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STEVE LIESMAN: I just want to pivot back one more time to domestic issues. You’ve said a bunch of times that getting the wealthy to pay a little bit more, and you’ve succeeded in raising that top tax rate to 39% or rolling back the tax cuts. Is there a limit there?
OBAMA: You know, I don’t have a particular number in mind, but if you look at our history we are still well below what, you know, the marginal tax rates were under Dwight Eisenhower or, you know, all the way up even through Ronald Reagan.
Confiscatory taxation is the goal of these people. They hate achievers. If the government takes the lion’s share of the fruits of this effort, there is simply no point in doing this anymore. I will seek other pleasures, ones that require less money and benefit from more leisure.
As usual, for those interested in what actually transpired and was said (not what some 'blogger' says was said, or taking a quote out of context) here is the transcript of the interview:
STEVE LIESMAN: I just want to pivot back one more time to domestic issues. You’ve said a bunch of times that getting the wealthy to pay a little bit more, and you’ve succeeded in raising that top tax rate to 39% or rolling back the tax cuts. Is there a limit there?
OBAMA: You know, I don’t have a particular number in mind, but if you look at our history we are still well below what, you know, the marginal tax rates were under Dwight Eisenhower or, you know, all the way up even through Ronald Reagan.
Confiscatory taxation is the goal of these people. They hate achievers. If the government takes the lion’s share of the fruits of this effort, there is simply no point in doing this anymore. I will seek other pleasures, ones that require less money and benefit from more leisure.
Its baffling that you keep hearing taxed out of business, but somehow american corporations have had historical profits after taxes the last few years. In the trillions. Not to mention that CEOs are now making 30x what they made since 78.
We think we pay high taxes now, it is nothing to what we paid after world war II. Further we forget also never in history have we had as many people as we do now, so yes everything will cost more because there are more to serve.
The problem is most people and i fall into this too, Look at the American Dream and compair ourselves to earlier generation and go WTH. First knee jerk reaction is my taxes are too high, or those dang welfare people. But what i don't see is the 5x the population of people we have today vs our grandparents generation, further as the gap between the wealthiest and those on the bottom gets more unequal, its means more people are fighting for less of the resources. The solution is everybody needs to learn to live with less.
Its baffling that you keep hearing taxed out of business, but somehow american corporations have had historical profits after taxes the last few years. In the trillions. Not to mention that CEOs are now making 30x what they made since 78.
We think we pay high taxes now, it is nothing to what we paid after world war II. Further we forget also never in history have we had as many people as we do now, so yes everything will cost more because there are more to serve.
The problem is most people and i fall into this too, Look at the American Dream and compair ourselves to earlier generation and go WTH. First knee jerk reaction is my taxes are too high, or those dang welfare people. But what i don't see is the 5x the population of people we have today vs our grandparents generation, further as the gap between the wealthiest and those on the bottom gets more unequal, its means more people are fighting for less of the resources. The solution is everybody needs to learn to live with less.
No everybody lives with less, not the less live with even more less that the greedy purposes.
Wait to see what happens as the top 10% of the wealthiest sucks up more resources and the majority has to fight over less and the population rises even more. Scary notion.
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