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Nov
29
Times Calls On Smith To Resign Immediately
Filed Under Income Tax, Lake County, Lake County Council, Will Smith Jr, corruption, property tax crisis, tax revolt
The Northwest Indiana Times calls on Lake County Councilman William (Will) Smith, Jr. to resign immediately.
Lake County Councilman Will Smith Jr. needs to resign immediately.
It is shameful that Smith is still on the council. It is also shameful that the 2005 law intended to force a public official to be removed from office upon his conviction of a felony appears to be on shaky legal ground.
… Smith remains in office, acting on the public’s business, even after being convicted for filing a false tax return. Is he staying on the council just for the money, after cheating on his taxes? Does he have no shame?
Prediction one: Will Smith, Jr. will find it impossible to give up his powerful government position. Tyrants usually have to be forced out of power because they have no regard for anyone other than themselves.
Prediction two: Someone will file a lawsuit to challenge the legality of the Lake County income tax vote, should it be passed into law in Lake County.
Prediction three: Only the middle class working folks will feel the full pain of this tax because the wealthy always figure out ways of legal tax avoidance and the poor don’t have to pay taxes.
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4 Responses to “Times Calls On Smith To Resign Immediately”
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On your third prediction, I don’t know how the wealthy get out of paying this tax. If the income is earned through work at a corporation, it’s income. There aren’t any deductions for this tax. They’ll pay.
Now, business owners, contractors, and investors can play games with income, taking capital gains rather than a salary. So maybe they won’t pay.
But there are a lot of wealthy people who work “real” jobs, and they will pay.
Hi Buzz,
That’s true — considering that the definition of wealthy is subject to definition and can vary.
I had forgotten about employees — including union workers — who earn nice paychecks.
Even some nurses and teachers could be considered to earn incomes that put them into the wealthy category. Of course, with bills, expenses, mortgage payments, etc. much of that money is already spoken for and spent.
I was thinking of Warren Buffett and his relatively small corporate salary of $100,000 in 2006, according to reports, when I was writing about the wealthy. (His personal net worth is estimated at $52 billion). Someone like that can withstand any income tax increase by reallocating compensation with help from accountants and advisers to avoid taxation using all valid legal methods.
Most of Buffet’s “income” is unrealized capital gains. He doesn’t pay taxes on it until the asset is sold. And even then, he pays capital gains taxes, not income taxes.
This is no different than you and me. We pay capital gains on our investments and savings.
Buffet is different in scale, not kind, from you and me.
Hi Buzz,
Thanks for reminding me of that since most Americans hope to become wealthy in some way. Lake County and government at all levels needs to run more efficiently and with less, rather than always coming back every year demanding more and more.
Lake County especially needs to cut back and root out corruption before asking taxpayers to pony up more money when taxpayers are already on edge because of huge property tax increases.