The Washington Post, one of the major public relations organs for the president’s call for higher taxes on the rich, distributed $70 million in dividend payments early, so its rich shareholders could avoid higher taxes.
And we’ve all heard stories about pro athletes arranging to get a much bigger chunk of their compensation in 2012, to avoid the 2013 tax hit.
Now add to those prominent examples all those who can afford to hire the best accountants to find the loopholes that the president and members of Congress claim they want to eliminate, but somehow never do, and it is doubtful that the $600 billion expected from the rich in the next decade will actually materialize. Congress could make the rates 90 percent on the rich, but if the loopholes remain, nobody will pay that.
Finally, there has so far been no agreement to cut spending. Supposedly that will be taken up in a couple of months – more than enough time for every interest group to line the halls of Congress to demand that everybody but them be forced to sacrifice.
You pretty much know how that’s going to turn out.
So, all the talk in the wake of the Newtown, Conn., slaughter about how precious our children are to us rings a bit hollow. We’re buying now, so they can pay later. When they grow up and face the debt we’re piling on them, they’ll know we were just blowing smoke.
Taylor Armerding is an independent columnist. Contact him at email@example.com