Shrink the Rich; Not Government

[SwordofDamocles]

Thirty years ago the top 1% of US workers earned 9% of total annual income. Today's top 1% hoard nearly a quarter of the total.

"Meanwhile the earnings of the typical worker have barely budged."

Robert Reich has some explanations and solutions that elected Republicans AND Democrats aren't likely to try:

"The vast middle class no longer has the purchasing power to keep the economy going. (The rich spend a much lower portion of their incomes.)

"The crisis was averted before now only because middle-class families found ways to keep spending more than they took in – by women going into paid work, by working longer hours, and finally by using their homes as collateral to borrow.

"But when the housing bubble burst, the game was up.

"The solution is to reorganize the economy so the benefits of growth are more widely shared.

"Exempt the first $20,000 of income from payroll taxes, and apply payroll taxes to incomes over $250,000.

"Extend Medicare to all.

"Extend the Earned Income Tax Credit all the way up through families earning $50,000.

"Make higher education free to families that now can’t afford it.

"Rehire teachers.
"Repair and rebuild our infrastructure.

"Create a new WPA to put the unemployed back to work.

Where would we find the money for all this?

"Pay for this by raising marginal income taxes on millionaires (under Eisenhower, the highest marginal rate was 91 percent, and the economy flourished).

"A millionaire marginal tax of 70 percent would eliminate the nation’s future budget deficit.

"In addition, impose a small tax on all financial transactions (even a tiny one — one half of one percent — would bring in $200 billion a year, enough to rehire every teacher who’s been laid off as well as provide universal pre-school for all toddlers).

"Promote unions for low-wage workers."

Where would we find the money?

By shrinking the rich instead of government.

Why the Tax Deal

So who would put the lazy union ***** to work if not for the rich? Just askin.

 

[The T]

Thirty years ago the top 1% of US workers earned 9% of total annual income. Today's top 1% hoard nearly a quarter of the total.

"Meanwhile the earnings of the typical worker have barely budged."

Robert Reich has some explanations and solutions that elected Republicans AND Democrats aren't likely to try:

"The vast middle class no longer has the purchasing power to keep the economy going. (The rich spend a much lower portion of their incomes.)

"The crisis was averted before now only because middle-class families found ways to keep spending more than they took in – by women going into paid work, by working longer hours, and finally by using their homes as collateral to borrow.

"But when the housing bubble burst, the game was up.

"The solution is to reorganize the economy so the benefits of growth are more widely shared.

"Exempt the first $20,000 of income from payroll taxes, and apply payroll taxes to incomes over $250,000.

"Extend Medicare to all.

"Extend the Earned Income Tax Credit all the way up through families earning $50,000.

"Make higher education free to families that now can’t afford it.

"Rehire teachers.
"Repair and rebuild our infrastructure.

"Create a new WPA to put the unemployed back to work.

Where would we find the money for all this?

"Pay for this by raising marginal income taxes on millionaires (under Eisenhower, the highest marginal rate was 91 percent, and the economy flourished).

"A millionaire marginal tax of 70 percent would eliminate the nation’s future budget deficit.

"In addition, impose a small tax on all financial transactions (even a tiny one — one half of one percent — would bring in $200 billion a year, enough to rehire every teacher who’s been laid off as well as provide universal pre-school for all toddlers).

"Promote unions for low-wage workers."

Where would we find the money?

By shrinking the rich instead of government.

Why the Tax Deal

So who would put the lazy union ***** to work if not for the rich? Just askin.

The Gubmint.

 

[shintao]

So why should everyone else have to pay for your failure?

Nope. I work for a living. Try it sometime.

I was working before you were born.

And I'm still not brainwashed enough to think I was ever compensated fully for my labor.

I'm sure you are.

I personally doubt you were working before I was born. It is conceivable, but unlikely. As for never being properly compensated for your labor, maybe you shouldn't have been in a union all that time. I have never stayed at any job that did not properly compensate me for my labor, and have never been in a union.

Oh, you missed all the fun then. So do you get a pension, medical, lawyer service, consumer discounts, insurance, etc. in your retirement years? I bet the answer is no.

 

[shintao]

Thirty years ago the top 1% of US workers earned 9% of total annual income. Today's top 1% hoard nearly a quarter of the total.

"Meanwhile the earnings of the typical worker have barely budged."

Robert Reich has some explanations and solutions that elected Republicans AND Democrats aren't likely to try:

"The vast middle class no longer has the purchasing power to keep the economy going. (The rich spend a much lower portion of their incomes.)

"The crisis was averted before now only because middle-class families found ways to keep spending more than they took in – by women going into paid work, by working longer hours, and finally by using their homes as collateral to borrow.

"But when the housing bubble burst, the game was up.

"The solution is to reorganize the economy so the benefits of growth are more widely shared.

"Exempt the first $20,000 of income from payroll taxes, and apply payroll taxes to incomes over $250,000.

"Extend Medicare to all.

"Extend the Earned Income Tax Credit all the way up through families earning $50,000.

"Make higher education free to families that now can’t afford it.

"Rehire teachers.
"Repair and rebuild our infrastructure.

"Create a new WPA to put the unemployed back to work.

Where would we find the money for all this?

"Pay for this by raising marginal income taxes on millionaires (under Eisenhower, the highest marginal rate was 91 percent, and the economy flourished).

"A millionaire marginal tax of 70 percent would eliminate the nation’s future budget deficit.

"In addition, impose a small tax on all financial transactions (even a tiny one — one half of one percent — would bring in $200 billion a year, enough to rehire every teacher who’s been laid off as well as provide universal pre-school for all toddlers).

"Promote unions for low-wage workers."

Where would we find the money?

By shrinking the rich instead of government.

Why the Tax Deal

So who would put the lazy union ***** to work if not for the rich? Just askin.

The Gubmint.

That is a good response. The entire military machine is much an Union endeavor of skilled craftsmen insuring the safety of our men and women in harms way. They have built the best war machine on earth.

 

[The T]

So who would put the lazy union ***** to work if not for the rich? Just askin.

The Gubmint.

That is a good response. The entire military machine is much an Union endeavor of skilled craftsmen insuring the safety of our men and women in harms way. They have built the best war machine on earth.

Does not equate. Sorry. Nice try at obfuscation of what I wrote.

 

[georgephillip]

I agree with all that (especially your last sentence), although our reasons for calling it unfair are probably different.

There is no reason a sane and workable tax code can't fit on 2 pages, tops.

I find it down right embarrassing that We, The People collect taxes on a retail level - Imagine how much money we'd save on the IRS bureaucracy alone if we instead collected on the wholesale level.

Indeed. I like pointing out to those who demonize BIGOIL that government makes more money on a gallon of gas than BIGOIL does.

Are you suggesting those serving the Empire in Afghanistan and Iraq volunteer their time or should we send the bill for their service to BIGOIL?

How about the US Sixth Fleet?

Shell or Exxon-Mobile?

 

[georgephillip]

Class warfare: The linchpin of of the Democrat's political philosophy.

Class warfare's linchpin, wealth distribution, is how the rich manipulate ALL governments to socialize cost and privatize profit:

"The main problem with the system of distribution of wealth in this country is the TOTAL LACK of distribution...

"10,000 people make 30% of the income in the United States of America and the next 29.99M people make another 40% and the next 30M people make 12% and THE OTHER 240M people have to fight over the remaining 18%.

"This is your idea of fair?

"Let’s say it’s a poker tournament:

* Table 1 has 10,000 people who have $1M each to play with
* Table 2 (top 10-0.01%) has 30M people who have $433 each to play with
* Table 3 (top 20-10%) has 30M people who have $133 each to play with
* Table 4 (bottom 60%) has 240M people who have $25 each to play with.

Phil's Stock World

 

[georgephillip]

If there were no rich people, there would be no companies. If there were no companies, you wouldn't have a job. Don't cut off your nose to spite your face.

Two-thirds of all jobs in the US are created AND destroyed by small businesses.

No rich people needed.

So you want to add another third of the work force to the unemployment line?

I don't think requiring the rich to pay the same percentage of their income in taxes as their secretaries and cooks will add another third of the workforce to the unemployment line.

Do you?

 

[Quantum Windbag]

I was working before you were born.

And I'm still not brainwashed enough to think I was ever compensated fully for my labor.

I'm sure you are.

I personally doubt you were working before I was born. It is conceivable, but unlikely. As for never being properly compensated for your labor, maybe you shouldn't have been in a union all that time. I have never stayed at any job that did not properly compensate me for my labor, and have never been in a union.

Oh, you missed all the fun then. So do you get a pension, medical, lawyer service, consumer discounts, insurance, etc. in your retirement years? I bet the answer is no.

I got retirement after 10 years, have medical insurance for life, except that the government wants to eliminate my health plan, get better prices than you do, don't care about lawyers because I my estate is simple. I got that working for a decidedly right wing, conservative, organization. That means you worked for wages that were not high enough (according to George) for the chance to get legal advice, while I worked for good wages, was paid for my work, got regular raises, and was eligible for retirement quicker than you, for almost the same benefits.

How did that union help you again?

 

[Quantum Windbag]

Class warfare: The linchpin of of the Democrat's political philosophy.

Class warfare's distribution of wealth is how the rich manipulate ALL governments to socialize cost and privatize profit:

"The main problem with the system of distribution of wealth in this country is the TOTAL LACK of distribution...

"10,000 people make 30% of the income in the United States of America and the next 29.99M people make another 40% and the next 30M people make 12% and THE OTHER 240M people have to fight over the remaining 18%.

"This is your idea of fair?

"Let’s say it’s a poker tournament:

* Table 1 has 10,000 people who have $1M each to play with
* Table 2 (top 10-0.01%) has 30M people who have $433 each to play with
* Table 3 (top 20-10%) has 30M people who have $133 each to play with
* Table 4 (bottom 60%) has 240M people who have $25 each to play with.

Phil's Stock World

No it isn't, despite your continued references to a blog that knows less about economics than I do. Table 4 has just as much chance of earning the big money as anyone else, just look at bill Gates it you don't believe me. He was not born into that kind of money, yet he managed to get to table 1 without knocking off anyone, stealing there money, or denying anyone else, including you, the chance to play with the big boys. That alone proves the system is fair.

 

[Toro]

A 70% marginal tax rate is brutally egregious.

 

[georgephillip]

Quantum:

How much do you know about lightning?

"It’s a big country, we have 300M people and every day one of them is struck by lightning but only one in 5 of those people is killed.

"We generate about 240 'luckiest people on earth' every year so it shouldn’t be too surprising to you that we still generate some winners in the great game of Capitalism, not matter how much the odds are stacked against you..."

 

[georgephillip]

A 70% marginal tax rate is brutally egregious.

Would it be less so if it applied only to those earning in excess of $50 million per year?

The richest 10,000 taxpayers?

Phil's Stock World

 

[Quantum Windbag]

Quantum:

How much do you know about lightning?

"It’s a big country, we have 300M people and every day one of them is struck by lightning but only one in 5 of those people is killed.

"We generate about 240 'luckiest people on earth' every year so it shouldn’t be too surprising to you that we still generate some winners in the great game of Capitalism, not matter how much the odds are stacked against you..."

All it takes to get rich in this country is the willingness to work for money. I personally chose to work for, and enjoy, other things in life, so I do not begrudge anyone who is put in the effort the fruit of his labor.

 

[Toro]

A 70% marginal tax rate is brutally egregious.

Would it be less so if it applied only to those earning in excess of $50 million per year?

The richest 10,000 taxpayers?

Phil's Stock World

No. It would still be egregious.

The government should never take that high of your income at any level. It's offensive.

 

[georgephillip]

Do you believe there's a point where concentration of wealth makes "one personne vote" meaningless?

 

[SuMar]

Can anyone tell me, "What happens when you over tax the wealthy?" Anyone? Anyone?

 

[georgephillip]

Can you define "over tax?"

 

[Skull Pilot]

Class warfare: The linchpin of of the Democrat's political philosophy.

Class warfare's linchpin, wealth distribution, is how the rich manipulate ALL governments to socialize cost and privatize profit:

"The main problem with the system of distribution of wealth in this country is the TOTAL LACK of distribution...

"10,000 people make 30% of the income in the United States of America and the next 29.99M people make another 40% and the next 30M people make 12% and THE OTHER 240M people have to fight over the remaining 18%.

"This is your idea of fair?

"Let’s say it’s a poker tournament:

* Table 1 has 10,000 people who have $1M each to play with
* Table 2 (top 10-0.01%) has 30M people who have $433 each to play with
* Table 3 (top 20-10%) has 30M people who have $133 each to play with
* Table 4 (bottom 60%) has 240M people who have $25 each to play with.

Phil's Stock World

There is no fair or unfair when it comes to personal achievement.

Why don't we portion out physical prowess as well? No one can be taller, no one can be stronger, no one can be faster than another.

We should handicap all endeavors so every outcome is a 6 billion way tie. Then and only then would life be fair.

 

[DiamondDave]

Do you believe there's a point where concentration of wealth makes "one personne vote" meaningless?

Does every dollar vote? Or does every person?

Because I make 6 figures, is my vote counted more than your minimum wage salary from Burger King?

Idiot