The Airing of Grievances
Wednesday, December 29, 2004
More Dumbass Red-State Taxation Garbage
You all know how Cozmo feels about those without basis to comment on taxation issues who spout know-nothing garbage on the subject. But still, nothing gets a burr in my ass more than dummies who think they can espouse financial taxation theory and are lucky to be able to balance their own text book.
Well, while minding my own business finding out ways to spend my bonus money without winding up in the NYT or losing the ability to jump into the bubble real estate market which I am sure will tank in the near future (but nobody else is) I did a Google search for "New York City Municipal Bonds", the fifth entry in this list is a link to The American Spectator's article by William Tucker called "One More Thing About That Election..." from 11/10/04. Instantly, this no-talent assclown's take on public finance and taxation pricked my ears.
The Spectator, not content in a thorough popular vote trouncing of her husband, had to impeach Theresa Heinz one more time for sport and good measure. Tucker takes her to task for making a perfectly legal, prudent and tax-minimizing strategy of investing in "Triple Tax Free" municipal bonds in New York City. Adding fuel to the fire, Tucker claims that it is these very muni bonds which Heinz-Kerry owns are the REASON that New York City pays more in taxes than say, Mobile, AL, even though that because of its astronomical real estate prices and high wages, NYC is one of the most expensive cities in the world to live in.
You know what this smells like, right kids?
It really is unbelievable to read through the entire thing, so I will save you the indignity and cut straight to the good stuff.
See if you can spot the jingoistic bullshit:
1. "Instead, the place [Wall Street] was a liberal ghetto -- an Irish liberal ghetto, to be exact." Errr, right. Who is this guy, Mr. Johnson from Blazing Saddles? I thought making fun of Irish Catholics for being "silly liberals" went out with monocles, high collars and top hats. Maybe I missed something.
2. "Governor Nelson Rockefeller created a whole alphabet soup of bonding authorities" - Rockefeller was a fiscally conservative Republican governor in a tax-and-spend age, and most of the agencies he is talking about were formed by NYC's resident fascist/supragovernmental asshole of the day, Robert Moses, anyway. Get your facts straight before you drop names, Tucker.
3. "In New York City, public employees and their families come close to representing a majority of the electorate." According to 2000 NYS Department of labor figures, about 800,000 people work for the City - Considering the City has a population of over 8 million, I don't think 10% of the population is even close to a majority, heck it's even less than the percent of Red Staters who identify themselves as evangelical. Also, almost 200,000 of which are teachers, but Tucker just lumps teachers into the category of Government largesse. But then again, who cares whether or not city kids get a good education, as long as "No White Ex-burban Child in Alabama is Left Behind"
4. "...Which is why New York City residents pay the highest taxes in the country and almost never complain." - New Yorkers complain all the time about their socialist-level tax burden. But let's look at the real reason that NYC taxes are so high. New York State gets only 80% of every tax dollar it spends in spending by the Federal government (Thanks, Trent Lott!!!). Compare that to Red States like Mississippi, which gets almost a 2.0x return on tax spending back in federal spending, or Dick Cheney's own Wyoming, which gets $1.13 for every dollar sent to DC or even the Red King's home, a large state like Texas (whom you shouldn't mess with) which gets $0.98 of every dollar it sends to DC back in spending. Moreover, New York Metro area generates 89% of all income taxes in the state, yet only makes 70% of the total income for the state. Total that all up, and NYC spends about 20% more in tax dollars than it needs to to subsidize the Federal and State governments which constantly give more in aid and entitlements to other areas of the state/country. That being said, if NY were treated as equitably as the president's home state, I would get 20% of my taxes, roughly 10% of my total income, back from the government. Yearly, that would be more savings than I every could imagine from buying "Triple Tax Free" bonds.
Unbelieveable. But hey, American Spectator, don't let the facts get in the way of a good Heinz-Kerry bashing.
Of course, check the banner ads on this site, and well...what else can you expect? The American Spectator's sponsors encourage readers to "Bet on Iraq" and beg age old question "Who Else Wants to GET RICH In Real Estate?". It warms the cockles of my heart that there are people in this country are taking The Spectator's words on government financial as something more than utter bullshit. Maybe a bunch of Dinar-speculating swamp-real-estate-developing oldsters is what Bush means when he wants to convert Social Security to an "ownership mentality". Personally, I can't wait until I'm the only one my age with anything in the bank to retire on.