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Fox News Contributor: Tax The Rich Less, Tax The Poor Much More!

Reported by Guest Blogger - March 6, 2011 -

By Brian

Yesterday’s Cashin’ In show featured a discussion about Michael Moore’s call for redistributing wealth. Although all the regulars on the panel attacked the idea, Jonathan Hoenig took it a step further by saying, “Wealthy earners should pay even less! The poor should pay much more!” With the exception of guest (and News Hounds Top Dog) Christian Dorsey, all the regulars were squarely on the side of the unfairly vilified, under-appreciated wealthy.

“Moore believes that the rich have no rights,” Hoenig lamented.

Panelist Wayne Rogers said, "Michael Moore, I thought was a bright guy, but that statement is just moronic... He just doesn't know what he's talking about… He's rich from making those movies, I’m poor, he can give me his.” 

Dorsey said Moore addressed a "fundamental reality.” Dorsey noted, “Right across town from where you all are is this uber-luxury building, the Helmsley building, where the average resident there earned about $1.2 million in Adjusted Gross Income, and on that, they pay 15% effective tax rate. The janitor who works at that very same building, who earns about $33,000 a year, paid an effective tax rate of 25%. Now that's just outrageous… If you had the wealthy pay the same rate as the working class, we’d have a lot better deficit situation."

Host Cheryl Casone revealed what side she was on, first by saying that studies from "New York, New Jersey, Maryland - when they have effectively raised the tax rate on the top 2%, revenues went down. This is numbers. This isn‘t fantasy."

Panelist Tracy Byrnes, ever resentful, griped, "People fled the state. You raise taxes, you don't nearly collect as much tax revenue as you think you do… But none of this fixes our deficit… No one is addressing spending."

Regular panelist John Layfield said, "The idea that we're going to have the rich pay for everything, everybody gets ice cream and free health care, makes no sense in the real world."

Dorsey said, "We have such off-shoring of jobs in this country and such a tremendous reliance on imports, a lot of those jobs are being created overseas and not to the benefit of the American worker." He later said, “You have to address the fundamental inequity of having wealthy earners paying a lower tax rate than poorer workers. If you made that fairer…”

Hoenig interrupted. "Wealthy earners should pay even less! Wealthy earners should pay even less! The poor should pay much more!"

Casone asked, "Jonathan, why do you say that?"

"(They) create tremendous more value,” Hoenig replied. “The rich don't become rich on the backs of the poor… They make Apple, not the Chevy Volt."

Byrnes whined, “The bigger issue here is to stop villainizing (sic) the wealthy.”

Casone took her own dig at the poor. "A lot of folks in this country, most of them have big flat screen TV's and they're going to ballgames. It's not like we're suffering in this country overall compared to what we’re seeing in other countries."

"We’ve got a great standard of living here!" Layfield enthused.

Comment: According to Skeptically.org, the US is 92nd in distribution of wealth, and 37th in quality of health care. Some standard of living. Cashin' In is the worst of the four Saturday business shows, and this segment proved it.



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