage earners in 2010 made less than $40,000 per year. Try buying a house on that.

Democrats and Republicans have successfully conspired to attack Social Security for the first time by de-funding it temporarily and haven't yet been electrocuted by the once-feared third rail of politics, so I fully expect them to keep trying on mortgage interest.

Four years ago the mortgage interest deduction was more like $88 billion, so with the collapse of housing we have witnessed a decline in the amount of mortgage interest being paid, and so deducted. $10 billion less. The reason for this is two-fold. One, fewer homeowners. Two, refinanced mortgages at lower rates. With home ownership already under severe stress, it is astonishing that liberals of both parties continue to attack it under the guise of tax fairness. What it really is, is statists greedily looking for more revenue.

I say they can all go to hell.