It’s time to tax the rich, be they individuals or giant corporations, if we want to restore the American middle class and return our nation to the vitality that was once normal…
I'll tell you what else taxes Corporations did, they supported the Arts, Charities, Museums and local Communities. Community events like Boys & Girls Clubs, Scouts, Fourth of July Parades all for good advertising and good will. I still remember the Texaco Opera Hour on Classical Music Radio. All gone. Instead of being a part of Community, Corporations are the parasite that sucks everything of value out of Communities.
There is a problem with getting congress to pass a bill raising taxes on the rich: Congress, would be rasping taxes on themselves.
As of 2020, over half of the members of Congress were millionaires and the median net worth of members was approximately $1 million.
Thom, you are a 100% correct. It appears the rich fascists are herding us Americans into the slaughterhouse. They have taken the tax money and invested it in factories overseas, hoarded it and bought up real estate in America with it. Forcing poverty, homelessness, crime, mental illness, unplanned pregnancies and a massive national debt on us. Many on the right are blaming the left for all the social ills that their robber barons have created. With 1,600 talk radio stations and an illiterate Congress and Senate, they seem to be reaching their goal of a dictatorship. In order to avoid a totally dystopian future, we have to get the Republican voters to vote in their best interests by pointing out their future in a dictatorship ran by the globalists, they hate so much. Also we must get all people to vote. Voting third party will just help the corporations and the rich, even though many of them are better candidates.
A long-forgotten benefit of high graduated tax rates is their function as an automatic damper on inflation. Time was that the federal government had TWO (count 'em) tools to combat the Scylla and Charybdis of inflation and recession: monetary policy exercised through the Federal Reserve's manipulation of interest rates, and fiscal policy managed by the elected branches of government. Sadly, only the former remains at full strength; and it's a pretty damned blunt instrument.
This history lesson is an excellent cut-and-paste share with each of our elected representatives, whether they be GOP or Dems. Too many people have been brain-washed by corporate owned media in the last 40-50 years to actually understand how solid, prosperous and vital America's commercial and civil fabric was prior to Reaganomics. Many, many of all of us believed that Reagan and his running mates had some good points. Now, however, it's the time and responsibility of the next generation to STOP RE-ELECTING INCUMBENT POLITICIANS, and begin having civil conversations with our family and neighbors about ethics and trustworthy behavior, at home and at work.
Back in the 1933-1981 era, instead of behaving like spendthrift wastrels, CEOs and business owners would take income up to the edge of the top tax bracket and then stop (with the most prosperous CEOs maxing out at around 30 times average worker income), leaving the rest of the money in the company
Well, as things stand now, the monopolies control the value of the dollar. Pretty scary stuff and way out of balance.
Oh, do you expect us to do what makes sense? You are so logical, as if the clearer you are the more influence you could have. How's that working for you?
You do have success, however, in restoring some of my sanity, where I go on tilt when the teeny taxes that are proposed get massive arguments. What? 2%? Outrageous! So thank you from keeping me out of the loony bin so I can continue pushing for the system change we need where humanity would listen to you.
Real trickle down happened before Reaganonics. Back in the day of my first job after the serving our country, my boss gave me a Christmas bonus that floored me. He gave me a $500 bonus as a new employee? His response was he would rather give the money to me than pay taxes on it. Money trickling down from a rich man to a poor man.
I felt overwhelmingly sad reading this. I know in my lifetime NOTHING will change for the better. At 75, and born a happy baby boomer, when life WAS good in the middle class. And I clearly remember the moment I heard Reagan had won the election fur
Thom, you should run for president.
Is anyone in the federal government listening to/reading your posts?
Actually the argument for tax rates are absurd on their face. First what were taxes initiated for? tribute to the king. When the king's empire grew beyond what he had the ability to monitor, he appointed sub-kings (whatever any society chose to call them, barons, dukes, earls, etc) and they monitored the work and paid tribute for the territory the kings granted them. When industry arose and business began being granted the rights of business monopolies (which is what Wealth of Nations is actually, not about government not interfering and letting business do as they will, but not interfering by granting advantages to businesses through charters and tax breaks that destroyed the natural business cycle, I can't help it that Hayak and Friedman couldn't understand it). But by granting those businesses rights to do businesses, the businesses had to pay the king's tribute. In America, as businesses began to enslave people in coal mines and mills, did they pay taxes. No more than the plantation paid taxes. The worker's tribute was is toil. But the king's ransom was still the responsibility of the overseers. No one expected slaves or those who owed their soul to the company store to pay taxes.
So fast forward. A worker pays taxes on his wages and the business deducts the wages he pays from his taxes. What's wrong here? Taxes are the payments extracted for the right to own the business, not for the laborer who is forced to work for another who has been "incorporated" by the state for business. The tax code is simple. Those who own pay all the taxes and those pay with their labor.
Mr. Hartmann, why didn’t Clinton and Obama tell the DOJ to start enforcing the Sherman Act?
Totally disagree. Taxes are a line item in the corporate cost/pricing structure. We, as consumers, pay them. Slice the corporate rate to 8%, including a 2% EPA clean-up fee, and return the [added] profits as dividends . . . at up to 90% personal marginal rate . . . and after disallowing buy-backs above a low percentage. Raised corporate rates would simply be passed on to consumers and not cost current high-bracket investors a thing. Corporate taxes can indeed be an economic engine, but only indirectly and in the presence of higher marginal rates.