Robert Reich: Why We Must Raise Taxes on the Rich, ASAP!

[marmar]

via AlterNet:




RobertReich.org / By Robert Reich

Why We Must Raise Taxes on the Rich, ASAP!
America's wealthiest are paying a pittance in taxes, while the country is chipping away at its central foundations to meet budget shortfalls.

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.

Even if we got rid of corporate welfare subsidies for big oil, big agriculture, and big Pharma – even if we cut back on our bloated defense budget – it wouldn’t be nearly enough.

The vast majority of Americans can’t afford to pay more. Despite an economy that’s twice as large as it was thirty years ago, the bottom 90 percent are still stuck in the mud. If they’re employed they’re earning on average only about $280 more a year than thirty years ago, adjusted for inflation. That’s less than a 1 percent gain over more than a third of a century. (Families are doing somewhat better but that’s only because so many families now have to rely on two incomes.) ............(more)

The complete piece is at: http://www.alternet.org/economy/150497/why_we_must_raise_taxes_on_the_rich%2C_asap!/

[exboyfil]

1. I am pretty well compensated as an engineer

I did some back of the envelope calculations, and I don't think I will ever cover the prorated cost of my two childrens' education from K-12 ($8,000*13*2=$208,000) in my state taxes. Our family has ranged from about the top 40% to the top 25% now. Currently we are spending nationally about $14,000/student when you consider all federal, state, and local spending.

[Stuart G]

2. K and R nt