Tuesday, February 07, 2006

Why is Sean Hannity on the air?

I was listening to Sean Hannity the other day, and I couldn't help but laugh by how ridiculous he sounds. One caller was debating with him that income taxes should be divided in a way that one should pay taxes on how much one possesses. Example, if someone owns 30% of a country, they should pay 30% of the taxes. Hannity on the other hand, was totally against that going on a tirade about hard work and why people who work hard should have to pay more taxes then people who don't. Well Sean, how does it make sense to make someone who makes 25,000 a year pay the same taxes as someone who makes 50,000? How does it make sense to make someone who makes 100,000 a year pay the same taxes as a millionaire? Hannity needs to get a grip on reality and realize that the reason that the top 1% pay 40% of the taxes or what it is, is because they own 40% of the country. What doesn't make sense about that?

12 Comments:

At 2:12 PM, Anonymous njcons said...

Jack:

You're making the classic Liberal mistake when talking about taxes (actually, most conservatives make the same mistake).

Income tax is paid on what you earn not what you own. The reality of life is that if you are wealthy like Teressa Hinze or Bill Gates you only pay capital gains on your investments. With the kind of money these folks have they can invest heavily in tax free bonds (federal and state) and pay virtually nothing. Taxing income is and has always been the problem. What you are describing is taxing wealth. That is somethong different. See people that have jobs that pay very well get frustrated because they have to give, in Jersey, 41% of their income to the Federal and state Government. Meanwhile, Jon Corzine pays 15% on his investments because he has no salary.

 
At 3:44 PM, Blogger Jack said...

I actually didn't write the post, but I will respond to your comment.

Nick and I were listening to an old guy argue with Hannity about taxing the rich. The guy was basically saying that if the top 1% of the nation owns x% of the wealth, it makes sense for them to pay x% of the taxes. Hannity called him a socialist and gave him a lecture about hard work.

There is a problem with the gap between the capital gains tax and the income tax.

- Jersey Perspective

 
At 7:56 PM, Anonymous njcons said...

No. There is no problem. There should never be a tax on long term cap gains as that is what generates economic activity.

Did you know that during the Dark Ages when serfs were held down by the bad old barons that they were taxed at 15%. Seems like a deal compared to today's 41%. Taxation today, at all levels is out of control.

The problem with current liberal economic thinking is that economic activity is stiffled when the Government takes too much. My business would create at least 10-15 additional new jobs a year if my taxes were not so high. However, even though my 40 employees and their families rely on me, my company and my willingness to expend capital dollars to generate further income, people that think like you make it unrewarding for me to do so. I built my company from the ground up. No financing, no government assistance (not even the SBA). I have created the ability for my employees and families to enjoy a wonderful standard of living. Almost all own homes, many send kids to college and virtually all have either boats and/or pools and cars. Why do you want the government to stop me from doing what I do best, creating wealth for my employees and my family.

 
At 8:47 PM, Blogger nick said...

I don't want you to stop you from making your employees wealthy. However, why should the people who make 30% of the money in this country pay 60% of the taxes. That is taking wealth from other people who are working just as hard to make the money they earn as you and your employees are. Also, serfs had no income. They usually gave a portion of their crops to their lording barons. This not only kept the serfs from making anything more than endsmeet, its also caused the barons to have an income of crops for essentially nothing.

 
At 9:46 PM, Blogger WjcW said...

It seems to me that you (Nick and/or Jack) are advocating the flat tax, or I am misreading that. You are complaining that through loopholes accessible only to the well off, the well off can manipulate the amount of taxes paid to equal the taxes of people of much lower income levels. The flat tax solves that dilema immediately, and greatly simplifies the filing process. In the end isn't that the 'fairest' way to go about tax, every one pays the same X percentage and that's the end of it. I never understood why the flat tax doesn't receive more support, I think its appealing across the aisle, isn't it?

 
At 10:06 PM, Blogger Jack said...

Haha. No. I don't think that's fair. 20% means a lot more to a poor person than a rich one.

The trouble with the general tax argument is that 95% of the people who participate in it don't actually know what the right rate is. Conservatives say lower liberals say higher. I am one of those who doesn't know what the perfect rate would be to sustain investment as well as effective government programs.

- Jersey Perspective

 
At 11:08 PM, Anonymous Anonymous said...

Well if the thee top X% pays f90% of taxes they should get 90% of the vote. It is not right that all these people vote to steal what others have earned. Remember first that it is your money and possessions and the govt should only be there to protect that. It should not be for all of these other ridiculous social programs. Run it like a corporation!!

 
At 7:49 AM, Anonymous Anonymous said...

I don't think that either of you are "getting" it. the problem with the liberal way of taxing is that, once again, the hard working people of America get screwed. The fact is this. The top 5% of earners in this country are paying nearly 90% of all taxes at the moment. Based upon our income, we are put into a "tax bracket." If you are making for example, $100,00 per year, you are paying a significantly higher % of your income in taxes than someone else that may be making less money. This is what I, as well as Sean Hannity is actually arguing against. What should I have to pay a higher % of my income than someone else? The issue is about people paying an unfair % of what they make simply because they make more money.

 
At 9:35 PM, Anonymous Anonymous said...

"Well Sean, how does it make sense to make someone who makes 25,000 a year pay the same taxes as someone who makes 50,000? How does it make sense to make someone who makes 100,000 a year pay the same taxes as a millionaire?"

See you libs just don't get simple concepts. Lets just say you have a "Flat" tax - say 20%. The 25,000 person pays 5,000. The person making 50,000 pays 10,000. The person making 100,000 pays 20,000. The person making a million pays 200,000. Now lets compare the taxes paid shall we :P 5,000, 10,000, 20,000, 200,000. Hmm....it may be...yes i think it is.. A PROGRESSIVE TAX SYSTEM! Yes why the 'Rich' are actually paying 'more'. Even though its a flat tax. Hmm... how the heck can that be. (librals start sweating)

Now as for the the 15% capital gains rate. Income taxes are one thing, but taxes on investment need to be as low as possible for the sake of the economy. Ideally the capital gains rate, corporate tax rate, and dividend tax rate would be ZERO in order to maximize the benefit to the economy and the the people (yes including the middle class).

And BTW, as much as I dislike Corzine, he paid INCOME tax on his income first. Then INVESTED the remaineder. If he pays 15% (or even 0% for that matter) on his investments that he already paid income taxes on, thats absolutely fine by me - he already paid his share, now he's investing and helping the economy.

 
At 2:27 PM, Blogger Vandy student said...

Well first of all your dead wrong.... the top 1% own 21.2% of the countries wealth. The top 1% pays more than the bottom 90% pay. Overall they pay about the same as the bottom 95%. The top 25% give away 4 out of every 5 dollars they earn, while the top 1%, including everything, gives about half their earnings away. Also, this isn't coming out of my ass, this is from a new release from the IRS..here's my source.

http://taxprof.typepad.com/taxprof_blog/2007/10/top-1-pay-more-.html

To answer your question, Sean Hannity is on the air so people like you aren't blinded by the progressive and secular left wing media

 
At 2:30 AM, Anonymous Anonymous said...

Doesn't it say it all when you refer to "people like you," and "progressive and secular left wing media." How insightful you must be in order to tell us all if someone believes in God or not by listening to them report the news on television. I hope you don't get taxed on your arrogance, it will break you.

 
At 12:13 AM, Anonymous Anonymous said...

Sean Hannity, the Voice of Insanity.
What a barge of bile. Here's a clue, when someone is shouting at you, that ain't news. D'oh!

 

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