As America enters third stage bankruptcy, its amazing we don’t even tax the wealthiest. No wonder we’re going bankrupt, we’re not taxing the majority of the wealth. In a few years (2024 by some estimates, 2026 by others), the intelligentsia will suddenly discover a fiscal crisis! Something must be done now! The national debt will then be so large it can no longer be ignored. The rest of us saw a problem 25 years ago when there was roughly only a $3.5 trillion dollar national debt.
The picture of Mary Greeley Hospital in Ames is a good representation of the problem. Mary Greeley is the largest employer in Story County, yet they pay no taxes, does anyone see a problem here? I counted up one time I think there were 32 churches in Ames, they don’t pay taxes. At the university in Ames there are various Foundations associated with it, they don’t pay taxes. When you’re not taxing the majority of the wealth you’re going to have a problem.
That’s the issue, Churches, Hospitals and Foundations don’t pay taxes.
Just in one small town there are billions of dollars not being taxed. Let me rephrase that, not officially. They have payoffs they make to political cronies to escape the tax man, but they don’t officially pay taxes. They just make sure to contribute to the right people. So in just 5 to 7 years when SSA and Medicare payments are drastically slashed because we’re out of money, hurting the poor the most, the richest will continue to go untaxed.
Forget “their fair share”, they’re not paying anything.
Swear to God a lot of people think hospitals are charities. Because they are categorized as “nonprofits”, a lot of people think they don’t make money! That’s simply their classification for tax purposes. It took me 50 years to figure it out but I did. In every community every hospital has been on a 50 year building spree. That’s cause they can only hold so much cash. I noticed it 40 years ago at Mercy Hospital in Des Moines. They were on a building spree then and they’ve never ceased.
They can’t hold all that excess income as cash.
They can only pay a certain amount of ungodly salary to 10 times the administrators and hospital board members they should have, before it begins to look obscene. So they have to do something with the cash. In Ames, Mary Greeley’s façade on the addition wasn’t going to match the old covering (you wouldn’t want them to not be fashionable would you??), so they literally tore off ALL the old exterior at some incredible cost, to put on a new exterior to match the addition!
People are really so stupid they don’t know what’s going on. Rush and other RINOs like to say “The poor don’t even pay taxes!” What they are referring to is the Federal Income Tax. A.) They do. And B.) You better believe they pay SSA and Medicare tax on every dime they earn. The rich don’t. The rich quit paying tax on SSA once their wages go above $113,000.