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This blog is dedicated to progressive and liberal thought. It also discusses new technology, how technology affects privacy and developments in Russia, China, Eastern Europe and the Middle East. Rightardia fully supports the rights of workers to organize, the feminist movement, and all Americans regardless or ethnicity, sex or gender.It uses humor, satire and parody to expose conservative thought for what it truly is: BS! Rightardia contributes to the DNC, DCCC, DSCC and MoveOn.Org.

Sunday, January 2, 2011

TheRealNews: The Great GOP tax scam

TheRealNews | January 01, 2011

Michael Hudson: History of US shows economy grows when top tier tax rates and workers wages are high.

This video provides a lot of the history of the US income tax that was instituted by progressive Republicans. The first income tax only affected the top one per cent of income earners with a 90 per cent tax rate.

Today, the top tier of income earners pays 35 per cent, but most of the income of the affluent is derived from capital gains that is only taxed at a 15 per cent flat tax.

Under the original income tax code, capital gains were taxed as ordinary income.

Today, the top 10 per cent of Americans haul in 50 per cent of the annual national income. This is largely due to the regressive tax policies of Republicans.

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