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View Diary: Teachers aren't the only ones giving low marks to Michael Bloomberg's war on public schools (44 comments)

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  •  Doesn't need to be 90% or anywhere near it (1+ / 0-)
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    NancyK

    Just eliminate unjustified deductions for the rich, raise cap gains taxes above a certain amount or over a short period, make all income equally taxable, and bam, revenue is where it needs to be,

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Sun Jan 20, 2013 at 09:25:15 PM PST

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    •  Revenue is one aspect to the problem. Income (0+ / 0-)

      disparity is another, and I believe has become the worst problem our nation has faced in generations, worse than the late 1920's.  

      Once your income nears many hundreds of thousands or millions of dollars per day, what tax breaks or deductions could possibly still be justifiable?  It serves no substantive societal interest for so few to take so much while so many worked to create the wealth and end up with little to show for it. They'd still make way more than 99.99% of us so it's not really a credible 'punishment' that will make them give up and stop trying to earn more. If anything, it would make them work harder, since they'd still be making more by doing so.  A stout progressive tax system just slows the upper rates of gain while ensuring a fairer overall distribution of the wealth.  America's fastest periods of economic growth occured under much higher tax rates than the present.  If the minimum wage actually kept up with the cost of living, and maintained a plausible ratio with the earnings increases of the rich, it would have to be more like $20/hour.  And we'd still be behind other 1st world nations in vacation time, maternity benefits, sick days, pensions, education benefits, etc.

      The attempts by the richest and most powerful in this nation to limit 'sharing the wealth' in the last 4 decades, with their increasing demands for cutting worker pay and benefit give backs/austerity/etc., has created an increasingly huge disparity between America's rich and poor, and now close to half of us are near or under the poverty line, even if working multiple jobs, and is shredding our social safety net programs.  With so many Trillions in our economy, that's a real crime that so few are sharing the benefits of the huge productivity our whole society of hard workers has enabled.  It's not 'socialism' or 'communism' to advocate for more fair and more equal terms in sharing this American wealth made possible by the labor of so many--that's just advocating we truly share the rewards of hard work with the hard workers. We've given away far too much to 'shareholders' and the CEO executive class in the last few decades. And they expect us to hand over even more. We can say 'No' to the most greedy demands with a firm tax reform that brings back progressive income tax and, as the bonus, our revenue problems go away while our government spends on the programs that benefit the majority of us, not just the top 1% of us.

      When life gives you wingnuts, make wingnut butter!

      by antirove on Mon Jan 21, 2013 at 11:43:00 AM PST

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