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It's time to tax the rich
http://www.latimes.com/news/opinion/commentary/la-oe-adler-taxpolicy-20101117,0,5817913.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fnews%2Fopinion%2Fcommentary+%28L.A.+Times+-+Commentary%29 ^

Posted on 11/17/2010 8:17:50 PM PST by ChicagoConservative27

The final two years of the George H.W. Bush presidency brought a creeping recession, with an unemployment rate that increased from 5.6% in 1990 to 7.5% in 1992. In June 1992, just five months before the elections, the rate reached 7.8%, and Bush lost his reelection bid ("It's the economy, stupid").

What did the new president do about the economy? President Clinton in 1993 proposed to raise the highest marginal tax rate immediately from 31% to 39.6%. In a Wall Street Journal article, Martin Feldstein, the former chief economic advisor to President Reagan and then as well as now a professor of economics at Harvard, opined that "Mr. Clinton's proposal to raise the marginal tax rates of high-income individuals would hurt incentives, weaken the economy and waste investment dollars."

(Excerpt) Read more at latimes.com ...


TOPICS: Government; Miscellaneous; News/Current Events
KEYWORDS: deficit; sourcetitlenoturl; taxes

1 posted on 11/17/2010 8:17:52 PM PST by ChicagoConservative27
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To: ChicagoConservative27

I was just telling the wife the other day that it’s time to tax the lame stream “media”. Those bass turds are always pimping DemocRATS and government handouts. THEY should pay for them.


2 posted on 11/17/2010 8:19:45 PM PST by FlingWingFlyer (He that casts the ballot decides nothing. He that counts the ballots decides everything. - Stalin)
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To: ChicagoConservative27

Gosh, what a novel idea! I bet no one’s ever thought of that before!


3 posted on 11/17/2010 8:22:41 PM PST by Cymbaline ("Allahu Akbar": Arabic for "Nothing To See Here" - Mark Steyn)
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To: ChicagoConservative27
We DO "tax the rich."

Anyone who believes that all men are created equal ought to agree that everybody should pay the same tax rate.

People who believe in different tax rates for different people implicitly believe that some people are inferior to others.

4 posted on 11/17/2010 8:23:51 PM PST by E. Pluribus Unum (The people who hate Sarah Palin hate her because they know that her Presidency is inevitable.)
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To: ChicagoConservative27

If you make more than $250,000 a year you are a small business. You probably employ a house keeper, a gardner, a dry cleaner with all the other discretionary spending you do.

When you tax more in a poor economy these jobs evaporate.


5 posted on 11/17/2010 8:25:58 PM PST by Clint N. Suhks (YOU BETCHA!)
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To: ChicagoConservative27

Good idea Donks! What do we do when “the rich” run out of money?


6 posted on 11/17/2010 8:26:40 PM PST by FlingWingFlyer (He that casts the ballot decides nothing. He that counts the ballots decides everything. - Stalin)
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To: Clint N. Suhks

The bush 41 and Clinton comparison is dumb.


7 posted on 11/17/2010 8:27:03 PM PST by ChicagoConservative27
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To: ChicagoConservative27

What these politicians do not understand is that many of these “rich” are small business owners filing their business earnings on their personal income tax. Increasing their tax hurts these businesses who are the largest source of employment in this country. Even taxing “millionaires” hurts the economy as these very rich buy expensive cars, eat at high end restaurants, employ household help and above all invest a greater portion of their disposable income than people with lower income. Taxing them more ripples through the economy with fewer jobs and less investment in new business.


8 posted on 11/17/2010 8:29:50 PM PST by The Great RJ (The Bill of Rights: Another bill members of Congress haven't read.)
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To: ChicagoConservative27

What you tax you get LESS of....tax the “rich” you get LESS RICH.....such Einsteins, these people.....


9 posted on 11/17/2010 8:32:05 PM PST by goodnesswins (You deciding how to spend your health care $, thatÂ’s freedom. Govt deciding, thats a death panel)
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To: ChicagoConservative27

If you do the low end of the wage earners are going to suffer!!


10 posted on 11/17/2010 8:32:05 PM PST by dalereed
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To: ChicagoConservative27

Eliminate welfare, food stamps, “Earned Income Tax Credit”, section 8 housing, etc and the current tax rates are just fine!!!


11 posted on 11/17/2010 8:34:41 PM PST by dalereed
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To: ChicagoConservative27

The rich cannot be taxed. Capitation Taxes must be apportioned and the 5th amendment requires just compensation for the taking of property.

The LA times want to tax the high income earners.

E.G. John Kerry, the wealthiest in Congress is invested in Muni Bonds (non-taxable). Warren Buffet does not get taxed on his wealth because it is mostly in unrealized capital gains.


12 posted on 11/17/2010 8:35:18 PM PST by ALPAPilot
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To: dalereed

I think I would eliminate any pay for Congress. Room, Board and Transportation should do it. You have the power and the means to get there. Get your room and meals provided and thats it. Keep your day job. That’s your money.


13 posted on 11/17/2010 8:49:29 PM PST by eyedigress ((Old storm chaser from the west)?)
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To: ChicagoConservative27

If we follow this crazy author’s advice the rich will leave the USA in droves.

It would be a better idea to make sweetheart-deal tax treaties with the rich like the Swiss do. Then rich people will flock to the USA and we will all be better off!

I want to live in a country with lots of rich people.


14 posted on 11/17/2010 8:52:49 PM PST by devere
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To: ChicagoConservative27

“Tax the rich/feed the poor/Till there are no/rich no more...”


15 posted on 11/17/2010 8:53:23 PM PST by dfwgator (Texas Rangers -Thanks for a great season.)
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To: ChicagoConservative27

OK we’ll tax Hollywood mansions and leave everyone else alone.


16 posted on 11/17/2010 8:55:00 PM PST by ari-freedom (Islam is at war against America, while America is at the mall.)
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To: ChicagoConservative27
The bush 41 and Clinton comparison is dumb. Times that the "GHWB recession" ended three months before Clinton took office. And that the economy was already expanding -- under the impetus of the high-tech explosion -- before they raised taxes on the "rich".

Nowadays, do they really want to raise taxes on the "rich" in the teeth of what they themselves are calling The Great Recession.

Idiots -- who would prefer to punish the rich...rather than reward the jobless.

17 posted on 11/17/2010 9:00:25 PM PST by okie01 (THE MAINSTREAM MEDIA: Ignorance on Parade)
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To: All

http://www.youtube.com/watch?v=z_OMUw3kQ80


18 posted on 11/17/2010 9:32:29 PM PST by Irenic
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To: ChicagoConservative27
It's time to tax the rich

Now if it said, oh, It's time to tax the liberal rich I think it might be a bit more palatable.

19 posted on 11/17/2010 11:38:21 PM PST by kittycatonline.com
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To: ALPAPilot
E.G. John Kerry, the wealthiest in Congress is invested in Muni Bonds (non-taxable).

If he is he is an idiot (what am I saying of course he is). There are going to be a lot of Muni defaults.

20 posted on 11/18/2010 1:38:14 AM PST by Pontiac
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To: ChicagoConservative27
It's time to tax the rich

Huh. And all along I thought we WERE taxing them. Silly me.

21 posted on 11/18/2010 2:58:17 AM PST by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: FlingWingFlyer
What do we do when “the rich” run out of money?

Surely the 'government' will bail them out.

": )

22 posted on 11/18/2010 7:08:17 AM PST by UCANSEE2 (Lame and ill-informed post)
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To: dalereed
Eliminate welfare, food stamps, “Earned Income Tax Credit”, section 8 housing, etc and the current tax rates are just fine!!!

Yeah, but if you did eliminate those, Democrats would never win another election.

23 posted on 11/18/2010 7:11:50 AM PST by UCANSEE2 (Lame and ill-informed post)
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To: devere
I want to live in a country with lots of rich people.

As long as they are good 'tippers'.

": )

24 posted on 11/18/2010 7:14:03 AM PST by UCANSEE2 (Lame and ill-informed post)
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To: okie01
who would prefer to punish the rich...rather than reward the jobless.

Whereas now, they punish the rich conservatives, and reward the jobless liberals.

25 posted on 11/18/2010 7:17:00 AM PST by UCANSEE2 (Lame and ill-informed post)
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To: ChicagoConservative27

I think it’s time to tax the poor. To save them from themselves.


26 posted on 11/18/2010 7:18:18 AM PST by Republic of Texas (Socialism Always Fails)
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