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Thread: Going Galt

  1. #1
    Oberon
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    Default Going Galt

    Michelle Malkin - ‘Going Galt’: America's Wealth Producers Vs. Wealth Redistributors

    March 7, 2009 | Michelle Malkin

    Enough. In a word, that is the message of disgusted taxpayers fed up with the confiscatory policies of both parties in Washington. George Bush pre-socialized the economy with billion-dollar bailouts of the financial and auto industries. Barack Obama is pouring billions more down those sinkholes. It isn't just the camel's back that's broken. His neck and four legs have all snapped, too.

    Enough. Last Friday, thousands of Americans turned out to protest reckless government spending in the pork-laden stimulus package, the earmark-clogged budget bill, the massive mortgage-entitlement program and taxpayer-funded corporate rescues. Contrary to false left-wing blog smears that the hastily planned impromptu events were “Astro-turfed,” the crowds were packed with first-time grassroots activists. They were people with families and day jobs whose usual definition of “community organizing” involves neighborhood yard sales or their kids' soccer matches. They were members of the silent majority who decided to be silent no more.

    Enough. These “Tea Party” protests spanned the sunny Santa Monica pier to the icy streets of Chicago and Cleveland to rain-drenched Atlanta, overflowing the grounds of the St. Louis Gateway Arch, with massive turnouts in Greenville, S.C., and crowds of several hundred each in New York City and Washington, D.C., and all points in between. Like those who demonstrated before them in Seattle, Denver, Mesa, Ariz., and Overland Park, Kan., two weeks ago, the Tea Party participants held homemade signs that said it all: “Your mortgage is not my problem”; “Liberty: All the stimulus we need”; “No taxation without deliberation.”

    The speed and scope with which they mobilized were due not to nefarious outside conspiracists, but to social networking websites Facebook and Twitter, where a burgeoning network on Twitter called Top Conservatives became the central clearinghouse for information. Planning for a new wave of demonstrations on April 15 has begun at Nationwide Tax Day Tea Party :: April 15th, 2009.

    Enough. While they take to the streets politically, untold numbers of America's wealth producers are going on strike financially. Dr. Helen Smith, a Tennessee forensic psychologist and political blogger, dubbed the phenomenon “Going Galt” last fall. It's a reference to the famed Ayn Rand novel “Atlas Shrugged,” in which protagonist John Galt leads the entrepreneurial class to cease productive activities in order to starve the government of revenue. (Not coincidentally, Rand's novel sales are up and John Galt references punctuated many of the Tea Party demonstrations.) Dr. Smith was inundated with stories like these:

    “I have frozen hiring in my firm. … No investments will be made in taxable accounts – only 401k/IRAs. I am buying silver and gold instead of CDs or stocks with non-qualified money and savings. I have stopped taking new clients, thus freezing my income. I barter more and more. Spend less. I stopped leveraging assets (don't borrow).”

    “I have cut WAY back – I'm no longer buying retail, driving out of a 10-mile radius, spending money on eating out or putting my money in a savings account. I am using the money to pay off all of our debt. It has made our family closer, more appreciative.”

    Another blogger wrote: “Last year my family paid nearly $1,000 a month in federal taxes, and we are not by any stretch of the imagination rich. I'm going to make it my business to cut that amount in half, using every legal means possible and reducing my income so there is less to tax.”

    Enough. Those business owners are not alone. This week, ABC News spotlighted upper-income earners going Galt in response to Obama's proposed tax hikes on families with incomes of $250,000 or more. A Lafayette, La., attorney told the reporter she was cutting back on her business to avoid the tax threshold: “Why kill yourself working if you're going to give it all away to people who aren't working as hard?” Tax hikes have consequences. Incentives matter. Only self-deluded wealth redistributors living in la-la land believe otherwise.

    Another business owner, Dr. Sharon Poczatek, explained: “The motivation for a lot of people like me – dentists, entrepreneurs, lawyers – is that the more you work the more money you make,” said Poczatek. “But if I'm going to be working just to give it back to the government – it's de-motivating and demoralizing.”

    The perpetual Borrow-Spend-Panic-Repeat machine in Washington depends on the capitulation of the wealth producers. There's only one monkey wrench that can stop the redistributionist thieves' engine. It's engraved with the word: Enough.

  2. #2
    Nerd King Usurper Edgar's Avatar
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    Michelle Malkin is a stupid bitch.

    Why would I read whatever it is that she wrote?
    Reading is unpleasant is it is, without her making it worse.
    Listen to me, baby, you got to understand, you're old enough to learn the makings of a man.

  3. #3
    Oberon
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    Quote Originally Posted by Edgar View Post
    Michelle Malkin is a stupid bitch.

    Why would I read whatever it is that she wrote?
    Reading is unpleasant is it is, without her making it worse.
    Whatever you think of Malkin is beside the point... regardless of her lurid prose, she's reporting an economic phenomenon that bears thinking about. Normally productive people are reducing their productivity in order to limit their exposure to government expropriation.

    This is no recipe for economic recovery.

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    Nerd King Usurper Edgar's Avatar
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    Quote Originally Posted by oberon View Post
    Whatever you think of Malkin is beside the point... regardless of her lurid prose, she's reporting an economic phenomenon that bears thinking about. Normally productive people are reducing their productivity in order to limit their exposure to government expropriation.

    This is no recipe for economic recovery.

    Well, given the state of the economy and the amount of people unemployed right now, whatever work that is not being done by the people who are exposed to the higher bracket of income ($250,000+), will likely be picked up by those who are in a lower bracket.

    As for the businesses (businessmen) that generate $250,000+, there are tons of way to reduce your tax burden (for example, reinvestment, etc)
    Listen to me, baby, you got to understand, you're old enough to learn the makings of a man.

  5. #5
    Oberon
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    Quote Originally Posted by Edgar View Post
    Well, given the state of the economy and the amount of people unemployed right now, whatever work that is not being done by the people who are exposed to the higher bracket of income ($250,000+), will likely be picked up by those who are in a lower bracket.

    As for the businesses (businessmen) that generate $250,000+, there are tons of way to reduce your tax burden (for example, reinvestment, etc)
    I tell you what... I just received my first-ever profit-sharing bonus at work. Based on us having a good year at the plant last year, and good company performance overall across multiple plants, my bonus amounted to 5.4% of my annual income, pro-rated from my start date (because I didn't work quite the whole year) and delivered in a lump sum.

    Out of a 2600-dollar bonus, the feds took about 1000 dollars, leaving me with 1600 dollars. In other words, they taxed this money at almost forty percent... on a guy supporting a family of six on less than $60K per year.

    Now why in hell should I pay forty percent of a bonus that I worked like a dog to earn, in order to pay a government that wants to redistribute it to do God knows what?

  6. #6
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by oberon View Post
    Out of a 2600-dollar bonus, the feds took about 1000 dollars, leaving me with 1600 dollars. In other words, they taxed this money at almost forty percent... on a guy supporting a family of six on less than $60K per year.
    Don't tax credits, including children, come off the the top of income? And aren't those benefits being increased under Obama's tax plan?

    (I don't actually know, not being American )

  7. #7
    Nerd King Usurper Edgar's Avatar
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    Quote Originally Posted by oberon View Post
    I tell you what... I just received my first-ever profit-sharing bonus at work. Based on us having a good year at the plant last year, and good company performance overall across multiple plants, my bonus amounted to 5.4% of my annual income, pro-rated from my start date (because I didn't work quite the whole year) and delivered in a lump sum.

    Out of a 2600-dollar bonus, the feds took about 1000 dollars, leaving me with 1600 dollars. In other words, they taxed this money at almost forty percent... on a guy supporting a family of six on less than $60K per year.

    Now why in hell should I pay forty percent of a bonus that I worked like a dog to earn, in order to pay a government that wants to redistribute it to do God knows what?
    Dude, if you have a family of six (five dependants?) write more deductions on your W4 - you should end up with more on your paycheck than ~60%
    Listen to me, baby, you got to understand, you're old enough to learn the makings of a man.

  8. #8
    Oberon
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    Quote Originally Posted by Edgar View Post
    Dude, if you have a family of six (five dependants?) write more deductions on your W4 - you should end up with more on your paycheck than ~60%
    I have taken every deduction on my W4 that I could possibly take, I promise you.

    ...as if I wouldn't have thought of that... :steam:

    And yes, that's five dependants, including my lovely stay-at-home wife and my four (count 'em, FOUR!) children.

    We manage, but we're not rich by any means, and I could really have used that grand.

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    Senior Member Tiltyred's Avatar
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    Next time you'll know to up your deductions before the bonus check. It's very likely you will get that money back in your tax return, though. Meanwhile, you worked, you got paid, you even got a little extra. I don't see the problem...

  10. #10
    Oberon
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    Quote Originally Posted by Tiltyred View Post
    It's very likely you will get that money back in your tax return, though.
    Am I supposed to be happy that I get to wait a year while someone who took my money at gunpoint gets to play with it?

    Quote Originally Posted by Tiltyred View Post
    Meanwhile, you worked, you got paid, you even got a little extra. I don't see the problem...
    I worked a lot extra and got paid a little extra, after taxes.

    You wait 'til it's YOUR 70-hour weeks they're sucking away.

    Quote Originally Posted by Tiltyred View Post
    Next time you'll know to up your deductions before the bonus check.
    You can't just pencil in thirty deductions, Tilt. It doesn't work that way. I'm already taking as many as I can take.

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