Socialism and redistributon effords gone amoke. Yesterday's WSJ featured an editorial by Phil Gramm detailing how welfare recipients don’t have their benefits taxed, benefits that effectively bump them up to some $70,000 a year in untaxed income. In contrast, a family that works for the same income gets taxed. Not fair. Our social programs actually reduce the 10% estimated poverty rate to 1% when benefits are included, but the government chooses to ignore it. And look at New York’s supposed property tax benefit for retirees. Property taxes can be reduced by up to 50% if income does not exceed $58K. But, are welfare benefits counted as income? Of course not. As we are discovering, the system is ripe for fraud, and without oversight, it is being abused to the detriment of taxpayers.
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