The Democrats are already screaming that the proposed tax cut bill will benefit the rich more than it will benefit the poor. Presently, nearly 50 percent of Americans don’t pay any Federal income tax. Math is hard for some people, but not so much that a person can’t figure out that someone who makes a million dollars is going to get a bigger tax break than someone making $35,000.
Liberals are incensed when it’s suggested that “the rich” get any type of tax reduction even though the top 50% of wage earners pay 96% of all income taxes. Since they spend more money, the rich also pay a disproportionate amount in sales, property, entertainment, and excise taxes. Without the rich, millions of people would not have jobs.
The first computer my company purchased in the mid-1980s cost $7500. It was huge and could only perform a few simple tasks, mostly word processing. The floppy disks were the size of dinner plates and held very little data (360K). Almost overnight, computer prices dropped and performance levels increased dramatically. We went from kilobytes to megabytes to gigabytes to terabytes. Cell phones, tablets, smartphones, streaming video, and more are marvels of technology and getting cheaper.
What made these performance gains and price reductions possible? People with lots of money purchased the first high-priced machines. They had the financial ability to lay out “excess” capital for what most people would consider luxury items. These once luxury items — cell phones — are now so cheap that even the homeless have them. If you have a smartphone, you are holding apps that would have cost you a million dollars to acquire 25 years ago if they existed. This is a picture of one of the first records. It played one song and took up more space than an iPod that can hold up to 40,000 songs….