Forum Post: Do you really think unequally taxing the rich will work?
Posted 13 years ago on Nov. 3, 2011, 1:38 a.m. EST by bobswagger
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Just take a look back in history. If you tax the rich 5% more of their income I guarantee that it'll not work out if you don't equalize taxes for the poor and rich. I'm not saying that I don't think the rich should be taxed more than someone who only makes 40k a year, I'm just saying what happened in the past. For ex. the Whiskey Rebellion happened because farmers were being taxed for selling their corn in the form of whiskey which was unequal since it was only corn that was being taxed. What do you think?
Read this: All of it.
According to the Social Security Administration, 50 percent of U.S. workers made less than $26,364 in 2010. In addition, those making less than $200,000, or 99 percent of Americans, saw their earnings fall by $4.5 billion collectively.
The sobering numbers were a far cry from what was going on for the richest one percent of Americans.
The incomes of the top one percent of the wage scale in the U.S. rose in 2010; and their collective wage earnings jumped by $120 billion.
In addition, those earning at least $1 million a year in wages, which is roughly 93,000 Americans, reported payroll income jumped 22 percent from 2009.
Overall, the economy has shed 5.2 million jobs since the start of the Great Recession in 2007. It’s the worst economic downturn since the Great Depression in the 1930’s.
Another word about the first Great Depression. It really was a perfect storm. Caused almost entirely by greed. First, there was unprecedented economic growth. There was a massive building spree. There was a growing sense of optimism and materialism. There was a growing obsession for celebrities. The American people became spoiled, foolish, naive, brainwashed, and love-sick. They were bombarded with ads for one product or service after another. Encouraged to spend all of their money as if it were going out of style. Obscene profits were hoarded at the top. All of this represented a MASSIVE transfer of wealth from poor to rich. Executives, entrepreneurs, developers, celebrities, and share holders. By 1929, America's wealthiest 1 percent had accumulated around 40% of all United States wealth. The upper class held around 30%. The middle and lower classes were left to share the rest. When the majority finally ran low on money to spend, profits declined and the stock market crashed. Of course, the rich threw a fit and started cutting jobs. They would stop at nothing to maintain their disgusting profit margins and ill-gotten obscene levels of wealth as long as possible. The small business owners did what they felt necessary to survive. They cut more jobs. The losses were felt primarily by the little guy. This created a domino effect. The middle class shrunk drastically and the lower class expanded. With less wealth in reserve and active circulation, banks failed by the hundreds. More jobs were cut. Unemployment reached 25% in 1933. The worst year of the Great Depression. Those who were employed had to settle for much lower wages. Millions went cold and hungry. The recovery involved a massive infusion of new currency, a World War, and higher taxes on the rich. With so many men in the service, so many women on the production line, and those higher taxes to help pay for it, the lions share of United States wealth was gradually transfered back to the middle class. This redistribution of wealth continued until the mid seventies. This was the recovery. A massive redistribution of wealth.
Then it began to concentrate all over again. Here we are 35 years later. The richest one percent now own well over 40 percent of all US wealth. The lower 90 percent own less than 10 percent of all US wealth. This is true even after taxes, welfare, financial aid, and charity. It is the underlying cause. No redistribution. No recovery.
The government won't step in and do what's necessary. Not this time. It's up to us. Support small business more and big business less. Support the little guy more and the big guy less. It's tricky but not impossible.
No redistribution. No recovery.
Relying on taxing the rich is not the only solution to our problems. Of course we need to raise taxes on the rich. That's a no brainer. A progressive tax system is the only one that actually works and it is proven. But we need to get corporate money and billionaire dollars out of the election system and get lobbyists out of our government. We need a new amendment to the Constitution that makes private money for elections illegal. We need public money for elections or we can kiss our rights goodbye while we bend over for our corporate overlords. If we want a government for the people, by the people and of the people, then we the people need to fund our own elections. Or we will continue to get the kind of government we have now: bought and paid for by the Koch brothers and Goldman Sachs.
I agree with every word. That doesn't happen very often.
Look at the scandinavian countries: they tax unequally and people are a lot happier and healthier there.
The rich profit more from taxes (roads for their products, police to protect their wealth, bail-outs for banks, an educated workforce, diplomatic and economic missions abroad) and it's high time they contribute.
War is Peace. Freedom is Slavery. Ignorance is Strength.
Er ... it's worked so far. The top marginal tax rate under Reagan was 50%, and yet somehow we struggled by.
Do you have any actual arguments against progressive taxation, or just a bunch of rhetorical questions?
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I agree, equal taxation (percent wise) is the only fair way. The loop-holes however, need to be destroyed now. We should not be punishing success but corruption!
The idiots who are out there protesting in this movement don't even realize that if we tax the rich 100% of their income ..... it wouldn't be enough to run Obama's federal government for barely 7 months.