The CNBC Headline read:
San Francisco to be the first city in the country to offer free college.
Sounds great huh? The only problem is that it is a blatant lie or in the buzz word of the day, more fake news.
First of all, how does something that is paid for through a tax on other people qualify as free?
The city is providing the “free” tuition by charging a transfer tax on properties sold for over $5 million. That ain’t exactly free now is it?
Someone is obviously paying for it. That isn’t free. Perhaps a more accurate headline would be:
San Francisco Takes Money from Wealthy People and Transfers It Through Tuition Transfers to Less Wealthy People.
At least that would be honest. Perhaps not as hypey and attention getting, but at least honest. Of course, for the leftist press honesty doesn’t sell, so why bother with integrity right?
France imposed a super tax of 75% on their wealthiest citizens beginning in 2013. It lasted only 2 years. Their socialist President Francois Hollande was forced to cancel it.
The rich quickly avoided it. Their first tactic- move. Many wealthy people relocated to Belgium to avoid the tax. Some even referred to it as a colony of the rich in Belgium.
The second tactic, temporarily reduce their on the books income:[quote]Tax lawyer Jean-Philippe Delsol, author on a book on tax exiles called Why I Am Going To Leave France, said last month many high earners had agreed with their companies that salaries would be limited during the two years the tax rate applied, and they would “come to an arrangement afterwards”.[/quote]
After 2 years the super tax was scrapped:[quote]Finance ministry studies showed that despite all the publicity, the sums obtained from the super tax were meager, standing at €260m in 2013 and €160m in 2014, and affecting 1,000 staff in 470 companies. Over the same period, the budget deficit soared to €84.7bn. [/quote]
Other tactics the rich use to avoid taxes- Foundations.
Ask George Soros about this one. Gee, I wonder if he uses any of the money, free from taxation, in those foundations to fund any anti-Trump protests?
Or perhaps use their money to hire tax lawyers and influence politicians to create and pass legislation that gives them tax breaks to enable them to shelter more of their money legally from taxation. I mean, come on now, who do you think benefits the most from tax policy- the shrinking middle class?
The end result is that the rich end up staying rich or even richer while the middle class bourgeoisie shrink.
When the income tax was initiated, it was supposed to apply only to the top 1% of the income earners. That lasted about 2 years, like France’s super tax. How’s that working out for the middle class today?
You work and earn income on your time and skills. Typically, the more skills you develop, the more income you generate because you are more valuable to a prospective employer.
However, before you even get a chance to enjoy your earned income, the Federal, State governments reach in and grab a chunk of your income. Of course, this doesn’t include all of the other taxes government grabs such as regulatory taxes that citizens ultimately cover through increased product and service costs; license taxes, telephone taxes, cable taxes, etc. etc. etc.
The end result is that income taxes and other Federal, State and local taxes disappear over half of your income. Throw in the mortgage and there ain’t much left over for entertainment and savings for an awful lot of average citizens.
The rich however don’t share the same pain. Through the tactics above, they get to keep much more of what they earn.
That makes an easy scapegoat to point at by the left. The problem is attacking them by attempting to grab more of their money is nothing more than window dressing that ultimately lands on the average citizen.
The bottom line- that San Francisco tax to create tuition may be sold to the public as a tax on the rich, but when all is said and done, they won’t be paying for it over time – one way or another. The average schlep will. That’s most of the citizens in the city of San Franciso, not the super rich.
Of course, none of this is factored in to the hype about the so-called “free” education. The suckers who do not see beyond the media generated Robin Hood image of San Francisco to whose lap these taxes always end up in, push for more of the same in their cities.
Ultimately, all they will really get is more shackles and less income through increased legalized theft through taxation.
What is really needed is more opportunity for all, not more taxes which gives more power over us to government. Not a good idea in my book. They have way too much power over our lives already. Do they really need more?
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