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Progressive taxation's whole point is to counter that effect.
I mean real progressive taxation - not this 400k+ 37% rate as the top bracket, the tax situation right now is nowhere near as progressive as it needs to be. Thank Reaganomics for that.
I agree with progressive taxation but at the top federal bracket (39.6%) plus state/local, for high income people their total tax burden is already over 50% in many cases. I don't think increasing it too much more than that is a good idea.
Everyone always cites the 50s, but the effective tax rate was not 90% then.
I think an effective tax rate of 50% is quite progressive.
So your solution is isolationism? That won't work either.
Companies pissed away with the tax cuts that was passed in 2017. Wages barely have gone up - in fact gone down when adjusted for inflation. There is no such thing as a "responsible" corporation in America. So either we slap them on the hand with very tough government policies or the status quo will continue.
actually income have been rising, and leading inflation
a 69' Chevy Nova (my first car) was just under 3k brand new
a 20' chevy impala 37k
us median household income 1969 ….$7600..... in todays dollars (2020) $53,451.61
I agree with progressive taxation but at the top federal bracket (39.6%) plus state/local, for high income people their total tax burden is already over 50%. I don't think increasing it too much more than that is a good idea.
Everyone always cites the 50s, but the effective tax rate was not 90% then.
Yes, but it needs to be proportionally increased with incomes - to counter the effect of what we see now of basically the few owning all the stocks in this country. If someone is making 20 million/year through direct compensation (cash and/or stocks or some combo), obviously... 50% isn't high enough. 50% would be high enough for someone making say... 5 million.
Right now we're having a progressive taxation issue as well as a wealth gap issue which you can't just tax using ordinary income brackets. You can try to swing the capital gains tax or impose a tax on stock transactions. Or progressive property taxes on wealthy individuals. Somehow tax the wealth. But the easy fix is to fix the income tax brackets first, that's a good first step.
If all these business hero job creators are so damn smart, why do they need bailing out after just a month of stay at home.
If one can't make it a year without significant income, they don't need to start a business. The failure rate is huge.
Many are just trying to make it look like they are on the brink so they can get free money or low cost loans. Some really are in trouble..like American Airlines.
its the globalist liberals that sent all the jobs to china, not the repugs
If you're going to be that irrational then there's no point discussing with you.
Jobs go to China is driven by consumers wanting cheaper goods -> manufactures find ways to cut costs (as a result of intense competition) -> export jobs/manufacturing.
Will you pay a 2-3x premium for the same item if it was made in the USA? You might, but most won't.
the middleclass has been dying a slow death for the last 30 years due to liberal policies
No, it is because Big Business went on Major campaign to have the government work for their interests.
In 1970, there were less than 200 hundred lobbyist offices in DC by banking and business interests. Today there are over 3000 offices in DC.
Since Big Business and Banking have moved into DC in 1970, lets look at the changes that have taken place since then:
1) Excessive CEO Pay
2) Stagnant Wages for Workers
3) Trade Pacts with Slave Labor Countries
4) Corporate and Banking Bail Outs
5) QE infinity and trillion dollar repo purchases.
6) Record Number of revolving door insiders between banking and business.
How Corporate Lobbyists Conquered American Democracy
Business didn't always have so much power in Washington.
The evolution of business lobbying from a sparse reactive force into a ubiquitous and increasingly proactive one is among the most important transformations in American politics over the last 40 years. Probing the history of this transformation reveals that there is no “normal” level of business lobbying in American democracy. Rather, business lobbying has built itself up over time, and the self-reinforcing quality of corporate lobbying has increasingly come to overwhelm every other potentially countervailing force. It has also fundamentally changed how corporations interact with government—rather than trying to keep government out of its business (as they did for a long time), companies are now increasingly bringing government in as a partner, looking to see what the country can
a 69' Chevy Nova (my first car) was just under 3k brand new
a 20' chevy impala 37k
us median household income 1969 ….$7600..... in todays dollars (2020) $53,451.61
20' Impala is x12.3 of 69 nova. By this argument, the $7600 median household income in 1969 should be closer to $93k in 2020.
Just sayin.. using your logic.
I personally believe that lower income ranges are stagnant or falling behind. At the top tiers, not so much which makes the whole topic a bit more complicated than comparing just median household incomes. Just like liberals you refer to, you can use any of these numbers/stats superficially to make either arguments.
On personal observation, it is the cost of goods and services are what hurts most of my low income friends.. their income simply isn't keeping up. While I am in the higher income bracket, I see a very different world than they do... even though in my field, I am seeing wages very slowly falling behind the rise of goods/services.
No, it is because Big Business went on Major campaign to have the government work for their interests.
In 1970, there were less than 200 hundred lobbyist offices in DC by banking and business interests. Today there are over 3000 offices in DC.
Since Big Business and Banking have moved into DC in 1970, lets look at the changes that have taken place since then:
1) Excessive CEO Pay
2) Stagnant Wages for Workers
3) Trade Pacts with Slave Labor Countries
4) Corporate and Banking Bail Outs
5) QE infinity and trillion dollar repo purchases.
6) Record Number of revolving door insiders between banking and business.
How Corporate Lobbyists Conquered American Democracy
Business didn't always have so much power in Washington.
The evolution of business lobbying from a sparse reactive force into a ubiquitous and increasingly proactive one is among the most important transformations in American politics over the last 40 years. Probing the history of this transformation reveals that there is no “normal” level of business lobbying in American democracy. Rather, business lobbying has built itself up over time, and the self-reinforcing quality of corporate lobbying has increasingly come to overwhelm every other potentially countervailing force. It has also fundamentally changed how corporations interact with government—rather than trying to keep government out of its business (as they did for a long time), companies are now increasingly bringing government in as a partner, looking to see what the country can
If the trickle down fundamentalists don't see the issue with their philosophy by now, nothing can help them. We all see it. We all went with it. This is what it has gotten us.
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