Saturday, December 15, 2012

Who Are We Talking About?
"With the new obsessions over income and net worth, we might as well also means-test all federal programs. Should anyone - do we remember Solyndra? - be eligible for federal cash loans if he makes over $250,000 per year? Why would affirmative action apply to the children of millionaires like the offspring of Eric Holder, Susan Rice, or, for that matter, Barack Obama, while excluding the destitute children of Appalachian coal miners and the poor clingers of Pennsylvania?

"Remember the revolving door that Barack Obama once promised to end? The former head of his Office of Management and Budget, Peter Orszag, used his title and insider contacts to walk right into a Citigroup fat-cat banker's job that pays him an estimated $2 million to $3 million a year.

"Clinton administration apparatchiks such as Jamie Gorelick, James Johnson, and Franklin Raines - without much banking experience - reaped millions of dollars working at Fannie Mae as it went nearly bankrupt. If you leave government and immediately make more than $1 million, why not pay a 50 percent tax on your income for five years - given that "somebody else made that happen"? Why does Google have tax havens in the Caribbean, and why do six-figure-income college presidents have their taxes paid by their universities?"

The short answer on the college presidents is - because it lets them either pay less in taxes or pay less in the aggregate for the services of the president so compensated.

As for the rest - predictable distortions resulting from a bizarre tax system that seems to serve no one but the politically connected.

How we'll ever convince the politically connected to change a system that serves them so well I cannot guess.

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