Delete comment from: Elements Of Power
I'm fine with the bottom 50% paying low rates. The bottom 50% is defined as a family earning less than $33,000 a year. They are living paycheck to paycheck. You can't squeeze blood from a stone.
Your argument that they only pay 3% of total taxes collected just goes to show NOT how little they pay, but the vastness of income and wealth disparity between top and bottom in this country.
Arguments that the rich pay enough already in absolute terms, or will just find loopholes around tax law, or are "job creators" is just baloney. We had some of this country's most productive years during the higher tax Clinton era and some of the worst years during the low tax Bush Jr years. The economy is far more complex than that. So-called "job creators" need demand to spur investment. Without it and they will just move that money somewhere where demand exists (not here).
Yes, people move between quintiles over their lifetimes. But that mobility has DECREASED in recent times.
http://www.bos.frb.org/economic/wp/wp2011/wp1110.pdf
Class warfare has been going on in this country since inception. It's just that rich win most of the time.
It was class warfare when Bush Jr gave the rich a huge tax break.
It's class warfare to allow the rich to donate unlimited funds to supposedly uncoupled Super PACs.
It's class warfare when, during deficit debates, the Republican candidates won't even consider a ratio of $1 in tax increases for every $10 in spending cuts (most of which coming from programs benefiting the poor).
(BTW, we may be on opposite ends on this, but I still do enjoy your blog.)
Feb 22, 2012, 11:50:19 PM
Posted to Han Shot First