"America must brace itself for turbulence"

[WinkyDink]

http://www.ft.com/cms/s/0/10612eec-24cc-11e0-a919-00144feab49a.html#ixzz1BhYdaulz

Most fundamentally it is difficult to see how the medium-term federal deficit can be reduced to sustainable levels without additional tax revenues from those earning less than $250,000 a year.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Any opticians here?

[MannyGoldstein]

1. Wealthy Americans used to pay more than 50% in federal taxes

Now it's down below 20%.

That's the problem.

[Brilliantrocket]

2. They never paid that much

Only on paper- in reality there were many loopholes and ways to hide income.

[nadinbrzezinski]

3. Yes they did

when the rate was at 90% you can bet your sweet ass that they did pay 50%

It is time to go back to THAT.

Oh and it is NO FUCKING coincidence that one way they hid income was to REINVEST in US BASED companies.

[yodermon]

7. "REINVEST in US BASED companies."

That's the *whole point* of high personal income tax rates.
The owners can either take money out of their companies for themselves, and give 90%(marginal) to the Gov't
... OR...
They can keep that money in the company for R&D, equipment, expansion, STAFF(!).. you know... stuff that actually stimulates the economy.

The "Point" isn't for government to increase revenue (although that would occur too).. It's to force money into the economic cycle instead of just hoarding it. *NO ONE* -- left, right or center -- frames it this way. :banghead: (at least not in the mainstream)

[nadinbrzezinski]

11. Of coures not, if we did...

but it is time we start framing it that way.

[MannyGoldstein]

4. 91% top tax rate. After loopholes, capital gains, etc it was more than 50%.

See http://wealthforcommongood.org/shifting-responsibility/

My Dad used to make a lot of money. He got creamed on taxes. Absolutely creamed.

[boomerbust]

10. I feel your pain Manny

That would explain a lot of your anti Obama posts.

[tabatha]

5. So why the deficit?

That makes no sense, and is not correct.

[PBS Poll-435]

6. The captain has turned the fasten seatbelt sign on.

[MannyGoldstein]

8. Shared sacrifice for coach

Foie gras and sumptuous wines in first class.

[nadinbrzezinski]

9. Yes, social revolts

that is what is coming. There is a limit, before things get... ahem...interesting

[RT Atlanta]

12. Cut the God-damned military budget in half

That's a darn good way to start reducing medium, short and long term deficit.

[onethatcares]

13. I guess we'll have to move the less wealthy

down to the bilge area for ballast while we rearrange the flight deck chairs.

there is no way to pay this deficit off without a manufacturing base which in turn provides a standard of living for clerks, laborers, and the entire working stiff column.

[WinkyDink]

14. Most of Titanic's dead WERE in steerage. It is ever thus.

[gratuitous]

15. When the banksters faced some turbulence, they got billion$

When it's the hoi polloi, well, you can't really expect the wealthy to pitch in, can you?