MasterP said:
By the way, I’ll bet anyone $20 that it doesn’t feel good to give.
Do I need to say anything else?
Also your “history” is quite skewed. Yes as a conservative you would have me believe that the taxing of the rich hurts the economy. This is true when the rich are actually spending money and creating jobs. When the rich do not spend money and are not creating jobs we need a higher tax on the rich to fuel the economy. Instead sending everything to China and other foreign countries to “cutback” on their “debt”.
Industrialist Andrew Mellon led the charge to lower the tax rates on the wealthy in the 1920s. He claimed that doing so would increase overall tax revenues and stimulate the economy. The top rate was eventually cut from 73 percent in 1921 to 25 percent in 1926. Mellon alone saved $800,000 a year in taxes as a result.
Unfortunately, Mellon’s tax cut was a disastrous idea for most Americans. Income was distributed upward, into too few hands. The money was used for speculation in the stock market rather than the creation of jobs. The ultimate result was the Great Depression.
Tax rates were raised to help pay for World War II and they stayed high in the postwar years. From the end of the war until 1962, the top rate was 91 percent. Those tax rates, unthinkably high today, coincided with the longest period of prosperity in U.S. history, the creation of a middle class and substantial public investment in education and infrastructure.
l2history MP….
There are a lot of facts in history about taxes and things, you say to look at the numbers so look at the numbers. The fact is if the rich are taxed higher the economy does better. Now what I will agree with Mr. Mellon about is that having higher tax does encourage the rich to dodge these taxes and look for loopholes. Steve Jobs for example is getting paid $1 a year by Apple for being CEO since his return in ’97. Where he makes his money is in dividends, he holds the biggest share of Disney stocks there is, about 138 million of them and hasn’t sold any. He pulls in about 48 million per year from that, and since this is technically a “Corporate” type of income he only gets taxed about 15%.
My proposal is to find a happy medium, clearly right now it isn’t good enough because the nation is still in debt and we still have people that are obnoxiously wealthy. It’s like we are sitting on a *edited*ing gold mine, but we are all like, “Mmmm, you know what let’s not go into that.”