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View Diary: Jan Schakowsky on the PBS NewsHour (153 comments)

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  •  Knock on effect from what Reagan did in (3+ / 0-)
    Recommended by:
    Eddie C, Cynic in seattle, elwior

    the 1980s. As wealth was injected into speculation, it made the top 400 and top 1% the most money: they are the speculators.

    Unless speculation is taxed, and taxed at a rate well above current tax rates, we will continue to see that graph go up.

    Schackowsky's plan, to tax cap gains at 'regular income levels' will slow that spike, but not stop it. It's got to be reversed for the economy to begin to recover in any meaningful way.

    Fixing the US and world economy is easy. Tax speculation, not labor.

    by shpilk on Tue Nov 23, 2010 at 07:56:56 AM PST

    [ Parent ]

    •  Unless speculation is taxed? (2+ / 0-)
      Recommended by:
      elwior, Eric Nelson

      I saw Robert Reich recently (I can't remember where) and he pointed out that while everyone was going on about not raising the capital gains rate there are many people on Wall St. making billions and only paying 14% in taxes.

      We have a debate going on where they are trying to remove our safety net and hedge fund billionaires are paying 14% on their billions?

      That should be the biggest news story. That should be the focus, not our Social Security and Medicare.  

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