Tax Wealthy To Pay For Iraq War

[disgruntella]

Excellent arguments made in this USA Today editorial by Robert Reich!

The top income tax rate rose during World War I to 77%. In World War II, it reached more than 90%. In 1953, with the Cold War raging, Republican President Dwight Eisenhower refused to support a Republican move to reduce it. By 1980, it was still way up there, at 70%. Then Ronald Reagan slashed it to 28%, giving us the lowest top tax rate of all modern industrialized nations. Because Reagan kept spending record sums on the military, the federal deficit ballooned. A few years after that, the Berlin Wall came down, ending the Cold War. We congratulated ourselves and then faced the largest budget deficit since World War II.

<snip>
It seems only fair that the rich should pay proportionately more, especially now that the cost of the war against terrorism is rising. They're the only ones with money to spare. Look at the numbers: In 1979, the top 5% of earners took home 16.4% of total family income, but by 2001, their share had increased to 22.4%. In contrast, in 1979 the bottom 60% of earners took home 31.4% of total income; by 2001 their share had declined to 26.8%.

<snip>

President Teddy Roosevelt made that case in 1906, arguing that the wartime inheritance tax should continue during peacetime: "The man of great wealth owes a particular obligation to the state because he derives special advantages from the mere existence of government."

Edit: That last sentence should ring a few bells with Dick "DICK!" Cheney...

[pansypoo53219]

1. but ya see here,

they elected the chimperor to get them some nice tax cuts and increasing them would sort of defeat the purpose of annointing the fool on the hill.

[dani]

2. no

I'm waiting patiently for the trickledown effect that * promised!
:P

[disgruntella]

3. oh, that might work

If it weren't for this administration's "water retention" ;)

[TahitiNut]

4. Rich get a renewed license to steal.

With no income tax on dividends or inheritance and long-term capital gains taxes at lows, those who accumulate wealth on the backs of labor are taxed at less than half the rate that laborers are taxed. The overall tax 'system' is now more regressive than it has been in 70 years. This is 'plantation economics' plain and simple.

[DoYouEverWonder]

5. Why are US troops in Iraq

Guarding and transporting employees of private companies such as Halliburton? Shouldn't they be paying for their own private security? They are private companies?