(I figured that title would grab the attention of my readers!) You have got to read this parable that clearly explains the US tax code, and what Obama is planning to do with his “tax cut for 95% of Americans,” 40% of which do not pay any income tax. But first, the story: A brilliant explanation of our tax system using actual percentages, the impact of a tax cut, and the public reaction that everyone should be able to understand. Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth man (the richest) would pay $59. So, that’s what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. ‘Since you are all such good customers,’ he said, ‘I’m… Continue reading