Skip to main content

Democrats are such timid ....  I'm so damned frustrated!  Imagine!  Raising the top marginal tax rate all the way back to Clinton's rates.  Rates set during the longest peacetime economic growth in US history.  Here's the thing.  We are not at peace.  We haven't been at peace for over a decade.  Two unfunded wars have drained us dry.  So now, faced with a financial crisis, (and everyone admits a major cause has been these wars) why are we not talking about finally instituting war time tax rates?   Top marginal tax rates during WW I were gradually raised to 77% (1918) -- funding a third of the war. After the war was over, rates were lowered 5 times in the 1920's. Rates were raised again leading up to and during WW II.  In 1941 the bottom rate was 23% while the rate on incomes over $1 million was 94% helping to fund our Lend/Lease Program and our war expenses.

After our current war is over and the defense budget has been reduced to a peacetime level, the economy has recovered from the Great Recession (the deficit is eliminated) rates can be reduced again.

Further, I don't buy that argument that capital gains deserve to be taxed at a lower rate than wages from working or my IRA distributions.  What about small investors who cash in big winnings one year?  Re-institute income averaging.  This would also keep lotteries viable.

Since the top earners have done very well this past decade, and the rest of us haven't, it's time to ask those top earners to do their share.  And it's time to stop asking seniors and others scraping by to do with less.  We've given enough.  So hands off my "entitlements".

There.  I feel better.

Now of course, there's no chance in hell Democrats could pull this off.  But it's all about how to frame the argument.  Show the country what Republicans are demanding is entirely unreasonable.  


Republicans will have won again if they get a "modest" 1 or 2% increase in top rates and the bulk of deficit reduction is put on the backs of the poor through entitlement reductions.

UPDATE: Removed the offending word from the title and Intro per complaints.  I


What do you think the top rate should be?

36%12 votes
24%8 votes
27%9 votes
12%4 votes

| 33 votes | Vote | Results

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site