“The wealthy put cream on their berries; the wealthy drive shiny black vehicles.” – (from the Broadway musical “Carnival!”)
The Pandora Papers, “an exposé of the monetary secrets and techniques and offshore dealings of dozens of heads of state, public officers and politicians,” writes CNN, couldn’t have come at a greater time for congressional “progressives” who’re looking for to win over sufficient Democrats to cross the large Biden-Pelosi $3.5 trillion infrastructure invoice, which is loaded with sufficient pork to contaminate the nation with monetary trichinosis.
The Pandora Papers, launched by The Worldwide Consortium of Investigative Journalists (ICIJ) on Sunday, just isn’t equal to the Pentagon Papers, which revealed how the U.S. authorities lied to the general public concerning the Vietnam Battle, but it surely would possibly serve the political ends of the left.
The papers reveal – look forward to it – that wealthy folks have managed to keep away from paying taxes by hiding their wealth in international nations, such because the Cayman Islands. Who knew?
What I like finest about this “revelation” is the double commonplace it once more reveals about rich politicians who’ve been critics of tax avoiders, whereas avoiding taxes themselves.
Considered one of many examples is former British Prime Minister Tony Blair, a critic of tax avoiders. The Pandora Papers journalists discovered that Blair and his spouse, Cherie, who’s a lawyer, prevented paying tax on a high-priced London workplace they bought. Cherie Blair was quoted within the UK Each day Mail as saying the transaction and avoidance of tax was completely authorized.
To paraphrase the author Michael Kinsley, the true scandal just isn’t what’s unlawful, however what’s authorized.
“The Wealthy go right here, the wealthy go there
It’s near the reality however removed from truthful”
In that lyric lies the essential argument by the left relating to equity. Politicians have a vested curiosity in demonizing the wealthy as a result of envy of the profitable helps solidify their careers in Washington, the place in addition they can turn into wealthy. Ask your self what number of Members of Congress arrive as “thousand-aires” with annual salaries of $174,000 (management will get barely extra) and depart as millionaires. It isn’t as a result of they know the best way to play the inventory market.
By specializing in “equity” and different buzzwords like “fairness” and “equality,” these identical politicians handle to distract the general public from the true drawback. To place it succinctly, as Ronald Reagan typically did, we’ve got a debt, not as a result of the American individuals are taxed too little, however as a result of their authorities spends an excessive amount of.
“The wealthy keep cozy all winter
Keep chilly the month of July”
How does what others make and the way they select to dwell have an effect on your life? In the event you favor punishing the rich with greater taxes, how does that enhance your monetary state of affairs? It would make you’re feeling higher, however envy produces no constructive end result.
One of the simplest ways to retrieve offshore cash from tax avoiders could be for the U.S. and Britain to decrease taxes. That’s what Donald Trump did for American corporations that had moved abroad to flee the next tax burden. A number of corporations returned and started paying taxes at a decrease charge to the U.S. Treasury, most didn’t.
There stays the difficulty of income verses spending. The U.S. authorities receives loads of cash. The issue is it refuses to dwell throughout the means taxpayers present it.
As for the wealthy, there are a number of methods to outline the phrase. For some, true wealth comes within the type of a loving partner, profitable youngsters, good well being and a sense that one’s life has objective.
Because the puppets and most important character Lili in “Carnival!” assess their very own happiness in modest circumstances, they sing:
“However for all the world, we wouldn’t swap, we’re glad we’re wealthy.”