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Tax the Rich

aplusmnt

Well-known member
Dick Morris had the best example I have heard last night about taxing the rich.

He said it is like a Captain of a ship saying he is only going to shut down the Engine room of the ship.

Taxing the rich more would only help to shut down the economic engine that keeps us moving. The Rich have been taxed enough, it is time for the Government to spend less!
 

fff

Well-known member
aplusmnt said:
Dick Morris had the best example I have heard last night about taxing the rich.

He said it is like a Captain of a ship saying he is only going to shut down the Engine room of the ship.

Taxing the rich more would only help to shut down the economic engine that keeps us moving. The Rich have been taxed enough, it is time for the Government to spend less!

Rich people don't make the economy run. Middle/low income people do. Under the Bush Administration, the wealthiest people in this country have paid the smallest percentage of taxes probably in the history of tax collection. What has happened to the economic engine of this country? It's stalled. Dead in the water because middle/low income people haven't gained any ground during the Bush Administration. Their salary/income has not even stayed even with inflation, much less got ahead. But, hey, we've made a lot of millionaires.

The extent of the inequality is staggering. Robert Greenstein, executive director of the Center on Budget and Policy Priorities, quoted a study by the Congressional Budget Office (CBO), which shows that after adjusting for inflation, the average income for the bottom fifth of the population grew by only 6 percent from 1979 to 2005. Middle-class income grew 21 percent in the same period, less than 1 percent per year. But income rose 80 percent among the top fifth and more than tripled, rising 228 percent, among the top 1 percent during the same period.

He says the Bush administration tax cuts have “exacerbated” the gap. The CBO study shows the percentage of income paid in federal taxes by the top fifth fell in 2005 to its lowest level on record.

http://blog.aflcio.org/2008/07/31/house-hearing-income-inequality-threatens-middle-class-our-democracy/
 

fff

Well-known member
Mike said:
Rich people don't make the economy run. Middle/low income people do.

How many paychecks do low income people write per week?

Besides me, of course. :wink:

You'll have to ask them. Middle/low income people buy stuff. If they don't buy stuff, there's no reason to make it or import it. If we don't make/import stuff, we don't need factories or workers or truck drivers or insurance salesmen, etc. That's why the economy has slowed down. Middle/low income people are spending all their money on gasoline. They don't have any to eat out so restaurants are closing. Then the waitress and cooks from the restaurant don't have any money for a new TV set. When no one buys TV sets, the dept store closes down. Then the dept store salesmen don't have any money to buy steak. So demand for beef goes down.

There's no shortage of rich people out there. Yet the economy is dead in the water. Taxing them isn't going to make a speck of difference in job creation. :roll: To quote George HW Bush, it's "voodoo economics". It didn't work under Reagan, it hasn't worked under Bush, and why in the world would you vote for more of it under John McCain?
 
A

Anonymous

Guest
The extent of the inequality is staggering. Robert Greenstein, executive director of the Center on Budget and Policy Priorities, quoted a study by the Congressional Budget Office (CBO), which shows that after adjusting for inflation, the average income for the bottom fifth of the population grew by only 6 percent from 1979 to 2005. Middle-class income grew 21 percent in the same period, less than 1 percent per year. But income rose 80 percent among the top fifth and more than tripled, rising 228 percent, among the top 1 percent during the same period.

He says the Bush administration tax cuts have “exacerbated” the gap. The CBO study shows the percentage of income paid in federal taxes by the top fifth fell in 2005 to its lowest level on record.
"Let them eat cake!"
Marie Antoinette (shortly before she lost her head)

If that is not changed- that will be what ultimately brings down this country from within ....Reaganomics had a trickle down theory- Bushenomics is a sh*t runs downhill theory.....

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan
 

jodywy

Well-known member
Exxon last year paid more in taxes then the bottom 50 % did. No let’s tax the evil Exxon on their obscene profits and give everybody back a $1,000.
Think if you do the research the top 1% still pay over say 30 % of the top 5 clost to 40 to 50 % with the next 45% paying the rest…
 
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