Robert Reich: Why We Should Raise Taxes on the Super-Rich and Lower Them on the Middle Class

[kpete]

Robert Reich
Posted: February 15, 2011 10:33 PM
Why We Should Raise Taxes on the Super-Rich and Lower Them on the Middle Class

.............the argument that the nation shouldn't impose an obligation on the rich because they can wiggle out of it is an odd one. Taken to its logical extreme it would suggest we allow them to do whatever antisocial act they wish -- grand larceny, homicide, or plunder -- because they can always manage to avoid responsibility for it.

Some critics worry that if the marginal tax is raised too high, the very rich will simply take their money to a more hospitable jurisdiction. That's surely possible. Some already do. But paying taxes is a central obligation of citizenship. Those who take their money abroad in an effort to avoid paying American taxes should lose their American citizenship.

Finally, there are some who say my proposal doesn't stand a chance because the rich have too much political power. It's true that as income and wealth have moved to the top, political clout has risen to the top as well.

But to succumb to cynicism about the possibility of progressive change because of the power of those at the top is to give up the battle before it's even started. Haven't we had enough of that?

more:
http://www.huffingtonpost.com/robert-reich/why-we-should-raise-taxes_b_823822.html

[center rising]

1. Always liked Robert Reich

:thumbsup:

[handmade34]

3. I Love Robert Reich!

:hi:

[FreakinDJ]

2. A Corp can Transfer Assets with impunity / Citizen 15% Tax

[defendandprotect]

4. Exactly ... progressive taxation -- poor didn't used to pay taxes ...

steadily on, they began to suggest that the poor also wanted to feel

"patriotic" in paying their taxes!!!

[lonestarnot]

5. mmm mmm m! Robert wants to put the richies on the menu! I've always liked that man!

K & R!

[ProSense]

6. Hmmm?

"But to succumb to cynicism about the possibility of progressive change because of the power of those at the top is to give up the battle before it's even started. Haven't we had enough of that? "

Obama proposed ending $46 billion in oil/gas/coal subsidies, increasing the estate tax rate, ending tax cuts for the rich and a lot of people don't believe these stand a chance of remaining in any budget passed.

No, cynicism doesn't bode well for progress.

Reich's full proposal:

<...>

The most direct way to get more money into their pockets is to expand the Earned Income Tax Credit (a wage subsidy) all the way up through people earning $50,000, and reduce their income taxes to zero. Taxes on incomes between $50,000 and $90,000 should be cut to 10 percent; between $90,000 and $150,000 to 20 percent; between $150,000 and $250,000 to 30 percent.

And exempt the first $20,000 of income from payroll taxes.

Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.

And raise the ceiling on the portion of income subject to payroll taxes to $500,000.

<...>

[K8-EEE]

7. After 1994 I don't have to look at a map....

Spent the next day after the Northridge quake picking glass out of my feet with tweezers. Not a good time but better than the receptionist at my office -- her house slid down the hill and she and her fiance' died. :(

Whenever I think about it I want to pack my bags but home is home...so I just don't think about it much!

[pansypoo53219]

8. dan straight.

kill zombie reagan.