“I’ve got all the money I’ll ever need, if I die by four o’clock.” — Henny Youngman
Do you earn $400,000 of taxable income in a year? Have you ever earned $400,000 in a single year? Do you have friends who earn or have ever earned $400,000 in a year? I thought not; nor do I have friends earning that kind of money, though I do know some certifiably wealthy people. Earning two hundred thousand dollars is a different matter. According to government statistics about 1.5% of American households make $200,000 a year, and I can think of three or four couples out of the hundreds of people I know who might earn as much as $200,000 in a single year.
So…households earning more than $250,000 per year were the lowest income earners President Obama said he was going to tax at a wee bit higher tax rate if only we would re-elect him. So we re-elected him and now he has chosen to go along with the certifiably insane Republicans and only increase taxes a teeny little bit on households earning more than $450,000 a year, while also allowing the current payroll tax cut to expire, an expiration that will immediately cause taxes to increase for 78% of US households, with an average increase of $1,635. In other words, the lower middle-income folks got screwed again and the rich people, well…
Those three or four couples I know who might earn $200,000 a year, and everyone earning more than that, all have accountants who are absolute wizards at manipulating the tax code so their clients pay little or no taxes at any rate — the tax code being essentially a compendium of loopholes to benefit wealthy people and their corporations. Thus, as far as you and I and 99% of the American population are concerned, the recent fiscal cliff circus might as well have been about raising taxes on unicorns for all the good the new law does you and me and the economy we struggle to survive in.
“It is money, money, money! Not ideas, not principles, but money that reigns supreme in American politics.” — Robert Byrd
Meanwhile, as a sneaky side note to raising taxes on unicorns and 78% of the American people who already pay far more than their fair share, President Obama and his troops are now marching in lock step (goose step) with the Republicans to lower those damn Social Security cost-of-living increases that are the life blood of millions of certifiably poor Americans. Never mind that Social Security is an entirely solvent system that has never added a single dollar to the national deficit. “Such terrible awesome annual increases,” cry our insane overlords, “must be curtailed.”
I, for instance, under the current system of calculation, will see my massive Social Security payment of $663 per month skyrocket to $674 a month in 2013. Katy bar the door! What is that sucking sound? Must be Todd and his deadbeat kind draining the treasury! Quick! Print trillions of more dollars to fund endless war and to pay the hundreds of billions of dollars interest on the national debt and to make unlimited funds available to banks and Wall Street crooks, interest free, so they can keep their toxic derivative bubbles bubbling. Whoopee!
“Ben Franklin may have discovered electricity — but it is the man who invented the meter who made the money.” — Earl Warren
When I think about the many vicious lunatics in Congress tirelessly stealing from the poor to benefit the rich, those duly elected crazy and vicious people with apparently no other agenda but accelerating the enrichment of the already incredibly wealthy, I can’t help but think that getting and hoarding huge quantities of money must be the cause of their insanity. And when I examine my own brief brushes with wealth, I am further convinced that the wealth/insanity connection is no figment of my imagination.
“Money is better than poverty, if only for financial reasons.” — Woody Allen
Twice in my life, I earned more than $100,000 in a single year, fortunes resulting from moviemakers buying or optioning the rights to my novels Inside Moves and Forgotten Impulses. Inside Moves was made into a film in 1980 and Forgotten Impulses was optioned several times in the 1980s for small amounts of money, with the largest option (one year for $100,000) coming in 1995, though a movie of that book was never (has yet to be) made.
The IRS audited me for each of those stellar years, though I had dutifully given the government more than half my earnings each time. My auditors in both cases were well-intentioned young people who told me I was being audited because the dramatic spike in my income (up from next to nothing) was a red flag, an indication of possibly illicit activity, as if people engaged in illicit activities would be so stupid as to report their illicit gains. In both audits I was found to be a good boy, much to the disappointment of those hapless revenuers assigned to gather loot from those of us unprotected by savvy accountants.
However, despite surrendering half of my windfalls to Uncle Sam, I still found myself possessed of much more money than I was accustomed to having, and so in the first instance I bought a house and made a short film and gave money to friends and embarked on a disastrous marriage and became a pauper again just a few short years after becoming sort of a success. In the second instance, I moved from low rent Sacramento to high rent Berkeley, gave away most of the money to friends, and in just a few short months was back to scraping together my minimalist monthly nut. Why did I give my money away so quickly? After much thought, and believe me I’ve thought plenty about how swiftly I got rid of that extra do-re-mi, I concluded that I was so psychically uncomfortable having lots of money when so many of my friends had so little money that it was either share my wealth or go insane.
“All I ask is the chance to prove that money can’t make me happy.” — Spike Milligan
Imagine getting $400,000, giving a little bit to the government, and then…getting another $400,000, and then another $400,000, and so on for years and decades. Who are you? What have you been doing to get that money? And what have you done with all the money you’ve gotten? Have you helped your friends and your community? I hope so.
Whoever you are, the insane people running our government have decided you should give them a few thousand dollars more this year than you did last year so they can continue destroying the earth as fast as they can. How does that make you feel to be told you have to give a teeny bit more of your four hundred thousand to the government? Do you shrug and say, “No problem. I make that much in an hour from the bubbling hedge funds I own, and I make that in a day from the rents paid to me by my many tenants living in the houses and apartment buildings I bought with my wads of excess cash. And besides, my accountant will jiggle my numbers so I end up paying even less taxes than I did last year.”
Or do you say, “Why me? Why have I been singled out to pay more when everybody else (except 78% of the population) is paying the same amount they did last year? And what about people like Todd getting an $11 increase in his Social Security allotment? It’s an outrage, I tell you, and I’m going to make a large tax deductible donation to a fascist political action committee to get this usurious tax increase reversed and stop those deadbeats from draining the treasury dry!”
Sadly (or happily) we will probably never know what those rare and elusive four-hundred-thousandaires will do or say about the tax increase on their unimaginably vast (to me) influx of moolah, because we will probably never meet them, just as we will almost surely never meet a unicorn, except in our dreams and fantasies. What we do know is that the President of the United States and the Democrats and Republicans in Congress are united in their utter contempt for common Americans, and by common I mean households earning between $30,000 and $70,000 a year, which is the average income of most households in America, not counting the tens of millions of households mired in poverty.
Which reminds me of that old joke about Bill Gates walking into a jam-packed bar and suddenly the average person in the joint is worth more than a billion dollars.
Todd Walton’s web site is UnderTheTableBooks.com