Your Weekly Address

by: hannah

Sat Jul 17, 2010 at 10:46:09 AM EDT

When you're a rich person living off inherited investments and "rights" (mineral, water, logging, grazing, etc.) that your forebears acquired by hook or by crook, then you're right to expect a "cut" of whatever others, less favored by mother nature, pay to the taxman. You expect that a trickle of interest and dividends from (tax exempt) bonds will all flow together and provide a sure and guaranteed income stream. You expect that because that's how it's been for as long as you can remember.

When government sends money directly to people, either in payment for labor, as compensation for unemployment or in recognition of prior work (pensions), the investor class (bondholders and makers of loans) don't get their cut. In a very real sense, when it comes to their attitude towards the public purse, investors perceive themselves to be in competition with people who work for a living and are taxed.

That getting a cut of other people's taxes and not paying any taxes themselves, in addition to not doing any worthwhile work, puts them in a grossly inequitable position doesn't really register. Because that's how its always been and it suits them to a 't.'

A triple treat turning into a triple threat is not change they want to see.