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This article is an excellent and worthwhile read...
In simplest terms, the richest Americans have done by far the best over the last 30 years, they are more able to pay taxes today than they have been in many decades, and they are more able to pay than other Americans by a far wider margin. At a time of national economic crisis, especially, they can and should contribute far more in taxes.
Instead, a rather vicious cycle has been at work here for years. Reduced taxes on the rich leave them with more money to influence politicians and politics. Their influence wins them further tax reductions, which gives them still more money to put to political use. When the loss of tax revenue from the rich worsens already strained government budgets, the rich press politicians to cut public services and government jobs and not to even debate a return to the higher taxes the rich used to pay. So it goes from Washington to Wisconsin to New York City. Richard D. Wolff, "Why Taxing the Rich Makes Sense"
Taxing the rich does not just make sense...it makes PERFECT sense.
How about stopping with the crony capitalism that allows congressional friends to get the perks? Quit treating the symptom instead of the cause.
well, you prefer other ways they can "increase revenue" as you so simplistically put it?.
George Bush's grandfather, the late US senator Prescott Bush, was a director and shareholder of companies that profited from their involvement with the financial backers of Nazi Germany.
The Guardian has confirmation from newly discovered files in the US National Archives that a firm of which Prescott Bush was a director was involved with the financial architects of Nazism
90% of america was helping the nazi's in the 1930's..to include ford, dupond, GM, chrysler, heinz, dow..etc...even roosevelt and joe kennedy and lindbergh were supporting the nazi's in the 20's and 30's....
Last edited by workingclasshero; 08-24-2011 at 07:04 AM..
This article is an excellent and worthwhile read...
In simplest terms, the richest Americans have done by far the best over the last 30 years, they are more able to pay taxes today than they have been in many decades, and they are more able to pay than other Americans by a far wider margin. At a time of national economic crisis, especially, they can and should contribute far more in taxes.
Instead, a rather vicious cycle has been at work here for years. Reduced taxes on the rich leave them with more money to influence politicians and politics. Their influence wins them further tax reductions, which gives them still more money to put to political use. When the loss of tax revenue from the rich worsens already strained government budgets, the rich press politicians to cut public services and government jobs and not to even debate a return to the higher taxes the rich used to pay. So it goes from Washington to Wisconsin to New York City. Richard D. Wolff, "Why Taxing the Rich Makes Sense"
Taxing the rich does not just make sense...it makes PERFECT sense.
This is prob the dumbest article I've read in weeks. This idiot says we should tax the rich more, so they won't have as much money to invest in the stock market? Today, 43% of Americans pay zero federal income tax, and many of them actually get back more money in their tax return then they even paid in.
Third, the richest Americans take the money they don't pay in taxes and give it to hedge funds and stock brokers to make profitable investments. These days, that often means speculating in oil and food, which drives up their prices, undermines economic recovery for the mass of Americans, and produces acute suffering around the globe. Those hedge funds and brokers likewise use part of the money rich people save from taxes to speculate in the US stock markets. That has recently driven stock prices higher: the stock market recovery. And that mostly helps -- you guessed it -- the richest Americans who own most of the stocks.
How much does this putz thinks is a proper increase to the percentage the rich pay in income taxes? The government collected about $900 billion in income taxes from all Americans, even if we increased the tax rate on everyone by 10%, we'd net about $90 billion more a year, or about $7.5 billion more a month. Since 0bama's deficit spending is about $130 billion a month...
I suggest the top 10% pay ALL of the Federal expense including operation without debt. They own the government so let them pay for operating it. That would be the responsible thing to do.
Let's propose a scenario, you work in a major recession/depression to make ends meet and feed your family. You get yourself an education and work your way up from working for a grocery store to becoming a bank President. Along the way you make sacrifices, save your money and invest wisely so that you have something to retire on and so that your family is taken care of not just now, but for the next generation and generations after that. You take your time and do things right.
These are the people you want to punish by taking more of their money? Where is the incentive to think and act this way if the government just wants to step in to take what you have earned for the entitlement programs that are designed to enslave people to the state and buy more votes for the corrupt politicians.
BTW, this is a true story. My grandfather worked his way from delivering groceries during the depression to becoming the President of a bank. He invested wisely and made sacrifices along the way. He did things the right way and this is how the majority of this country should be thinking. No more short term nanny-state mentalities where a cell phone and LCD TV are "rights".
On the other hand my wife's grandfather worked and became a bank president. When the Great Depression hit he could not collect any loan payments from his bankrupt customers so the bank closed. He took over a bar from a guy that owed him money so his family survived.
Very high marginal tax rates at the top discourage the speculation that leads to depressions and bank failures. That is better than what we are experiencing.
Let's propose a scenario, you work in a major recession/depression to make ends meet and feed your family. You get yourself an education and work your way up from working for a grocery store to becoming a bank President. Along the way you make sacrifices, save your money and invest wisely so that you have something to retire on and so that your family is taken care of not just now, but for the next generation and generations after that. You take your time and do things right.
These are the people you want to punish by taking more of their money? Where is the incentive to think and act this way if the government just wants to step in to take what you have earned for the entitlement programs that are designed to enslave people to the state and buy more votes for the corrupt politicians.
BTW, this is a true story. My grandfather worked his way from delivering groceries during the depression to becoming the President of a bank. He invested wisely and made sacrifices along the way. He did things the right way and this is how the majority of this country should be thinking. No more short term nanny-state mentalities where a cell phone and LCD TV are "rights".
Keep in mind that your grandfather didn't become the president of a bank until after the Depression had ended. The New Deal policies are what made the transition from a depressed economy to a vibrant one possible.
Keep in mind that your grandfather didn't become the president of a bank until after the Depression had ended. The New Deal policies are what made the transition from a depressed economy to a vibrant one possible.
the 'new deal' which was hoovers plan that he couldnt get passed in the democrat congress did nothing but EXTEND the downturn...only the JOBS of war got us out
This is prob the dumbest article I've read in weeks. This idiot says we should tax the rich more, so they won't have as much money to invest in the stock market? Today, 43% of Americans pay zero federal income tax, and many of them actually get back more money in their tax return then they even paid in.
But even if they don't pay income taxes, they still pay a higher percentage of their overall income in combined taxes than some jackass on Wall Street, who probably caused this mess in the first place.
We don't need more money invested in the stock market, which is volatile right now to say the least. We need jobs. The market is moving up and down mainly because of speculation, which is something that could cause a crisis by itself. It already has in the housing markets.
What we ought to do is to raise tax rates back up to 70 percent and then give the rich their little tax breaks so that they can, with the help of a good accountant, whittle it down to about 30-35 percent of their income when all the figuring is done. Of course, the rich own the government now so that'll never happen. I'm living in a fantasy world.
In the interim, maybe we could just let the Bush tax cuts expire, continue to draw down military spending on foreign conflicts, have constructive discussions about how to handle Medicare and SS, and see what happens.
the 'new deal' which was hoovers plan that he couldnt get passed in the democrat congress did nothing but EXTEND the downturn...only the JOBS of war got us out
You are correct in saying that Hoover was the first who raised taxes on a major scale -- about 3 years after the depression began. Too little, too late. His second major policy disaster was protectionism, which resulted in retaliation by our trading partners.
However, it was FDR who spent money on jobs, and unemployment was already going down before 1942, which is when military production really got into full swing. In fact it was already down into the single digits by 1941. The unemployment from 1942-1945 was down to about 4 percent. A similar thing actually happened in Nazi Germany during the 1930s.
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