Wednesday, January 25, 2012

WHAT'S IN IT FOR ME?

The broadcast media seem to have only heard the part of Obama's State Of The Union speech dealing with fairness on taxes. Briefly they said he missed an important thing of "What's In It For Me?" for the average voter. While tax fairness for both individuals and business was an important part; however, he did deal with the question "What's in it for me?" He spent a good deal of the speech talking about in sourcing of jobs and challenging business to find ways of finding more ways to increase jobs in the U.S. He also commented on his pledge to double exports in five years and said it was ahead of schedule. All this dealt with jobs, seemingly missed by the news media. Was it missed by the workers also?

It has always seemed unfair to me that unearned income (e.g. capital gains, dividends, carried interest, etc.) gets tax breaks, and the burden of taxes comes on earned income. I've always felt it should be the other way around. But he who has the gold rules, as they say on a twist of the Golden Rule, so the wealthy have skewed the the tax code in their favor and I'm sure most wealthy feel they deserve it.

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