Dow reached a new high yesterday, Tax revenues at record levels, Is it time to raise taxes on the evil rich?

Answer 1

Tax revenues are at an all time because the economy has grown dramatically under sound economic policy.

The gap between the fifth and first percentile is closing at a rapid rate, faster than every before in history. The middle class who are working hard are buying homes faster than ever before in history. The rising tide is in fact raising all ships.

Now rather than just listen to propaganda AMericans should do some research, pretty soon the middle will be in the top and they are going to tell the Dems to take their socialism and shove it.

People take off the blinders, refuse the lies and propaganda, get the facts, do not let the socialists divide AMerica.

http://www.washingtonpost.com/wp-dyn/content/article/2007/05/28/AR2007052801056.html

Answer 2

Wait, did you just answer your own question? From 1966-2006 (chosen because it is before the Financial Crisis which distorts meaningful analysis, yet is long enough after the Bush cuts that most had phased in by then) no matter the huge tax cut or increase, total US tax revenue expressed as a percentage of GDP was very steady at 18.3% +/- 2.3%. This time period saw large changes in rates. It covers the large tax increases of Clinton as well as the large tax cuts of Reagan (twice) and W. The top individual rates were as low as 28% and as high as 70%. Yet the amount of revenue raised was relatively inflexible and unresponsive to these changes. What this demonstrates is that large rate hikes did not add proportionately large revenue increases, and that large rate cuts did not result in proportionate revenue losses. So claims that our deficits are caused by taxation changes are simply false. Tax revenue is fairly constant within the band of rates with only subtle shifts. Only the economic collapse finally moved tax revenue as a share of GDP out of that 18.3% band.

Answer 3

Not all rich are evil. If I was rich enough to be considered in the upper class I would consider it an honor to pay more taxes. I would feel blessed knowing that I have more money then 90% of americans.

Answer 4

Dow reached record high every day pretty much under Clinton, didn't need to be screamed from the rooftops AS IT WAS TRIPLING. A market is suppossed to reach record highs, otherwise you'd be going in reverse

Answer 5

I suppose you think tax cuts for the rich shift the tax burden upward. Wrong.
Tax cuts on the rich increase income inequality, by giving the rich more money to make money. Although their individual tax bills fall, the number of rich people grow, and as a group they pay a larger share of all taxes paid. Unfortunately, this expanding group of newly rich people does not expand beyond the richest 1 percent -- which is too few to benefit most Americans. Furthermore, their increased share of the national income represents a decrease for the poor. In relative terms, the poor pay less taxes because they make less income. Only supply-siders would spin this as a success story for the poor.

Answer 6

Yes! LOL

And if I remember correctly, when Clinton was in office, he labeled the "rich" as anyone making 80 grand a year or more! What? Try to raise a family on that and tell me you are rich!

Answer 7

Actually, when you factor in Inflation, the DOW is down over 50% from when Good President Clinton was in office.

Answer 8

"Rich" people pay their taxes!
They are taxed 33% in a lot of cases...would you like to pay $100,000 in property taxes and 45,000 in yearly govt. taxes at the end of the year? I suggest you pay your $2000 a year taxes and shut the heck up!

Answer 9

Highly enlightening and thought-provoking as per usual. Keep up the good work...

Answer 10

It is time to balance the budget.