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March 02, 2005

Robinhood on his head

From the New York Times:

The bankruptcy legislation being debated by the Senate is intended to make it harder for people to walk away from their credit card and other debts. But legal specialists say the proposed law leaves open an increasingly popular loophole that lets wealthy people protect substantial assets from creditors even after filing for bankruptcy.

This is yet another example of the age old scam of liberalism/Leftism. Pretend to be for the poor and middle class, but in reality work against both in favor of the rich. Now, I'm not demonizing the rich. It's the hypocritical left that deserve disdain.

"This is just a way for rich folks to be able to slip through the noose on bankruptcy, and, of course, the double irony here is that the proponents of this bill keep pressing it as designed to eliminate abuse," said Elizabeth Warren, a law professor at Harvard Law School. "Yet when provisions that permit real abuse by rich people are pointed out, the bill's proponents look the other way."

When Reagan overhauled our tax system he removed tax brackets that made it look like the ultra-rich were paying out the wazoo, but he also removed loopholes that allowed them to avoid most of those taxes. I still remember the complaints by many rich people because they suddenly found themselves paying more taxes. I also remember the complaints by Liberal Democrats who claimed it was helping those same rich people who were complaining.

Same ole same ole.

Posted by Jack Lewis at March 2, 2005 09:59 AM

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