Liberal this and liberal that
What i can't believe is how the working/middle class buys into all that the rich deserve to be rich BS. Yep the wealthy spent a lot of money to get the tax code written in their favor. Trickle down economics has worked fabulously for them.
The tax code use to be a lot more friendly to the rich than it is now. way more friendly. There is a reason that it was called the champagne lunch back in the 60's.
There is no such thing as trickle down.
Lets take a different perspective.
Obviously from the graph below Reagan's tax cuts benefited the wealthy while leaving the other 90% of Americans in the dust. Now why was this? Think about it this way. With a 70% top marginal tax rate wealthy business owners and CEO's weren't going to keep the money anyway. They could either pay it in taxes or invest it in their companies and workers. After Reagan they could keep it all. Obviously from the graph below that is just.what they did. I say change the income tax rates back to pre reagan and we will see that graph begin to change. We all know putting money in the pockets of.the middle/working class immediately gets injected into the mainstreet economy.
this is what we call a correlation without causation fallacy. You are posting a chart but ignoring a lot of the main components of that chart.
Reagan's tax cuts didn't benefit the rich. They actually limited the rich on a ton of the rich friendly tax deductions that they had.
You want to know what began the separation on your lines? what had the largest impact was the stock market and investing. Prior to the 1980's a majority
of the middle class didn't invest in the stock market. they put their money into bonds and CD's and savings accounts. During that time interest rates were at an all time
high you were making 8-12% on your CD's bond's and even savings. even in 1984 a 6 month CD was paying 12% interest.
about the mid 80's you had the stock market explosion. Reagan got the inflation rate down which affected everything from savings to CD's. so while the middle class was still
putting money into CD's and bonds a few more knowledgeable people started putting their money into the stock market. during the 80's you saw the rise of IBm, Microsoft, apple.
you saw huge pushes into technology companies. The people that bought those stocks have more than quadrupled their investments. Mean while most of the middle class
saw their main investment percentages shrink lower. the bulk of the people didn't get into the market until late 90's and early 2000 when platform trading was allowed.
they were already 20 years behind what other people were already doing.
Now for this to work best something needs to be done about capital gains. Mainstreet gets no benefit from investors investing billions in Chinese corporations. All that happened to the working/middle class was they lost.those quality jobs to be replaced.with low wage service sector jobs. I say let them keep their ridiculously low.capital.gains rate but change the holding period to qualify for the long term rate.from 1 year to 5 years. Everything else taxed at the earned income rate. Make.them investors instead.of gamblers.
You don't understand how this works. You buy chinese companies on their market not ours and you can't control how people invest their own money.
you get no say in it. Umm long term capital gains is already set to 1 year. if i buy 1000 shares of stock on 2/13/20 i have to wait till 2/13/21 for it to be
considered a long term capital gain before it is taxed at that rate.
if you sell a stock within 1 year it counts as normal income.
you don't know what you are talking about.
The right hates our social safety net but as long as their greed keeps so many in America from living the American dream we will need it. Government.will.have to take care of the poor.and elderly. If not our society will deteriorate into chaos. Putting Americans to work in quality jobs that pay enough to buy a home and raise a family and.become tax paying productive members of society should be.the goal. The wealthy have had 40 years of trickle down. They have.amassed wealth without measure. It's time to pay the.piper one way or.the other.
I like Warren's wealth tax too. It will speed up.the redistribution of wealth.[/QUOTE]