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Thursday, October 14, 2010

Tax the RICH

Hey Barry:

The RICH is our problem. Now Robert Reich [http://robertreich.org/] has been saying the exact same thing, except he says he is a class 'worrier' and not a class 'warrior'.

He sayin that because he thinks that somehow the good ol U S of A will spontaneously rise up and restore a better balance between the RICH and the rest of us. After all, we have done it before.

What he means is that we have RAISED TAXES on RICH folks before. By RAISING TAXES on the RICH, we have leveled the playing field and made a better country in the past.

So, les look at some facts to see if he is right.

OK, so far as the marginal federal income tax rate on the highest earners goes, score one for RR.

That rate was 91% from 1955 to 1963, then it dropped to under 40% from 1987 to 2003, where it stood at 35%. Read it here: http://www.truthandpolitics.org/top-rates.php

Incidentally, 1955 to 1963 were some pretty good years for growth and jobs in the U S of A.

So lets look at inheritance taxes in the USA. What do we see there: we see that the top inheritance tax rate was between 70% and 90% from 1936 to 1996.

Read it here: http://www.heritage.org/research/reports/2004/01/estate-taxes-an-historical-perspective

Now that rate is zero.

Score two for RR.

OK, then, what's it all mean.

It means that Congress and the voters were less corrupt/blinded/bamboozled than they are now.

It means that in our recent history we have taxed RICH people a lot and that the economy was better at the time we were taxing the RICH.

But, when we talk bout that today, we get a s...storm of bombast, bribes and lies that take our eye off the ball.

So, Ima guessin that make me a class 'warrior' in RR's definition. I don feel like one, I jes feels like Ima tellin the truth. Well, if tellin the truth make me a 'warrior', so be it.

Here one of da biggest lies we gonna hear: If we put the inheritance tax back on, there will be a lotta poor farmers who will lose the family farm they tryin to pass on to their families.

Thas jes a crock. First off, when we talk about RICH, we are talkin about billionaires, not some family farmers. Im all for making the inheritance tax apply only to RICH - estates more than a billion. That way saves the family farm. Let folks have couple hundred million - no problem. Its the big guys I worry about.

Here another big lie we gonna hear: If we tax RICH folks they won't create jobs and the economy will suffer.

Thats another crock. RICH folks dont create jobs - they buy T bills and such. Jobs are created by small businesses started by middle class folks. Takin away the big fortunes will make more jobs because middle class folks will have more income and will start more businesses.

OK Barry, you got a lot on your plate.

Don let this one slip on by.

We needs ya here.

Your pal,

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