The Bush tax cuts greatly reduced the taxes that the rich have to pay, but apparently not enough. Phil Anschutz is in trouble with IRS for some tax scheme that avoids his recognizing a taxable gain (and then having to pay taxes on it) for years and years, according to a number of papers, including the Rocky Mountain News.
The rich who balk at paying taxes are mostly Republicans. Rich Democrats, like Warren Buffett, tend to say the rich should pay more taxes. Thus, it’s the Republicans who object to paying for government, including things like the wars in Iraq and Afghanistan and the soldiers fighting them. No armor for troops if it means you have to share your private jet!
People will argue we have to reduce American taxes because we are competing for business headquarters with other countries, like the Cayman Islands, who have lower taxes. It’s a race to the bottom. I say, let them go. If Anschutz wants to move to the Canary Islands, good riddance to him and his filthy money. He can go join (Clinton Democrat) Marc Rich in Switzerland, but don’t let him come back here to stay at some luxury vacation home or spa. He’s scum, a traitor. We don’t need people like him. It will be a tough adjustment for America to lose wealthy freeloaders like Anschutz, but while we’re having a recession, let’s bite the bullet and take on a little more misery to clean up the country.
I have been down on the New York Wall Street types for living large off of America without paying their fair share, and now it turns out that one of the worst offenders is right here in Colorado.