Monday, January 12, 2009

Being Rich Is Not An Inherent Right

This is the best argument for reinstating pre-Reagan tax brackets that I've seen in a long while.

"Even judged by its own yardstick, the trickle-down approach has failed to deliver: Rather than getting richer, we have been slowly impoverishing ourselves. While incomes at the very top have soared to levels beyond imagining even a generation ago, the average inflation-adjusted income of the bottom 90 percent of earners was lower in 2006 than it was back in 1973. "


"We may never get back to the pre-Reagan tax rate for the top earners (70 percent), but we should at least nudge it back to the Clinton-era rate of 39.6 percent, as Obama has proposed, and for simplicity's sake round to 40 percent. To motivate executives, publicly traded companies could still be allowed to give out unlimited stock bonuses, provided that the execs pay taxes on the shares, cannot sell them for three years after leaving a company, and then must spread sales over at least five years. This would create a powerful incentive to manage companies for long-term success, which is good for jobs—and a smart ceo could still get fabulously rich."

Screw that - the Rich and Super Rich have been on a 28 year tax holiday, and it is time to pay back their country for its due. They have all the money to pay for everything that we need to get our economy running smooth again. And, they will still have greater wealth than the average middle class American will ever be able to accumilate in his/her lifetime.


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