If you question the progressive tax code (progressively higher tax brackets for progressively higher incomes), you need look no further than this graph. Many conservatives / libertarians argue for a flat tax on income, or a Fair Tax (removal of income taxes replaced by flat sales taxes). While these sound enticing in their fairness, these ideas are very, very unsustainably bad. Our current supply-side / trickle-down / lets help the job creators system is a proven failure at providing the promise of opportunity and prosperity in exchange for hard work and creativity that our great country is so well know for. In the past 3 decades since Reagan drastically cut taxes on the wealthy to help spur job creation has left us with the same ups and downs in unemployment as we always had, with a new twist that the wealthy have gained a much more massive chunk of control of the wealth of the country. Under the pre-trickle-down ethos, high taxes on the wealthy helped provide things like (just one small example) cheaper education for the middle class, which produced a more qualified workforce that didnt have huge sums of debt to their names, which allowed them to consume more with their higher income share - and in turn contribute more tax income back into the system for the improvement of the next generations possibilities. In other words, attempting to tip the scales to be more fair results in skewing the economic system in the wrong direction. When you look at historical dynasties, they all fail when too few people control too much of the countrys resources. Were very quickly heading toward that threshold of failure and the Teapublicans (and, admittedly, many corporate-friendly Democrats) are leading the charge with convincing, but patently incorrect arguments.
Posted on: Fri, 21 Mar 2014 14:11:38 +0000
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