Interview on taxes that’s well worth the read.

I came across this interview today, and instead of trying to summarize it, I think it should be read in its entirety. If I tried to summarize it, I think the only word I could come up with is, “WOW!!”

While our elected officials play tiddlywinks in DC, here’s a different viewpoint on how our taxes and healthcare could be taken care of in one fell swoop. I seriously doubt that the people in Washington DC would be capable of crafting such a plan, even if the plan was already written out in full detail for them. They’d still find a way to screw it up like Charlie Brown trying to kick a football being held by Lucy.

The US Has Low Taxes — So Why Do People Feel Ripped Off? (via Moyers & Company)

Today is the 100th anniversary of the federal income tax, which was signed into law by President Woodrow Wilson on October 3, 1913. To mark the occasion, Moyers & Company caught up with David Cay Johnston, who has probably forgotten more about our tax…

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4 thoughts on “Interview on taxes that’s well worth the read.

  1. My grandmother is obsessed with the question of why people who have billions want more. She can’t understand it.

    I’m nobody’s Grandma but I don’t understand it, either. As poker legend Doyle Brunson said, after some bad things happened in his life, he figured out he could only drive one car at a time, sleep in one bed at a time, etc.

    I reckon people have a right to try to accumulate as much as they can, if that’s what floats their boat, but once you reach the $100 million mark, you’d be hard pressed to ever find a way to spend it all.

    Several years ago I was flipping around the dial one night and stumbled across Suzy Orman (you know how it is when there’s nothing on). She was talking to an elderly lady who was calling asking for advice. The lady had a house that was paid for, a car that was paid for, had no kids or grandkids, and really had everything she wanted. She had about $5 or $10 million (I forget which) to invest and of course, she was inundated with financial advisors trying to help her spend it. Suzy asked her a few questions and then said, you have everything you want, you have more money than you can spend in your lifetime, so why worry about trying to make more? Just put it somewhere that it will be safe in a low/no risk thing (CDs, etc) and forget about it. She told her it would be nothing but a source of worry to her.

    Some folks never figure out when they have it good.

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    • As my folks use to tell me, “Some people just don’t know when to leave well enough alone.”

      After that post, I’m thinking of updating things here so you can give posts a thumbs up. Yours definitely would deserve a few, if for nothing else, that last sentence. I think that sums up quite a bit of what’s wrong with this country right now.

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  2. This needs to go on Jay’s blog:

    >>Here’s how much that costs: In the year 2010, if we had had the French health care system, which is one of the most expensive in the world, it would have provided universal coverage and it also would have saved us so much money that we could have eliminated the individual income tax that year and all else would have been equal. Our excess health care costs above those of the French were a little over 6 percent of the economy and the income tax in 2010 brought in about 6 percent of the economy.<<

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