• Rand Paul: Glory to the Profitable Oil Companies

    Like him or not, Ron Paul is a principled politician, arguing for a consistent position of getting the government out of the business of governing, but saving most of his ire for violations of civil liberties and expansions of the warfare state. Unfortunately, his son Senator Rand Paul is like most blockbuster sequals — an eagerly awaited but ultimately disappointing imitation of the original.

    Having moved beyond his Aqua Buddha days, Paul invoked the mantra of Tea Party Jesus as he took to the Senate floor to oppose Democratic efforts to strip oil companies of tax allowances: Blessed be the profit-makers, for they shall be further rewarded by the Internal Revenue code…

    I would think you'd want to say to the oil companies, 'What obstacles are there to you making more money and hiring more people?' Instead they say, 'No, we must punish them. We must tax them more make things.' The thing is this whole thing about fairness is so misguided and gotten out of hand. The rich in our society do pay the vast majority of our taxes. Do not let them tell you otherwise. Those who make over $200,000 pay 70 percent of the income tax. Those who make over $70,000 pay about 96 percent of the income tax; 47 percent of our public don't pay an income [tax].

    So those who are saying the rich are not paying their fair share are trying to use envy and class warfare to get you stirred up, but it makes absolutely no sense. We as a society need to glorify those who make a profit and those who employ people.

    When you count all federal taxes even people in the bottom fifth of the income scale are net federal taxpayers, on average. As for our Galtian overlords, there are different ways to make a profit. You can focus on creating a great product people are happy to buy. Or you can dedicate resouces to rent-seeking, contributing campaign funds to senators like Paul in exchange for special preferences in the tax code.

    Though, I doubt Paul can be bought off with just the $106,000 he received from the petrochemical industry. It's probably the in-kind donations of Jheri curl chemicals that get his vote.

    Photo by Mark Wilson/Getty Images News/Getty Images

    Tags: Energy & Oil, Money, Rand Paul, Senate, Taxes


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