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In an interview with CNBC’s John Harwood, Sen. Bernie Sanders (I-VT), who is running for the Democratic presidential candidacy, said he could back a 90 percent top marginal tax rate.
Harwood brought up that some have likened efforts to combat income inequality to Nazi Germany. Sanders noted sarcastically, “When radical, socialist Dwight D. Eisenhower was president, I think the highest marginal tax rate was something like 90 percent.”
Harwood followed up by asking, “When you think about something like 90 percent, you don’t think that’s obviously too high?” to which Sanders replied, “No.”
He continued, “What I think is obscene…when you have the top one-tenth of one percent owning almost as much as the bottom 90.”
Sanders is right that the top marginal tax rate, that paid by the wealthiest Americans, was around 90 percent under Eisenhower — it was actually 92 percent in the 1950s. Today, the top marginal tax rate is 39.6 percent, although the richest 1 percent end up paying less than that on average and the average rate actually fell for many years.
So far, many Republican presidential candidates have proposed a radically different approach: a flat tax. Sen. Ted Cruz (TX), Sen. Rand Paul (KY), and Ben Carson have all backed this idea. The details of each proposal differs, but the basic premise is an attempt to simplify the tax code by only having one rate that everyone pays, rather than the current system in which rates increase as income increases. An analysis of one flat tax plan put forward by Texas Gov. Rick Perry (R) found that it would raise taxes for those at the bottom of the income scale by between $102 and $462, while the tax bill for those making more than $1 million a year would decrease by about a half million dollars.
It would also lower government revenue by between $500 billion and $1 trillion a year. If a candidate wanted to maintain the current level of revenue, it would require taxing everyone, rich or poor, by at least 25 percent.
Vermont Sen. Bernie Sanders, an independent who caucuses with Democrats, tweeted a startling statistic to his followers on July 22, 2012: "Today the Walton family of Walmart own more wealth than the bottom 40 percent of America."
Our ruling
The statistic correctly compares the combined net worth of the bottom 41.5 percent of American families with the six Walton family members. We think the additional points -- that many people with a negative net worth are not necessarily poor and that percentages about wealth distribution can be deceiving -- are important and interesting. Nevertheless, Sanders’ claim is solid. We rate it True.
Vermont Sen. Bernie Sanders, an independent who caucuses with Democrats, tweeted a startling statistic to his followers on July 22, 2012: "Today the Walton family of Walmart own more wealth than the bottom 40 percent of America."
Our ruling
The statistic correctly compares the combined net worth of the bottom 41.5 percent of American families with the six Walton family members. We think the additional points -- that many people with a negative net worth are not necessarily poor and that percentages about wealth distribution can be deceiving -- are important and interesting. Nevertheless, Sanders’ claim is solid. We rate it True.
How many people are aware of how much the Waltons give to Charity? I would much rather see the rich give to charity and let them decide which ones than have them gives to the government with no thought as to who is going to benefit.
How many people are aware of how much the Waltons give to Charity? I would much rather see the rich give to charity and let them decide which ones than have them gives to the government with no thought as to who is going to benefit.
I've heard this sort of perspective expressed many times, but it is off point.
The issue is how the distribution of wealth is so out of whack and what can be done to help correct the problems the inequities create. No one is arguing that the rich can't continue to be rich and give to charity.
Hate to see the barrage of straw men arguments always driving these issues off the road, but I suppose there is little that can be done other than point them out for what they are.
As if any effort can really make a difference when it comes to these predispositions...
In an interview with CNBC’s John Harwood, Sen. Bernie Sanders (I-VT), who is running for the Democratic presidential candidacy, said he could back a 90 percent top marginal tax rate.
Harwood brought up that some have likened efforts to combat income inequality to Nazi Germany. Sanders noted sarcastically, “When radical, socialist Dwight D. Eisenhower was president, I think the highest marginal tax rate was something like 90 percent.”
Harwood followed up by asking, “When you think about something like 90 percent, you don’t think that’s obviously too high?” to which Sanders replied, “No.”
He continued, “What I think is obscene…when you have the top one-tenth of one percent owning almost as much as the bottom 90.”
Sanders is right that the top marginal tax rate, that paid by the wealthiest Americans, was around 90 percent under Eisenhower — it was actually 92 percent in the 1950s. Today, the top marginal tax rate is 39.6 percent, although the richest 1 percent end up paying less than that on average and the average rate actually fell for many years.
Vermont Sen. Bernie Sanders, an independent who caucuses with Democrats, tweeted a startling statistic to his followers on July 22, 2012: "Today the Walton family of Walmart own more wealth than the bottom 40 percent of America."
Our ruling
The statistic correctly compares the combined net worth of the bottom 41.5 percent of American families with the six Walton family members. We think the additional points -- that many people with a negative net worth are not necessarily poor and that percentages about wealth distribution can be deceiving -- are important and interesting. Nevertheless, Sanders’ claim is solid. We rate it True.
Did he forget to mention that Walmart employs more of those at the bottom than most others? I think that is something that a lot of these limousine liberals would never do. They think poor people are like children who don't know any better. They would never employ someone who didn't finish high school and give them an opportunity to gain work experience or even work their way up to management.
Last edited by katygirl68; 02-12-2016 at 07:09 AM..
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Not the point...
