For the good of democracy, tax cuts for the rich must expire (LA Times Op/Ed)

[pinto]

For the good of democracy, tax cuts for the rich must expire

Extreme inequality in the U.S. is the result of tax-cutting ideology, which showers largesse on the GOP's deepest-pocketed supporters.

By Jacob S. Hacker and Paul Pierson
September 23, 2010

The richest 0.1% of Americans have seen their share of pretax national income rise from less than 3% in 1970 to more than 12% in 2007 — the highest proportion since the creation of the income tax in 1913. Yet even as the rich grew vastly richer, Washington decided they needed more help. Since 1995, the top 400 households have enjoyed a 45% cut in their federal income taxes (they paid 30% of individual income in 1995 and 16.6% in 2007). In 2007 alone, that saved the top 400 filers $46 million — per household.

In the coming weeks, you will hear a great deal of discussion about whether maintaining tax relief for the rich passed in 2001 will create jobs. You will hear much less about the real issue raised by the tax-cut debate: America's fraying democracy.

Most economists agree that extending Bush-era tax cuts for the highest-income Americans would do little to stimulate the economy. The nonpartisan Congressional Budget Office recently ranked extending the 2001 tax cuts last among 11 options for creating employment. It noted that even within that option, extending tax cuts for the rich would be the least helpful tax-cut extension, because wealthy people would be likely to bank their tax savings rather than spending them.

Good ideas for putting Americans back to work are running into a wall of congressional opposition in the face of deficit worries. Yet the same members of Congress who denounce deficit spending are ready to find vast sums for the idea that ranks dead last.

<more at>

http://www.latimes.com/news/opinion/la-oe-hacker-tax-cuts-20100923,0,6061583.story

Jacob S. Hacker is a professor of political science at Yale. Paul Pierson is a professor of political science at UC Berkeley. They are the authors of "Winner-Take-All Politics: How Washington Made the Rich Richer — and Turned Its Back on the Middle Class."

Copyright © 2010, Los Angeles Times

[RUMMYisFROSTED]

1. "...and the top rate must be tripled!"

Who's with me!?!


rabble rabble rouse rouse

[pinto]

3. *At least* go back to the 2001 schedule for the top rate.

:hi:

[RUMMYisFROSTED]

5. Or 1953.

:hi:

[pinto]

6. ,,,

:hi:

[Bitwit1234]

2. Tell me the reasoning behind this about the tax cuts.

We have a health care bill that will help people and save lives. The cost will be made up over a number of years. But the republicans are screaming against it because THEY SAY WE CAN'T AFFORD IT. Now they want to extend tax cuts for the rich. This will add billions to the deficit and can't be made up.

Wonder what in the matter with the reasoning between the two. And wonder how damn dumb and stupid and ignorant (did I get enough adjectives) the tea bags have to be not to realize that.

[pinto]

4. From Reagan's infamous "trickle down" theories to the blind tax cut mantras of the RW today -

Go figure. None have worked, and the tone of late, obviously, is let's starve government for the good of those government is most entrusted to help. Agggh. :banghead:

[rustyd55]

7. tax cuts for rich

the greed has gone too far they dont hire more people. they get richer and more greedy. they can manipulate numbers to look good. the economy was great till bush was elected and took care of big oil and big corp now they want to blame obama and democrats