During the
1950s and early 1960s, the top bracket income tax rate was over 90%--and the
economy, middle-class, and stock market boomed[1].
Tax rates for the super-rich are lower than they have been in 50 years.
Those that
scream ‘class warfare’ whenever someone remotely suggests a higher tax rate for
the media (owned by the super-rich) are duping the super-rich. Although class
warfare exists, it is the rich that declared war. Hundreds and in some case,
thousands of workers make a company successful, yet the bulk of the profit
never reaches the people doing the real work.
Is it a
redistribution of wealth to tax the super-rich so that the real producers of
wealth gain some benefit? Perhaps it is nothing more than a fairer form of
capitalism.
Think about
this when people argue that higher taxes will take away the incentive for
company owners to expand.
A person with
20 million dollars of profit nets 13 million dollars after paying 35% in taxes.
If this person invests in the business and show 25-million in profit, but pays
40% in taxes, he or she nets 15 million. Why would I not want to grow my
business and pick up an additional 2 million dollars? Imagine, squeaking b on
15 million dollars a year! When taxes for the super-rich were at 90% new
companies and investments thrived.
Think about
another truth. The average working class American wanted a Federal Income Tax. The
media sold us the idea of an income tax because the wealthy would be taxed
while the worker would pay a relative small amount.
Think about
another truth. How many wars were fought (at huge cost of life and treasure) to
protect the wealthy companies whose foreign investments were in jeopardy? The
same companies that outsource jobs rely on our military to protect their
foreign operations. However, do not tax them.
Look at
McDonalds. The average worker earns $14,600 per year and qualifies for
government assistance (at taxpayer’s expense). The top five executives collectively
receive over 24 million dollars per year!
Look at
Wal-Mart and other businesses that encourage employees to apply for government
assistance. Our tax dollars supplement Wal-Mart!
Close every
loophole and increase the tax rate on the top 2 percent. Period.
