Friday, October 28, 2011


President Reagan called for closing "crazy" loopholes that let millionaires pay less taxes as a percentage of their income than bus drivers. Kind of sounds like Warren Buffet saying he shouldn't be paying less in taxes as a percentage of income than his secretary, doesn't it?

Let's make this real simple. President Reagan's policies wouldn't fit in with the right wing today if you judge him by today's right wing standards. In fact, by acknowleding that the rich should pay more in taxes than a bus driver Reagan was acknowledging both Adam Smith, and reality:

1. Adam Smith: The intellectual godfather of capitalism, believed that higher tolls on luxury carriages should be charged because the "indolence and vanity of the rich" should be made to pay for the public good.

2. Reality: Even if we taxed and confiscated everything the poorest 50% of Americans earn or own today (about 2.5% of our nation's wealth = $1.4 trillion), it still wouldn't pay for the first installment of the Wall Street bailout (above $4 trillion, to date), let alone for the amount that we've been told has been encumbered (between $9-14 trillion).

Long story short. President Reagan - like Warren Buffet - would support the Democratic Party position on closing loopholes on the top 1% today.

- Mark


R. M. said...

Interesting how you mentioned this. The link below talks about a poll asking people which past president they would want now. The winner was the Gipper. WOW! Interesting. I thought it was Clinton that cleaned up Reagan's mess.

R. M. said...

Dr. Martinez, South Park released a new episode last night. It was on the top 1%, and they even had the anonymous group and Michael Moore in the episode. Matt and Trey are geniuses!