Should The Rich Be Required To Pay Higher Taxes In the US?

[danielpalos]

I think the rich should ABSOLUTELY pay more because the majority of them are selfish and don't care about anybody but themselves! Trust me, if you are a millionaire, it is NOT going to hurt you if you just pay a little more in taxes. I believe that if you are a good and righteous person, you would want to help the poor or people that are less fortunate. It's as simple as that! People need to stop being so selfish.

Everyone knows the wealthiest should pay the finest Tax rates in our Republic, simply to prove they are worth it under our form of Capitalism.

 

[2aguy]

Mitt Romey paid 1.94 million in taxes in 2011….he paid more than his fair share…….if you want high tax rates like they had after WW2 the way you make them work is to destroy the industrial base of the rest of the world, like they did in WW2…..and then, when Kennedy lowered the tax rate, the government brought in more money, not less, and dittos Reagan……

High tax rates are immoral……and counter productive.

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

-

Sorry, fdr kept us in a depression for his entire term in office, had the rest of the world's industry not been bombed we would have been there still……...

Weird how you fukkn morons try to change history all the time. Hint FDR was left a HUGE hole (like Obama) but had cut unemployment by nearly half when the conservatives demanded he do something on the deficit, so he cut spending 10% in 1937 and took US back into the GOP/Conservatives great depression!

Nope, his tax increases, tariffs and screwing around with the courts and the economy buried the economy and if it wasn't for the destruction of the rest of the worlds industrial base, and Kennedy's tax cuts, we would still be in the crapper...

 

[2aguy]

And here is a chart on the unemployment rate….

Unemployment Statistics during the Great Depression

Unemployment Statistics during the Great Depression


even with WW2 approaching his screwed up policies kept us over 14% unemployment….while the depression of 1920, with no government intervention was over in a year…………..

 

[Dad2three]

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

-

Sorry, fdr kept us in a depression for his entire term in office, had the rest of the world's industry not been bombed we would have been there still……...

Weird how you fukkn morons try to change history all the time. Hint FDR was left a HUGE hole (like Obama) but had cut unemployment by nearly half when the conservatives demanded he do something on the deficit, so he cut spending 10% in 1937 and took US back into the GOP/Conservatives great depression!

Nope, his tax increases, tariffs and screwing around with the courts and the economy buried the economy and if it wasn't for the destruction of the rest of the worlds industrial base, and Kennedy's tax cuts, we would still be in the crapper...

Oh got it, opinions based on right wing "history" (created by AEI, Heritage, etc). Weird

 

[Dad2three]

And here is a chart on the unemployment rate….

Unemployment Statistics during the Great Depression

Unemployment Statistics during the Great Depression


even with WW2 approaching his screwed up policies kept us over 14% unemployment….while the depression of 1920, with no government intervention was over in a year…………..

Yep, unemployment was cut nearly in half by 1937, then FDR listened to the deficit scolds (conservatives, ALWAYS on the wrong side of history!)

 

[Dad2three]

And here is a chart on the unemployment rate….

Unemployment Statistics during the Great Depression

Unemployment Statistics during the Great Depression


even with WW2 approaching his screwed up policies kept us over 14% unemployment….while the depression of 1920, with no government intervention was over in a year…………..

1921 and All That


Every once in a while I get comments and correspondence indicating that the right has found an unlikely economic hero: Warren Harding. The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.

But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?





....
Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.

And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:

http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/

 

[SAYIT]

Mitt Romey paid 1.94 million in taxes in 2011….he paid more than his fair share…….if you want high tax rates like they had after WW2 the way you make them work is to destroy the industrial base of the rest of the world, like they did in WW2…..and then, when Kennedy lowered the tax rate, the government brought in more money, not less, and dittos Reagan……

High tax rates are immoral……and counter productive.

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

Nope ... got there through war.

 

[rightwinger]

Mitt Romey paid 1.94 million in taxes in 2011….he paid more than his fair share…….if you want high tax rates like they had after WW2 the way you make them work is to destroy the industrial base of the rest of the world, like they did in WW2…..and then, when Kennedy lowered the tax rate, the government brought in more money, not less, and dittos Reagan……

High tax rates are immoral……and counter productive.

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

Nope ... got there through war.

Got there through massive borrowing and tax increases.

 

[dcraelin]

Mitt Romey paid 1.94 million in taxes in 2011….he paid more than his fair share…….if you want high tax rates like they had after WW2 the way you make them work is to destroy the industrial base of the rest of the world, like they did in WW2…..and then, when Kennedy lowered the tax rate, the government brought in more money, not less, and dittos Reagan……

High tax rates are immoral……and counter productive.

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

You are a fukkn liar,Ronnie's tax cuts COST the treasury money dummy. Grow a brain and get honest ONCE


When Ronald Reagan took over the leadership of the United States in 1981, he inherited an economy that was in terrible shape—the worst American economy, in fact, since the Great Depression of the 1930s

Tax Cuts or Tax Redistribution?

When all was said and done, the total tax burden imposed on the American people from all sources—state and local taxes, federal income and capital gains taxes, and payroll taxes—remained basically unchanged throughout the 1980s. In the end, Reagan's reputation as a tax-cutter far outran his actual performance.

Reagan's tax policies did, however, redistribute the tax burden significantly, even if they failed to reduce it overall. By cutting income taxes, which are paid at a higher rate by the wealthy, while increasing payroll taxes, which are paid at a higher rate by the working poor and middle class, Reagan shifted the tax burden down the income scale. During the 1980s, the total effective federal taxation rate for the poorest one-fifth of American families actually increased by more than 16%. By contrast, the effective taxation rate for the wealthiest one-fifth of families fell by 5.5%, and the richest one percent of Americans saved even more: their tax rate fell by 14.4% (AS THEIR INCOMES SOARED)



Economy in The Reagan Era


CBO finds that, between 1979 and 2007, income grew by:

275 percent for the top 1 percent of households,
65 percent for the next 19 percent,
Just under 40 percent for the next 60 percent, and
18 percent for the bottom 20 percent.

Trends in the Distribution of Household Income Between 1979 and 2007 Congressional Budget Office



From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones


It's the Inequality, Stupid


Reagan Chief Economist Feldstein: "It's Not That You Get More Revenue By Lowering Tax Rates, It Is That You Don't Lose As Much."

Feldstein In 1986: "Hyperbole" That Reagan Tax Cut "Would Actually Increase Tax Revenue."

Conservative Economist Holtz-Eakin: "No Serious Research Evidence" Suggests Tax Cuts Pay For Themselves."

One good thing the Reagan tax cuts did was cut down on the use of tax-exempt bonds.........but that was largely done away with under Bush I. Those restrictions should be reinstated.

 

[Stephanie]

Well, I guess you all want to run the people out of this country who uses their money to open business and employ people. go ahead tax them 100%. they tried that in France. go research how that turned out

 

[danielpalos]

And here is a chart on the unemployment rate….

Unemployment Statistics during the Great Depression

Unemployment Statistics during the Great Depression


even with WW2 approaching his screwed up policies kept us over 14% unemployment….while the depression of 1920, with no government intervention was over in a year…………..

Past performance is no guarantee of future results.

 

[danielpalos]

Well, I guess you all want to run the people out of this country who uses their money to open business and employ people. go ahead tax them 100%. they tried that in France. go research how that turned out

Nobody is claiming that. What about full employment of resources in the market for labor; we can use socialism to bailout capitalism, like usual.

 

[2aguy]

Mitt Romey paid 1.94 million in taxes in 2011….he paid more than his fair share…….if you want high tax rates like they had after WW2 the way you make them work is to destroy the industrial base of the rest of the world, like they did in WW2…..and then, when Kennedy lowered the tax rate, the government brought in more money, not less, and dittos Reagan……

High tax rates are immoral……and counter productive.

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

Nope ... got there through war.

Got there through massive borrowing and tax increases.

Nope, the industry and cities of all the advanced western nations were rubble.........our country had the only intact industry..........that is how we leapt ahead of everyone........that and Kennedy lowered taxes....

 

[2aguy]

Well, I guess you all want to run the people out of this country who uses their money to open business and employ people. go ahead tax them 100%. they tried that in France. go research how that turned out

Nobody is claiming that. What about full employment of resources in the market for labor; we can use socialism to bailout capitalism, like usual.

socialism kills capitalism...

 

[Papageorgio]

Mitt Romey paid 1.94 million in taxes in 2011….he paid more than his fair share…….if you want high tax rates like they had after WW2 the way you make them work is to destroy the industrial base of the rest of the world, like they did in WW2…..and then, when Kennedy lowered the tax rate, the government brought in more money, not less, and dittos Reagan……

High tax rates are immoral……and counter productive.

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

-

Sorry, fdr kept us in a depression for his entire term in office, had the rest of the world's industry not been bombed we would have been there still……...

Weird how you fukkn morons try to change history all the time. Hint FDR was left a HUGE hole (like Obama) but had cut unemployment by nearly half when the conservatives demanded he do something on the deficit, so he cut spending 10% in 1937 and took US back into the GOP/Conservatives great depression!

If Democrats hadn't had a part in the recession, you would have something. As far as I'm concerned, both party's contributed and both let that assholes off that caused the problem.

Enron and WorldComm CEOs went to jail. Obama and his cronies did nothing but fine them for a fraction of what taxpayers gave them in TARP money.

Taxpayers get to bend over while Congress babies Wall St. and Dems will support the biggest Wall St. crony which is Hillary.

When Dems support a rich crony like Clinton, it is tough to believe the BS about taxing rich, income equality and the like when you vote support Wall St. Favorite candidate.

 

[Dad2three]

Well, I guess you all want to run the people out of this country who uses their money to open business and employ people. go ahead tax them 100%. they tried that in France. go research how that turned out

lol, Grow up and grow a brain. No one was taxed at 100% in France, and they are still doing Biz there. Get off right wing talking points!

Weird how the richest of the rich used to pay EFFECTIVE rates of 50%-70% from 1932-1980 (on MUCH less shares of income) and we still had Biz and "job creators" in the US? hmm

 

[rightwinger]

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

Nope ... got there through war.

Got there through massive borrowing and tax increases.

Nope, the industry and cities of all the advanced western nations were rubble.........our country had the only intact industry..........that is how we leapt ahead of everyone........that and Kennedy lowered taxes....

Long before the rubble, FDR nationalized all industry and created an economic miracle.

 

[SAYIT]

Mitt Romey paid 1.94 million in taxes in 2011….he paid more than his fair share…….if you want high tax rates like they had after WW2 the way you make them work is to destroy the industrial base of the rest of the world, like they did in WW2…..and then, when Kennedy lowered the tax rate, the government brought in more money, not less, and dittos Reagan……

High tax rates are immoral……and counter productive.

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

Sorry, fdr kept us in a depression for his entire term in office, had the rest of the industry not been bombed we would have been there still……...

FDR made us the most powerful nation on earth. We had the seventeenth largest military in the world prior to FDR.....undisputed number one after

Gee, I wonder if the Japanese attack on Pearl Harbor had anything to do with the improvement and if becoming #1 had anything to do with America climbing out of the Great Depression? I also wonder if the fact that the rest of the industrialized world had been reduced to rubble in WW2 (while America escaped pretty much untouched) had anything to do with our economic success over the next 3 decades. Just wondering out loud.

 

[rightwinger]

Well, I guess you all want to run the people out of this country who uses their money to open business and employ people. go ahead tax them 100%. they tried that in France. go research how that turned out

Nobody is claiming that. What about full employment of resources in the market for labor; we can use socialism to bailout capitalism, like usual.

socialism kills capitalism...

Bullshit

How is Sweden and Finland doing?

 

[Dad2three]

I pay a higher effective rate than Romney

With higher top tier tax rates we paid for WWII, built the interstate highway system, sent a man to the moon

What have we done since Reagan slashed them?

Did you pay 1.94 million dollars in taxes?

Become the most powerful nation on earth…until the democrats spent all of the tax revenue his tax cuts created.

We became the most powerful nation on earth under FDR. Didn't get there through tax cuts

-

Sorry, fdr kept us in a depression for his entire term in office, had the rest of the world's industry not been bombed we would have been there still……...

Weird how you fukkn morons try to change history all the time. Hint FDR was left a HUGE hole (like Obama) but had cut unemployment by nearly half when the conservatives demanded he do something on the deficit, so he cut spending 10% in 1937 and took US back into the GOP/Conservatives great depression!

If Democrats hadn't had a part in the recession, you would have something. As far as I'm concerned, both party's contributed and both let that assholes off that caused the problem.

Enron and WorldComm CEOs went to jail. Obama and his cronies did nothing but fine them for a fraction of what taxpayers gave them in TARP money.

Taxpayers get to bend over while Congress babies Wall St. and Dems will support the biggest Wall St. crony which is Hillary.

When Dems support a rich crony like Clinton, it is tough to believe the BS about taxing rich, income equality and the like when you vote support Wall St. Favorite candidate.

Yes, the "both parties" BS



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf


Q Why is it commonly called the “subprime bubble” ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)

“Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006

https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf



Q. Er uh, didn’t you notice your link said the explosive growth of subprime mortgages started in 2001?

A. It did kinda say that didn’t it? However, the link below clearly states subprime was 10 % in 2003. 9% in 2001 to 10% in 2003 is only a 1% increase. A 1 % increase over 3 years is flat not explosive. 10 % in 2003 to 40% in 2006 is explosive. So the explosive growth started in 2004 which lines up pretty good but not exactly with the timeframe of the Bush Mortgage Bubble.


“In dollar terms, nonprime mortgages represented 32 percent of all mortgage originations in 2005, more than triple their 10 percent share only two years earlier


FRB: Finance and Economics Discussion Series: Screen Reader Version - 200899


ONE PARTY HAD THE EXECUTIVE BRANCH WITH THE FBI, HUD (F/F), SEC, etc


Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.


FACTS on Dubya s great recession US Message Board - Political Discussion Forum


YEAH, WEIRD HOW THE RIGHT WING KLOWNS NEVER ACCEPT THAT THE GUYS WHO "BELIEVE IN "FREE MARKETS" AND GOV'T IS THE PROBLEM, ALLOWS THINGS LIKE REAGAN'S S&L AND DUBYA'S SUBPRIMES BUBBLE!