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Tuesday, July 26, 2011
On the debt ceiling negotiations--and raising taxes on the already-wealthy
Okay, sure, let the Rethuglicans Republicans call it "raising taxes" but the fact is, the wealthy in the country shouldn't have gotten those tax cuts back during Dubya's reign administration. Cutting taxes like this hasn't created any jobs, ever since Ronald Reagan first devised the scheme. Further proof out today and it's from a pro-business magazine, Forbes: The 400 Richest Americans Pay An 18% Tax Rate."The 400 richest Americans used to pay 30% of their income on the average to Uncle Sam. Today, they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe,MSNBC.
The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class's taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.
Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage. It's a sad day for the principle of sharing the pain equitably." The Republicans need to bail on the idea of not doing away with the Bush era tax cuts, along with the idea of not taking away "Big Oil's" tax subsidies, too, among other things. We need government to work and it needs to start working now. Link: