Marginal Tax Rates On The 1% Were North of 90% During Eisenhower’s Administrations
As history shows, Top Marginal Tax rates 1916 – 2011 as we lowered the marginal tax rates on the 1%, nothing ever “trickled-down.” Although the graph shows that we’ve been lowering them for more than 20 years, Warren Buffett’s comment in 2011 still helps: “Actually, there’s been class warfare going on for the last 20 years, and my class has won. We’re the ones that have gotten our tax rates reduced dramatically. The 1% have used those tax breaks to buy both parties and the media. Among other obscenities, that megaphone and power base has helped them contort the Protestant Work Ethic into the worship of wealth and suppress the vote. A primary engine of the meritocracy in the U.S. used to be the Patent and Trade Office. Unfortunately, the oligarchs now control it. Despite efforts to improve, U.S. patent approvals move slower
1.2 million applications await federal decisions When they can usually “stall or steal,” any patent, it effectively ends most upward economic mobility.
Per DDay’s Liberal Groups Fighting Grand Bargain–For Now, there is education happening about the vital role the social safety plays in a free-market system. To really achieve something, however, I think these groups must invest in an integrated (internet, social media tv, radio, outdoor) advertising campaign, calling for a return to the marginal tax rates on the 1% that are at or above 90%. Germans have proposed something similar German proposal: richest citizens should pay more taxes or loan long term to governments
“A leading German economic research institute has come up with one way to help countries involved in the euro crisis pay down their sovereign debt: get the wealthiest citizens to pay higher taxes, or force them to loan money to their governments.” From France Ayrault says wealthy ready to pay 75% tax Back in 1999, even “the Donald,” thought it made sense. Trump proposes massive onetime tax on the rich
NEW YORK CNN Billionaire businessman Donald Trump has a plan to pay off the national debt, grant a middle class a tax cut, and keep Social Security afloat tax rich people like himself.
Trump, a prospective candidate for the Reform Party presidential nomination, is proposing a onetime net worth tax on individuals and trusts worth 10 million or more.
By Trumps calculations, his proposed 14.25 percent levy on such net worth would raise 5.7 trillion and wipe out the debt in one full swoop.
While we will not get the top marginal tax rates back to 90% anytime soon, I think such a campaign will still yield important benefits across the political spectrum. It could help educate many Republican voters who have been influenced by wingnut radio, who increasingly wants to criminalize poverty. The 1% have used their ownership of the media and the duopoly to distance themselves from problem they and Wall Street Wall Street created. Properly executed, liberal/progressive ads could turn the fear about the “fiscal cliff,” against the 1%. It’s possible, they and their “think tanks,” and communication experts might think twice the next time someone asked them to fund a fear mongering campaign about “the debt.”
IMHO, using higher marginal tax rates to “defund the oligarchs,” should be a long term goal. Every increase in the marginal tax rates on the 1%, makes it that much more expensive for them to buy media and the duopoly.
If anyone has a link to the heavy D+ Congressional districts, I’d be grateful if you could put it in the comments. The Representatives from those districts may have considerable leverage in the latest battle to “save the 1%.” Again, from DDay CBO: Nearly $1 Trillion Saved By Letting Bush Tax Cuts Over $250,000 Expire. President Obama and Sen. Reid need GOP votes in the House to prevent ALL the Bush tax cuts from expiring. If Dems in heavy D+ districts have a lot of leverage, so do liberals and progressives. Turnout and ad rates will be much lower in the 2014 mid-terms. We can primary Representatives in those super-safe Democratic districts, who were not sufficiently vigilant about protecting America from even greater pillaging.
Among many examples of the looting of the taxpayers, this is from October 2011 Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval. To put $75 trillion into perspective, GDP of the United States in 2010 was around $14.5 trillion. The oligarchs are “socializing,” their risk onto the taxpayers. At the same time, they continue to keep ALL the profits, should their bets pay off. In capitalism, reward is supposed to FOLLOW risk. In crony capitalism, “accountability and taxes are for the little people.”
Like Mr. Buffett, billionaire Nick Hanauer understands the laws of Supply and DEMAND. Raise Taxes on Rich to Reward True Job Creators
……When businesspeople take credit for creating jobs, it is like squirrels taking credit for creating evolution. In fact, it’s the other way around. It is unquestionably true that without entrepreneurs and investors, you can’t have a dynamic and growing capitalist economy. But it’s equally true that without consumers, you can’t have entrepreneurs and investors. And the more we have happy customers with lots of disposable income, the better our businesses will do. That’s why our current policies are so upside down. When the American middle class defends a tax system in which the lion’s share of benefits accrues to the richest, all in the name of job creation, all that happens is that the rich get richer.
And that’s what has been happening in the U.S. for the last 30 years. ….
DEMAND collapses if the 1% own about 40% of the country. DEMAND further collapses if we offshore our manufacturing to workers who cannot afford to buy our exports. How Germany Builds Twice as Many Cars as the U.S. While Paying Its Workers Twice as Much From Nobel Economist Joseph Stiglitz, Ph.D. “Of the 1%, by the 1%, for the 1%”
Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.
Increased government funding, paid for by higher marginal tax rates on the 1%, will also play a pivotal role in helping us fight global warming. Per Phoenix Woman and phred, Solar Roadways is an idea that needs investments to develop working prototypes. President Eisenhower is remembered for his wise investment in the federal interstate system. Solar Roadways seeks to pave ALL US roads with solar panels which pay for themselves after about twenty-years. None of the individual technologies that make up the panels are new. When you consider that we’re spending about $1,000/ton for concrete, 12X12 panels of glass should be seriously evaluated as a green alternative. Although it strains tangential, any recollection of President Eisenhower is incomplete if it fails to mention him using the 101st Airborne to integrate Little Rock Central High School. Little Rock 9
OT, I kick in $20/month to FDL. If you can afford it, I hope you try and do what you can. Thanks to Jane, Scarecrow, TarheelDem and so many others who have had the courage to demonstrate and get arrested to save our great nation.