The stock market began yesterday by losing 465 points. It rallied to close at "just" a 130 point loss. International exchanges are in full panic mode, one losing 12% of its value the first two days of this week. The Dow Jones is hovering just above 12,000 after all that celebration by the Bushies when it crested 13,000. Yes, those were the good old days, corporate profits were setting records, unregulated mortgage securities were making billionaires of hedge fund managers (in a single year), the war machine was cranking out Humvees, and the White House was doing everything possible to make the rich richer and the poor poorer.
Why does this happen every time a Republican gets in the White House? As Kirk says, it is voodoo economics. They think they can expand the economy by giving huge tax cuts to the rich. George Bush slashed income taxes for the top 1%, cut capital gains and inheritance taxes and initiated massive deficit spending. Democrats have proven, over and over, that sound fiscal policy and eliminating debt is what fuels economic expansion without risk.
The people keep paying for the bad policies espoused by Republicans. Sure enough each of their presidential hopefuls is on the campaign trail spouting their mantra: cutting taxes. What is the definition of insanity? Doing the same thing over and over while expecting different results? Why is always the Dems the voters turn to to bail out the Republican disasters? This time we not only have an economic disaster to contend with but the biggest foreign policy disaster in our history.
Of course it is only the lower and middle classes who hurt so what do the Bushes care? As Barbara would say, "this has actually turned out quite well for them." Only in her mind.
Hey, anyone out there...Warren Buffet, John Morgan (keeping you in good company :) ), George Clooney...
Anyone who thinks that the rate of taxation is not high enough...is fully capable of writing out a check to the IRS for any amount over and above the current rate. And the IRS will happily cash it.
So, much like John calls those who support the military yet did not serve chickenhawks, those who think the tax rate is too low and yet dont pay more are doing the same thing. Not having the courage of their convictions.
As for tax cuts for the rich, the rich pay a disproportionate (spelling?) amount already...if there is to bea tax cut, it should go to those already paying the higher rate. I think the top 1% of earners bear over 30% of the total tax burden.
As I have mentioned in numerous postings, a progressive income tax is a bedrock of communism, so unless we simply declare "from each, to each"...we need to stop the class envy.
And again, I am far from rich.
have a great day :)
p.s. if you dont want to write the check out to the IRS, I'll give you my paypal account :)
Posted by: tyler | January 24, 2008 at 10:42 AM
OK, you're equating paying taxes with sending others to die in a war of choice for which the Administration lied over 900 times? People died because these chickenhawks beat their war drums.
Posted by: John Morgan | January 24, 2008 at 11:23 AM
no, i am equating the 'courage of the convictions' that was thrown at me numerous times.
i understand fully that people have died (as they often do in times of war) because of the mistakes and miscalculations of most major intelligence gathering agencies in this and other countries. However, we are there now. And we have to fix what was/is messed up. And dont hold your breath thinking that if a Dem wins in 08, the troops are coming home any time soon. You swallowed that hook line and sinker in 06...and the war still goes on.
Getting back to taxes and the purpose of this thread...do you honestly...in your heart of hearts...think that a progressive income tax is fair? Just because person A makes more income (for whatever reason...work harder, better investments, luck) than person B, should person A pay a greater percentage? Person A and person B both only get one vote...so it fair, truly fair, to make one person pay more (percentage wise)?
I am pretty sure I know your answer, but when its laid out and thought out...is it really FAIR?
Posted by: tyler | January 24, 2008 at 12:03 PM
Yes, I do believe in a progressive income tax. The rich have a moral and ethical obligation to society to assist those left fortunate. When you factor in the disparities of education, class and race not everyone is equal in this country, not by a long shot.
Christianity also teaches that we should help the poor, disadvantaged and infirm. It's mostly a question of morality though.
Feudalistic societies were the epitome of your logic and there were brutally unfair, unjust and unequal. We're quickly heading back in that direction under Republican policies. The inequality of incomes and opportunity stem from the vestiges of feudalism and slavery, to a large extent.
Posted by: John Morgan | January 24, 2008 at 01:16 PM
Speaking of taxes Tyler, when I get the same rights you get come back and talk to me about taxes. I shouldn't pay the same rate as straight people since I have second class citizenship in our system of sexual apartheid.
Posted by: John Morgan | January 24, 2008 at 09:26 PM
You don't have second-class citizenship now, but hopefully soon, John.
Posted by: onenastybeast | January 26, 2008 at 04:18 PM