McCartney Times

George Harrison’s shocking revelation still moves financial markets today!

Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman

Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah, I’m the taxman

The Beatles’ 1966 “Revolver” album began with George Harrison singing a composition of his that continues to resonate. Years later, Harrison recalled, “‘Taxman’ was when I first realized that even though we had started earning money, we were actually giving most of it away in taxes. It was and still is typical.”

The 95% “super tax” that drove so many British music stars to leave the shores of Britain for the veritable tax haven of the U.S. has disappeared. Even America’s top tax rate of 70% that greeted them has, thanks to Ronald Reagan, been eliminated.

It did not take long for the pressure to raise taxes to surface after Reagan. By the end of his first term, Reagan’s successor, President Bush, caved and began the process of raising taxes. Despite the fact that it cost him the chance to serve a second term, the effort to raise taxes from Reagan’s 28% max rate continued.

Don’t ask me what I want it for
If you don’t want to pay some more

‘Cause I’m the taxman, yeah, I’m the taxman

By the end of President Obama’s second term, the top tax rate plus the Obamacare surtax had crept up to over 42.8%, almost a 53% increase! With high state taxes in some states, many were once more paying over half of their earnings to governments in taxes.

If you drive a car, I’ll tax the street
If you try to sit, I’ll tax your seat
If you get too cold, I’ll tax the heat
If you take a walk, I’ll tax your feet

Taxman!
‘Cause I’m the taxman, yeah, I’m the taxman

Late in life, Harrison was still complaining about taxes. Taxman was a regular part of his concerts. In 1991, during his tour in Japan, he and Eric Clapton combined for an updated version. In the rewrite, he lamented the value-added taxes (VAT) that were all the rage in Europe, eventually rhyming it with, “If you’re overweight, I’ll tax your fat.”

Source: The Taxman | Seeking Alpha