Friday, October 26, 2012 4:19 PM
BUDGET BALANCE TIME
1945 -1980 we taxed high incomes and estates to pay down WWII debt.
In those years we had fabulous economic growth.
The Middle Class had much economic growth.
Now, it is payoff time.
We need to pay down the Republican Tax Cut Debt.
Our income is $14,000 Billion.
The 2013 budget calls for $2900B in revenue and a $900B deficit.
It is a disgrace that we will not pay our way instead of leaving it for our kids to pay.
We rank 4th on Inequality in OECD nations. Richest on earth. Yet! We rank third as Least taxed in OECD nations. Only Chile and Mexico tax less of GDP than America. Yes! We rank number two on taxing our corporations even though our top rate is highest. Obviously, something is crazy in America.
Since 1980, our tax rates have been cut cut cut to favor the wealthy.
In 2008, the top 50% got 86% of all individual income and paid 12..5% tax rate.
That ratio has been similar for years.
70,00,000 workers took home 14%.
We Must return to taxing Wealth and high incomes. Would a higher estate tax hurt the ONE family which owns more wealth than 90% of our families. Romney wants to zero it not raise it to help balance our budget and pay down some of the debt that helped him get very rich.
We CAN balance our budget. We CAN pay down our debt. The rich will fight any change.
The Middle Class needs help to regain a good Standard Of Living. Help them. Clarence Swinney