Yes! and soon because we're tapping the pensions of federal workers to prevent economic calamity.
25%
No! and Republicans are demanding that everything should be on the table except for what CAN ACTUALLY fix this – raising taxes.
75%
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Thom's Blog Is On the Move
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Hello All
Thom's blog in this space and moving to a new home.
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The super-rich can completely change the course of this national debt. Just raising taxes on the top 1% by only 2 percentage points resulted in an estimated federal revenue increase of OVER $800 BILLION over 10 years. Now, do the math for what raising it to pre-Regan levels would be...instead of 2 percentage point increase, we are now talking about a 35 percentage point increase (from about 35% to 70%). That is about 12.5 times MORE REVENUE. What is 12.5 x $800 BILLION? It is $10 TRILLION!!! Now that would put a dent in our national debt, wouldn't it?
Oh? You're concerned about the terrible pain that would inflict on the super rich? Let's see, right now they are, as a group, paying only 17% in taxes on their over $10 MILLION dollars of income per year (because of all the loop-holes they can afford to hire tax attorneys to find). That leaves them with, $8,700,000 PER YEAR to play with. So now, if they REALLY pay 70%, then they get to play with $3,000,000 per year. OH NO! ONLY $3,000,000 / year to LIVE ON! OMG!! HOW COMPLETELY HORRIBLE!!!
Right. Quite whining you greedy capitalistic pigs!
Oh, and at one point, their tax rate was actually at 90%, back when we had a strong economy and the middle class was doing the best ever. So much for trickle-down economics. I think it was a wolf in sheeps clothing - actually implemented trickle-up wealth building!
We should raise the taxes on the wealthy and the corporations who use our commons . Followed by first freezing then cutting the defense budget by 30%.
The repubs are at it again with their threats "If you do not..........." I say do not cave in to them AGAIN or they will keep up with their threats. They have lucked out so far with those threats, but I for one wish this would stop.
I believe that the tax rates should be upped on the upper 2% who have been getting away with murder at the expense of the low/middle/labor classes and it is about time that they sacrifice something for a change. The crooks who are getting rich off our backs need to pay for their machinations for self. Getting blood out of a turnip does not work after a certain length of time. The coldness of the richies is hard to handle when one is scraping the bottom of the garbage pile to feed his/her families.