Robert Reich: Why We Must Raise Taxes On The Rich

[Hissyspit]

http://robertreich.org/post/4344201496

Why We Must Raise Taxes on the Rich

MONDAY, APRIL 4, 2011
It’s tax time. It’s also a time when right-wing Republicans are setting the agenda for massive spending cuts that will hurt most Americans.

Here’s the truth: The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich.

- snip -

Yet even as their share of the nation’s total income has withered, the tax burden on the middle has grown. Today’s working and middle-class taxpayers are shelling out a bigger chunk of income in payroll taxes, sales taxes, and property taxes than thirty years ago.

It’s just the opposite for super rich.

- snip -

If the rich were taxed at the same rates they were half a century ago, they’d be paying in over $350 billion more this year alone, which translates into trillions over the next decade. That’s enough to accomplish everything the nation needs while also reducing future deficits.

If we also cut what we don’t need (corporate welfare and bloated defense), taxes could be reduced for everyone earning under $80,000, too. And with a single payer health-care system – Medicare for all – instead of a gaggle of for-profit providers, the nation could save billions more.

MORE

[liberal N proud]

1. La, la, la, la, la - their not listening

:sarcasm:

[ThomCat]

7. They're not listening.

No. They're not.

[RadiationTherapy]

2. It's so painful and embarrassing. We have to get this straightened out immediately.

We have to go back to being liberals and conservatives and democrats and republicans. It's awful; we can't even talk to each other. The cumulative financial stress of the bottom 90 percent and the cumulative advantages of the top 10% are ripping us all apart. I hate it.

[titaniumsalute]

5. It's not the bottom 90%

It's the bottom 98% versus the 2%.

It is such few people versus such HUGE amounts of others. What I find weird is how do we not band together and take this on? I guess the right-wing realized years ago they needed to own a certain number of uneducated to herd them out to vote. They got to these uneducated through abortion, gay issues, religious "causes", and other bullshit "family values" kind of garbage.

Maybe this union busting stuff is the primer. So far it is outraged huge amounts of people. Maybe it will continue and make a big difference in the next election.

[TheKentuckian]

8. I'm rolling over on the entire top 20% and it isn't punitive.

That is who has fat to cut. In fact, I could favor at least rolling back to Clinton era rates on the top 60% in order to give the bottom 40% some desperately needed relief.

The 250k line is just a way to distort the issue for political salesmanship rather than doing what it takes to have some semblance of a healthy and broadly functional economy.

[closeupready]

3. Won't happen.

Think of something else, Mr. Reich.

[titaniumsalute]

4. $350 billion

Over ten years that is $3.5 Trillion. I'd be willing to help Rep. Ryan find the other $500 billion over ten years to come up with his $4 Trillion in budget reduction.

[LooseWilly]

6. Reich is obviously a communist.

And those in power have no interest in fixing anything.

And the masses are so hopelessly confused that those in power don't even have to resort to fixing elections in order to stay in power...

A spot of wisdom like spitting into the wind...

[ladjf]

9. Hello, will someone please pay attention to Dr. Reich. He's telling

us what needs to happen in order to come out of the financial funk we are in.

[Hissyspit]

10. Kick nt

[neverforget]

11. makes way too much sense.

knr

[leftstreet]

12. K&R