Wednesday, October 03, 2012 10:06 AM
repeBALANCE THAT BUDGET
1945 to 1980 we taxed wealth and estates to pay off WWII debt.
Now, we need the same to Pay off the “Republican” debt.
We have an income of 14,000B.
2013 budget calls for 2900B in revenue and 900B in deficit.
A shame that a nation with 14,000B income borrows 900B on a 3800B Budget.
We rank #4 on Inequality in OECD nations and above only Chile and Mexico as Least taxed.
In Federal-State and Local taxes we tax 27% of our GDP..
Since 1980, our tax rates have been cut to favor the wealthy.
Top 50% take 86% of individual income and pay a 12.5% Tax Rate
70,000,000 take 14% and all pay the full payroll tax.
The top 400 are billionaires. Some pay no payroll tax.
Most pay less than 1%.
We MUST go back to taxing Estates and Wealth at higher rates.
One family has more wealth than 90% of families.
We can balance our budget and pay off our debt which will give the middle class a larger share of our wealth and an improved standard of living. clarence swinneyat but so important