5/18/2011
Mazher Ali: “To start taxing money made from money the same as money made from work is a commonsense measure that could generate significant revenue. And we think we should tax wealth like work.”
United For A Fair Economy’s Mahzer Ali says their Responsible Wealth campaign wants America to return to true progressive taxation as an alternative to huge budget cuts that hurt the most vulnerable.
The Responsible Wealth campaign includes many upper income individuals who advocate higher taxes on investment income as an alternative to slash and burn budgets that shred the social safety net. Taxing wealth like work could generate more than $80 billion a year in federal revenue. Mazher Ali said:
There’s overwhelming public support nationally for taxing the rich more. A national McClatchy-Marist April poll found 64 percent of Americans want to raise taxes on people making more than $250,000 a year.
Most taxes that Americans pay are regressive. This includes municipal taxes like real estate and state sales taxes. The most regressive tax in the US is the Social Security part of the FICA tax. With the $106,800 cap, this tax has a minimal affect on affluent Americans.
The Republicans finally woke up about this and this is probably why Paul Ryan targeted Medicare for cuts.
The Republicans like to make a big fuss about federal income tax because it is one of the few progressive taxes in the country. However, the GOP has flattened the tax rates for affluent Americans and their tax rate for the wealthiest Americans is only nominally higher than for the middle class.
The most affluent Americans makes money by investing, not by by working. Therefore, most of their income is from capital gains. Of course, the capital gains tax is only 15 per cent and the Bush tax program was extended by president Obama to 2012 after the 112th GOP-controlled congress was seated.
As Steve Kangas has mentioned, many billionaires become wealthy because they underpay workers and slash benefits. Progressive taxes take back some of these excesses in personal income and reinvest it back in society.
This was the model that was used for 50 years after the Great Depression. In 1980, Ronald Reagan came into office with his dubious supply side economics and suggested America would prosper by cutting taxes for the affluent.
Microsoft is a good example of how small corporate elites becomes wealthy. The company had a reputation for underpaying workers and providing Microsoft stock as an offset. One in three Micro Softies was a temporary worker with no benefits until these workers challenged Microsoft in federal court.
Today Bill Gates is giving his money away. The Bill & Melinda Gates Foundation (B&MGF or the Gates Foundation) is the largest transparently operated private foundation in the world, founded by Bill and Melinda Gates according to Wikipedia.
We know today that Reaganomics and supply side economics don't work. There are only a handful of American economists who are advocates for supply side economics.
Supply side economics, deregulation, and Wall Street greed led to the Great Bush recession that started in 2007.
Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA Netcraft rank: 5502 http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.comUnited For A Fair Economy’s Mahzer Ali says their Responsible Wealth campaign wants America to return to true progressive taxation as an alternative to huge budget cuts that hurt the most vulnerable.
The Responsible Wealth campaign includes many upper income individuals who advocate higher taxes on investment income as an alternative to slash and burn budgets that shred the social safety net. Taxing wealth like work could generate more than $80 billion a year in federal revenue. Mazher Ali said:
The wealthiest people in this country are paying tax rates that are ultimately lower than most middle class families. Because of this special treatment of capital gains and dividends we’re losing $84 billion in revenue that could be used to avoid budget cuts. It could be used as federal aid to states so that we don’t have to put education and health care on the chopping block.
There’s overwhelming public support nationally for taxing the rich more. A national McClatchy-Marist April poll found 64 percent of Americans want to raise taxes on people making more than $250,000 a year.
Most taxes that Americans pay are regressive. This includes municipal taxes like real estate and state sales taxes. The most regressive tax in the US is the Social Security part of the FICA tax. With the $106,800 cap, this tax has a minimal affect on affluent Americans.
The Republicans finally woke up about this and this is probably why Paul Ryan targeted Medicare for cuts.
The Republicans like to make a big fuss about federal income tax because it is one of the few progressive taxes in the country. However, the GOP has flattened the tax rates for affluent Americans and their tax rate for the wealthiest Americans is only nominally higher than for the middle class.
The most affluent Americans makes money by investing, not by by working. Therefore, most of their income is from capital gains. Of course, the capital gains tax is only 15 per cent and the Bush tax program was extended by president Obama to 2012 after the 112th GOP-controlled congress was seated.
As Steve Kangas has mentioned, many billionaires become wealthy because they underpay workers and slash benefits. Progressive taxes take back some of these excesses in personal income and reinvest it back in society.
This was the model that was used for 50 years after the Great Depression. In 1980, Ronald Reagan came into office with his dubious supply side economics and suggested America would prosper by cutting taxes for the affluent.
Microsoft is a good example of how small corporate elites becomes wealthy. The company had a reputation for underpaying workers and providing Microsoft stock as an offset. One in three Micro Softies was a temporary worker with no benefits until these workers challenged Microsoft in federal court.
Today Bill Gates is giving his money away. The Bill & Melinda Gates Foundation (B&MGF or the Gates Foundation) is the largest transparently operated private foundation in the world, founded by Bill and Melinda Gates according to Wikipedia.
We know today that Reaganomics and supply side economics don't work. There are only a handful of American economists who are advocates for supply side economics.
Supply side economics, deregulation, and Wall Street greed led to the Great Bush recession that started in 2007.
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