CharlieK
New member
- Joined
- Nov 25, 2010
- Messages
- 24
- Reaction score
- 11
- Location
- Raleigh-Durham area
- Gender
- Male
- Political Leaning
- Libertarian
After the Great Depression of the 1930's taxes on the richest Americans went to 94% during World War II. After that prosperity reigned. In 1961, those taxes were 91% and Americans, through the 60s, had more purchasing power than we do now.
What the government could do is raise income taxes on the richest Americans (billionaires) to 99%, while exempting small business owners. Think there isn't anyone making over a Billion $ year in salaries ? There are. Parade magazine, each year, does a cover story on Americans' incomes, with their pictures and occupations. Two years ago, the highest income shown was John Arnold, a hedge fund manager (1.5 Billion/year). This year it was the CEO of Google - sorry, I forgot his name ($2 Billion/year). If these guys were taxed at 99%, they'd still be raking in 15 and 20 million a year respectively. I'd trade places with that, 99% tax bracket and all, and so would most Americans. That would create almost 110,000 jobs at $30,000/year each. Not a solution to all the unemployment, but a good steppingstone, and especially good if you're unemployed, and you happen to be one of those 110,000 people.
Also, the 110,000 would be high energy spenders in the stores (AKA the US economy), providing am additional boost for the economy, wheras very rich people don't spend much money (they already have everything), and what they do spend, has a very high % spent outside the United States (mostly Europe and the Caribbean), creating losses from the US economy, similar to remittances losse$ from illegal aliens.
One thing you are overlooking, with regard to the numbers, were the high amount of tax exemptions available back then. Most of these exemptions were removed as part of the Reagan tax reduction legislation of 1983(?).Some were left, and are still there, but nothing like back then.
So, the gist of the thing is that those percentages really didn't amount to much, because the rich had accountants, who used all those exemptions in order to circumvent all the high percentages.
If you are pretty young you will not be aware of this, but I am in my mid-sixties and remember all this well. So, we are not dealing with apples to apples. And believe me, the wealthy, who are making their money honestly, will always find a way to keep the tax man at bay. You would find a way too if you were in that situation.
The point you, and many others forget, is the most important point of all. THis money, if earned honestly, is their Property, and removing so much of their property is legalized theft, nothing more, and nothing less. Would you like for someone come to your home, and determine that your family owns two cars, which is one car too many, and you must therefor surrender one of your cars? You would be outraged wouldn't you? Yet many think it natural to steal property from others, simply because they have attained more than you.
Now that is Real Selfishness, if there ever was such. After all, that is what class envy really is: selfishness.