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Gloria J. Maloney's avatar

We know who Trump and his gang are working for. The French aristocrats and churches didn't want to pay taxes, so they didn't because they had the power; until they didn't. We're approaching the tipping point.

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Daniel Solomon's avatar

Whereas the government has about $3 trillion in value, private individuals control about $13 trillion.

Ray Madoff has been making the rounds concerning her book, The Second Estate: How the Tax Code Made an American Aristocracy. The Second Estate refers to the French royalty, who paid no taxes. “While the American tax system was designed to serve as a counter to inequality, imposing its greatest burdens on those with the greatest capacity to pay,” Madoff explained, “today, it does just the opposite: imposing its greatest burdens on earners at all income levels, while those with high wealth, get a free pass.” In this way, America’s wealthy today are much like the aristocracy of pre-revolutionary France—formally called the Second Estate—a group who were given special privileges including the right to not pay taxes.

Many of the individuals who control the government pay little or no taxes. The biggest dodge is that in many cases they take a minimum or no salary -- because salaries are subject to income taxes. Instead, they borrow against the equity value of their investments.

As Madoff says if you and I find a $100 bill on the street, we have to report it to the IRS and pay tax on it. Morbidly wealthy Individuals do not have to report when they borrow against themselves. They can receive $millions in estates without having to report a dime.

It ain't fair.

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