Voodoo Economics Partially Rolled Back....
By louisehartmann
Treasury Secretary Timothy Geithner has announced that the Obama administration will let tax cuts for the wealthiest Americans expire on Jan. 1, despite calls from a small group of mostly millionaire conservadem politicians . Mr. Geithner said it's part of the effort to bring down the mounting deficit, although the White House does plan to extend tax cuts for middle- and lower-income Americans. With the exception of two world wars, for over two hundred years the debt of the United States rarely and only briefly surpassed what would be one trillion dollars in todays dollars. That long American history of fiscal sanity came to a screeching end when Ronald Reagan was elected and dropped the top income tax rate on millionaires and billionaires from 74% down to less than 30%. The result was an explosive tripling of the national debt to nearly three trillion dollars during Reagans administration. George HW. Bush, afraid to raise taxes added another trillion or so, and George W. Bush - fully embracing Reagan's voodoo economics- added almost another five trillion to the debt. While letting tax rates rise back to Clinton era levels is a good start that will probably somewhat reduce our annual budget deficit, the real solution is to end the thirty years of voodoo economics insanity by rolling back the Reagan tax cuts.
Comments
#2
It's outrageous that this war of wealth lasted THIS long. Within Evangelicalism, we decry such merciless class disparity as caste, but the same "Christian" groups have sold their souls to it in the United States. Apparently it's only wrong if non-whites commit such atrocities. Here in the West, we're just "living the American dream." Which apparently involves witholding that dream from anyone unlucky enough NOT to get there first...
#3
Geithner's comments surprised and pleased me. But I'll believe that this administration is actually going to end the Bush tax cuts next January 1st. If Obama does let them expire, I hope he doesn't, as a concession to the Rethugs, partially privatize Social Security. An addtional worry, is that the January 1st deadline affords the admiinistration a big "out." If the elections in November really are disaster for the Democrats, Obama can backtrack and say: 'The Republicans won a mandate to make the Bush cuts permanent.'
(No, I don't think 70% tax rate on the top 2% is excessive. I think it should be 90%. If, after taxes, you have to struggle by on an income of one or two million dollars, screw you. Almost all Americans have been struggling to live since 1492. Reparations for all workers.! Read the history of the Duke family of American Tabacco, for example, then call me crazy.)
#4
heya suggestion .... Thom tell Shawn to use as the hymn for the banksters the dethklok song detharmonic,metal song but the beggining says it all...jose.
#5
Personally, I feel that a 70 percent tax bracket is a bit too high, although it would certainly help generate revenue. I think the tax bracket should top out around 50 percent. But we should probably create a new tax bracket to compensate for the super-duper rich. Think of it as a "Billionaire's" tax bracket, rather than having the income bracket max out at 373,000 (I think that's it).
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Do you think a 70% tax rate is too much? To be fair It sounds like a lot, but since the wealthy get more out of the system I do agree they should help support it more. Let's also significantly cut military spending, and that would be a dream come true.