Virginia politics, policy and entertainment from the Greater Richmond-Washington Metro Area perspective.

Googlehead to Obama: “Please Raise My [Capital Gains] Taxes!”

Morons like this Googlehead Doug Edwards are the reason that when I use Google I refuse to click on the sponsored links even if that is what I am looking for and instead will click on the link in the regular results just so Google won’t get any ad revenue from my click.  (And I refuse to use Google+.)

Here is what Edwards had to say yesterday:

“I don’t have a job, (I) worked for a small startup down the street here that did quite well.  I am unemployed by choice. My question is — would you please raise my taxes?”

Okay, fool, exactly which taxes do you want raised? If you truly are “unemployed by choice” then you don’t have any earned income, so you’re currently paying ZERO income taxes.  I would guess this guy is receiving interest and perhaps capital gains from the sale of stock (the same deal that Warren Buffett has going.)

Are Edwards and Buffett asking for an increase in the capital gains tax rate, because that is the only tax these guys are currently paying.  Apparently, that is exactly what this nincompoop Edwards thinks.

Edwards is a prime example of a doofus who got rich by being in the right place at the right time without possessing any basic business concepts.  (Edwards reportedly joined Google from a post as a journalist at the liberal San Jose Mercury News.)

Here’s a little lesson for Messrs. Edwards and Buffett on the capital gains tax rate — it is already too high, which is why so many companies (like General Electric) keep their profits overseas in countries where tax rates are lower.  According to an article by Newt Gingrich at the American Enterprise Institute:

Part of our economic problem is that the United States has one of the highest tax rates on capital gains in the world. Many industrial countries have no taxes on capital gains including Austria, Belgium, Germany, Greece, Luxembourg, Mexico, New Zealand, Portugal, and Turkey. Countries that do not impose capital gains taxes on stocks include Argentina, China, Greece, Hong Kong, Israel, Malaysia, Mexico, the Netherlands, Pakistan, the Philippines, Poland, Singapore, Spain, Sri Lanka, Taiwan, and Thailand. In order to compete with economic growth in Shanghai, America must match China’s 0 percent capital gains rate.

Nothing is stopping Edwards or Buffett from writing a bigger check to the government if they want to flush their money down the toilet.  If they want to pay more taxes, then I have an answer for them:

Citizens who wish to make a general donation to the U.S. government may send contributions to a specific account called “Gifts to the United States.” This account was established in 1843 to accept gifts, such as bequests, from individuals wishing to express their patriotism to the United States. Money deposited into this account is for general use by the federal government and can be available for budget needs. These contributions are considered an unconditional gift to the government. Financial gifts can be made by check or money order payable to the United States Treasury and mailed to the address below.

Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782

Better yet, these chuckleheads should do something constructive, like use Google, find a private charity that supports something they hold dear, and donate their money to that. This way, their money will go much farther as more likely than not the charity will have lower overhead costs than the federal government has.

Of course, the gist from both Edwards and Buffett is that they won’t do any such thing unless they are forced to do so (and even then Buffett’s company Berkshire Hatheway openly admits that it owes back taxes going back to 2002.)  I’d tell these socialist-wannabes to move to Russia, but they got rid of the capital gains tax in 2010.

What we need to do is scrap our entire tax code and institute a flat tax so we can return America to being a free market capitalist society instead of the crony capitalist nation it has become where government picks the winners and losers.

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