2 thoughts on “Why The Rich Should Pay More Taxes”
Exactly right. Something that I find few people understand is that the rich don’t pay the rates he stated on all of their income, just on their income over a certain amount. Different brackets of our income pay an increasing rate.
It needs to be understood that when the middle class can’t earn enough, it depresses what the rich make because the middle class can’t buy anything for the rich to make a profit from. No one is an island. There must be a healthy balance for all to do well.
I must add that we all still do too well for the carrying capacity of the planet. We collectively exhaust global resources in one year that took at least a million years to develop. Ouch!!!
Great statement … thanks Gregory.
Yeah, the idea of the “marginal” tax rate is important, but not obvious.
And the fact that the middle class is — or was — the engine of demand in the economy is also under-appreciated.
It’s ironic that the right accuses Obama of favoring “redistribution” of wealth from the rich to the poor (socialism!), but in fact tax policies have been redistributing wealth from the middle class and poor to the wealthy classes for the last 30 years. That’s how we have become the most unequal society among the Western industrial nations.
2 thoughts on “Why The Rich Should Pay More Taxes”
Exactly right. Something that I find few people understand is that the rich don’t pay the rates he stated on all of their income, just on their income over a certain amount. Different brackets of our income pay an increasing rate.
It needs to be understood that when the middle class can’t earn enough, it depresses what the rich make because the middle class can’t buy anything for the rich to make a profit from. No one is an island. There must be a healthy balance for all to do well.
I must add that we all still do too well for the carrying capacity of the planet. We collectively exhaust global resources in one year that took at least a million years to develop. Ouch!!!
Great statement … thanks Gregory.
Yeah, the idea of the “marginal” tax rate is important, but not obvious.
And the fact that the middle class is — or was — the engine of demand in the economy is also under-appreciated.
It’s ironic that the right accuses Obama of favoring “redistribution” of wealth from the rich to the poor (socialism!), but in fact tax policies have been redistributing wealth from the middle class and poor to the wealthy classes for the last 30 years. That’s how we have become the most unequal society among the Western industrial nations.