July 11-13: At Netroots Nation

The Hidden History of Guns and the 2nd Amendment Book Tour Is Coming...

  • Saturday, June 22: Los Angeles, CA 3:00pm - KPFK Speaker Series: Thom Hartmann (Stephanie Miller will be joining Thom) on The Hidden History of Guns. UCLA Dodd Hall 147, 315 Portola Plaza, Los Angeles - Get tkts here https://www.facebook.com/events/2263735727213646/
  • Sunday, June 23: SEATTLE, WA 7:30pm
    Location: Town Hall, 1119 8th Ave, Seattle (West Entrance) w/Elliott Bay Book Company
  • Tuesday, June 25: SAN FRANCISCO, CA 7:00pm
    Location: First Church, 2345 Channing Way, Berkeley w/The Booksmith
    Here’s the Facebook event:https://www.facebook.com/events/2418269571727663/And here’s the link to purchase tickets: https://hiddenhistoryofguns.bpt.me/
  • Friday, June 28: CHICAGO, IL 7:00pm
    Location: Frugal Muse, 7511 Lemont Rd. #146 (Chestnut Court Shopping Center), Darien
  • Saturday, June 29: MINNEAPOLIS, MN 7:00pm
    Location: Common Good Books, 38 S. Snelling Ave, St. Paul
  • Friday, July 12: PHILADELPHIA, PA 4:15pm - At Netroots Nation
    Location: PA Convention Center, 1101 Arch Street, Philadelphia, PA

Become a Thom Supporter- Click the Patreon button

Taxes don't matter, but deficits do?

On July 23, 2016, we discontinued our forums. We ask our members to please join us in our new community site, The Hartmann Report. Please note that you will have to register a new account on The Hartmann Report.

2 posts / 0 new

Threshold excerpt Taxes don't matter, but deficits do?

"From Reagan to today -- as taxes were cut (and the balance was borrowed) -- workers' before-tax wages steadily decreased (with the exception of a few years during the Clinton administration, when taxes were raised to balance the budget and we also saw workers' before-tax incomes go up.)

But while the take-home pay of workers ultimately hasn't been much influenced by taxes, the take-home pay of millionaires and billionaires has been hugely influenced. From Franklin D. Roosevelt to John Kennedy's presidency, people earning over $3.2 million per year paid 91 percent in income taxes on every dollar after the first $3.2 million. The result was that this thirty-year period of American history saw virtually no "dynastic" wealth emerge.

For example, after George W. Bush rolled back the modest income tax increase of the Clinton years, and cut more than half the maximum income tax paid by people who "earn" their incomes by sitting around the pool waiting for the dividend or capital gains check to arrive in the mail (that tax rate, set in 2002, is still at the Bush maximum of 15 percent as of 2008), the September 20, 2005, issue of Forbes magazine noted that the combined worth of the Forbes 400 richest Americans went from $221 billion (combined) to more than $1.13 trillion. Just from 2002 to 2005 -- the first three years of the Bush tax cuts, the number of millionaires in America went up 62 percent.

At the same time, median household income remained unchanged, at around $44,000. Tax cuts to this income level of people were insignificant --- a hundred dollars a year or so -- but tax cuts to the wealthiest were huge.

And as the rich got richer, the income-starved corporations paying them had to cut wages to their poorest workers (the average publicly traded corporation pays out about 10 percent of its total earnings compensating just its top five executives -- not 5 percent, but five people!) At the same time, tax revenue-starved governments have to slash antipoverty, unemployment, housing, transportation, and educational programs. The result is that in the first three years of the Bush tax cuts, the number of Americans who had to get food stamps just to feed their families jumped 49 percent, to more than 25.7 million people."

Threshold excerpt Taxes don't matter, but deficits do?

Excerpt from hardback edition of Thom' book "Threshold: The Crisis of Western Culture"

The paperback version, "Threshold: The Progressive Plan to Pull America Back from the Brink", is now out.

SueN's picture
SueN
Joined:
Jul. 31, 2007 4:01 pm

Comments

SueN, You make an excellent point. I want to share this on Facebook. Thank you for thee research you did and the fine writing.

dfedack's picture
dfedack
Joined:
Aug. 10, 2015 11:25 am

Here's what the feud and reconciliation between John Adams and Thomas Jefferson can teach us about civility

Thom plus logo Donald Trump did not invent the art of the political insult but he's inflamed the level of vitriolic public discourse and incivility to a new low unmatched by other presidents. In a tainted tradition that has permeated our history, other presidents have not been immune to dishing out acerbic insults against one another.
Powered by Pressflow, an open source content management system