Wednesday, February 16, 2011

ROBIN HOOD ECONOMICS? HARDLY ...

If you read my earlier posts on chivalry and real patriotism you know why I think former Labor Secretary, Robert Reich, is spot on with these recent proposals. Specifically, Reich is proposing that we raise the marginal tax rate on the wealthiest Americans to:

* 70 percent on incomes over $15 million
* 60 percent on incomes between $5 million and $15 million.
* 50 percent on incomes between $500,000 and $5 million.

Before you hit the reset button, consider the following:


* Only 375,000 Americans have incomes of over $1,000,000.
* Between 1979 and 2007, incomes for the wealthiest 1% of Americans rose by 281%.
* In 1963, millionaires had a top marginal tax rate of 91%.

Since 1980 our national debt has climbed from just under $1 trillion to more than $14 trillion today. All the while, we've been cutting taxes for the rich, and paying for their tax rebates by borrowing more money, which only puts us deeper into debt.

Seriously, our nation is in a deep hole because of more than 30 years of tax cuts for the rich, yet the wealthiest Americans - who have seen their wealth reach record levels because of deregulation, tax cuts, bailouts, and political favors - are hiding behind the myth that they deserve even more tax breaks ... you know, because trickle down economics has worked out so well for America ...



And this isn't simply pie-in-the-sky Robin Hood economics ...



Imposing tax rates like Reich suggests would reverse 30 years of one of the biggest wealth transfers in human history. It would also go a long way in stabilizing our nation's finances.

You can read the rest of Reich's article here.

- Mark

3 comments:

Dillon said...

Someone hasn't taken a macroeconomics class, have they?

R. M. said...

This reminds me of Ice Cube's track from his new album titled, "I Am The West." The track is called "Hood Robbin'" The track talks about our current housing condition and his main point of the track is, "Ain't it a bitch when you gotta steal from the poor and give to the rich."

http://www.youtube.com/watch?v=9bZAYxy0mV0&feature=related

In case you need help with the lyrics (even though he does rap slow), here you go:
http://www.ohhla.com/anonymous/ice_cube/iam_west/h_robbin.cub.txt

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