Thread: Raise taxes on the rich - now !

The debate over the budget and deficit rages on. Or does it ? Is this really a debate ? Most of what I hear (even from Democrats) is all about cutting spending, and how to cut out of this or that.

Congratulations to Sen. Bernie Sanders (I-VT) and Elliott Spitzer for talking about the steep drop in tax rates on the top margin tax brackets since the 1980s. Since 1987, the top bracket's taxes have never been higher than 39.6% (Clinton years), and were as low as 28% (Reagan's time).

But over the past 94 years, most of the time, the top earners' rates were never less than 70%, and were as high as 94%, and ran at a 91-92% clip for 13 straight years from 1951 to 1963. This was a time of prosperity (for all the "it's going to cost jobs" hollerers).

So there's your budget deficit, folks. 24 straight years of unusually low taxes on the super rich doesn't exactly boost a treasury (and the 5 years between 1982 and 1987, at 50%, wasn't really too high either).

So sure, cut the fat. Get rid of the rip-offs. Nobody's disputing that. But to not even have tax hikes on the super rich on the table at a time like this is pure idiocy.

And before anyone starts yakking about how the rich will all move out of the country, or do this or that, please. They didn't do that for most of the last 94 years.
They paid the normal tax rates for their economic class. They can do that now too.
Can we get real here, please ?

Top US Marginal Income Tax Rates, 1913--2003 (TruthAndPolitics.org)

The debate over the budget and deficit rages on. Or does it ? Is this really a debate ? Most of what I hear (even from Democrats) is all about cutting spending, and how to cut out of this or that.

Congratulations to Sen. Bernie Sanders (I-VT) and Elliott Spitzer for talking about the steep drop in tax rates on the top margin tax brackets since the 1980s. Since 1987, the top bracket's taxes have never been higher than 39.6% (Clinton years), and were as low as 28% (Reagan's time).

But over the past 94 years, most of the time, the top earners' rates were never less than 70%, and were as high as 94%, and ran at a 91-92% clip for 13 straight years from 1951 to 1963. This was a time of prosperity (for all the "it's going to cost jobs" hollerers).

So there's your budget deficit, folks. 24 straight years of unusually low taxes on the super rich doesn't exactly boost a treasury (and the 5 years between 1982 and 1987, at 50%, wasn't really too high either).

So sure, cut the fat. Get rid of the rip-offs. Nobody's disputing that. But to not even have tax hikes on the super rich on the table at a time like this is pure idiocy.

And before anyone starts yakking about how the rich will all move out of the country, or do this or that, please. They didn't do that for most of the last 94 years.
They paid the normal tax rates for their economic class. They can do that now too.
Can we get real here, please ?

Top US Marginal Income Tax Rates, 1913--2003 (TruthAndPolitics.org)

The debate over the budget and deficit rages on. Or does it ? Is this really a debate ? Most of what I hear (even from Democrats) is all about cutting spending, and how to cut out of this or that.

Congratulations to Sen. Bernie Sanders (I-VT) and Elliott Spitzer for talking about the steep drop in tax rates on the top margin tax brackets since the 1980s. Since 1987, the top bracket's taxes have never been higher than 39.6% (Clinton years), and were as low as 28% (Reagan's time).

But over the past 94 years, most of the time, the top earners' rates were never less than 70%, and were as high as 94%, and ran at a 91-92% clip for 13 straight years from 1951 to 1963. This was a time of prosperity (for all the "it's going to cost jobs" hollerers).

So there's your budget deficit, folks. 24 straight years of unusually low taxes on the super rich doesn't exactly boost a treasury (and the 5 years between 1982 and 1987, at 50%, wasn't really too high either).

So sure, cut the fat. Get rid of the rip-offs. Nobody's disputing that. But to not even have tax hikes on the super rich on the table at a time like this is pure idiocy.

And before anyone starts yakking about how the rich will all move out of the country, or do this or that, please. They didn't do that for most of the last 94 years. They paid the normal tax rates for their economic class. They can do that now too.

Can we get real here, please ?


Top US Marginal Income Tax Rates, 1913--2003 (TruthAndPolitics.org)

Suggestion: Start one thread on a topic, not three. If you're not sure where to open it, just pick one and ask a moderator for help relocating it if they think it's necessary.

Originally Posted by Devil505

The rich control everything including the media. Just look at the number of middle class people here that have been conned into arguing against their own interests!

How do you determine what the interests of other people are?

Originally Posted by Mister D

How do you determine what the interests of other people are?

Take a poll, there is a poll for everything, i'm sure we could round one up for this subject

Originally Posted by Neomalthusian

Suggestion: Start one thread on a topic, not three. If you're not sure where to open it, just pick one and ask a moderator for help relocating it if they think it's necessary.

Why ? When 3 different forums allows more people to see the article - shouldn't that be seen as a good thing ? (and some people would miss it otherwise)