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Posted: 10 17 2009 Post subject: prince edward island map |
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| Give me a break. It won't "destroy society". High taxes on the rich in the US has already been tried, and it created for the US some of its best times in terms of strength of society, and it didn't eliminate the rich by any means either. Tax rates were at nearly their lowest in the US for about five years prior to the Great Depression (you have to go back to 1915 to find lower tax rates), and is felt to be one of its many causes. Throughout the 1950s and early 1960s, one of the most socially and economically healthy periods in the US, the rich were taxed as high as 90%. None paid that much, since they had good lawyers and accountants who knew how to take advantage of loopholes, but during that time, more tax money in terms of percentage of income was still paid by the rich than has been paid ever since. When Johnson took office, the tax cuts for everyone (both rich and not) began, dropping the top tax rate down to about 70%. Nixon increased it up to about 77%, and then Reagan started tax cuts for everyone again, but only a little for the non-rich, and a lot for for the rich, and it's been going downhill since then--the top tax rate is now about 35%--which is one factor that has allowed a concentration of wealth that has hurt everyone but the very rich. Currently proposed taxation to once again bring up the top tax rate on rich people doesn't come nearly as high as even the first Reagan administration's 50%, and so it will have a very small effect on their "wealth", while allowing the people they suck off of every day, to get by a little better. |
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