A Quote by Kevin Drum
I think liberals should accept that if we want big programs that significantly reduce inequality - and we should - it's going to require higher taxes on everyone. The rich can certainly do more, especially given their stupendous income increases since the Reagan era, but they can't do it all.
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Democrats like Hillary Clinton and Bernie Sanders want to raise taxes on the rich, saying it will solve inequality. It won't. All that will do is significantly reduce incentives to work, save, and invest. But I say inequality is not the problem. The problem is a lack of growth.
The growing inequality of wealth and income distribution is both a moral and economic problem. If the wealthy are unwilling to pay more taxes, then this is going to lead to spending cuts. And if you put off the table things like national defense, then you're going to end up cutting more and more out of programs that aid the poor. So, I think there are consequences to this idea that tolerance for inequality requires us to - to just do nothing to make the wealthy contribute a higher share of resources to fund the government.
Your profits are going to be cut down to a reasonably low level by taxation. Your income will be subject to higher taxes. Indeed in these days, when every available dollar should go to the war effort, I do not think that any American citizen should have a net income in excess of $25,000 per year after payment of taxes.
The United States has a huge budget deficit so taxes are going to have to go up and I certainly agree they should go up more on the rich than everyone else. That - that's just justice.
With a congressional mandate to run the deficit up as high as need be, there is no reason to raise taxes now and risk aggravating the depression. Instead, Obama will follow the opposite of the Reagan strategy. Reagan cut taxes and increased the deficit so that liberals could not increase spending. Obama will raise spending and increase the deficit so that conservatives cannot cut taxes. And, when the economy is restored, he will raise taxes with impunity, since the only people who will have to pay them would be rich Republicans.
Reagan is the subject of ongoing political debate, and a lot of liberals don't want to take Reagan any more seriously than they did when he was president. I understand why they don't, but they should.
I think I should pay more taxes... but everything they take from me should go to reduce the debt.
There's nothing wrong with paying taxes; they should be paid in proportion to how rich you are. This idea that you're going to get better growth by cutting taxes at the top has no historical justification. And it's certainly not an argument in favor of capitalism.
Since the Reagan era, Republicans have prescribed cuts for rich people and corporations as a cure-all. But every time they put their theory into practice, the rich just get richer, and everyone else gets left behind.
The left does understand how raising taxes reduces economic activity. How about their desire for increasing cigarette taxes, soda taxes? What are they trying to do? Get you to buy less. They know. They know that higher taxes reduce activity. It's real simple: If you want more of an activity, lower taxes on it. If you want less of an activity, raise taxes. So if you want more jobs? It's very simple. You lower payroll taxes. If you don't want as many jobs, then you raise corporate taxes. It's that simple, folks.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
I think, at the end of the day, you have to reduce friction to businesses, ideally to zero, so that more and more entrepreneurs can create more and more jobs with higher and higher disposable income.
I think the rich should pay more in taxes - I agree with that 100 percent - but everybody should feel the pain a little bit.
Some liberals think that describing any role that education gaps play in creating income inequality is some sort of sellout - that, in essence, you're telling the middle class, 'Tough luck; you should have stayed in college.'
There are more people in America that love guns and want guns for themselves and everyone else than there are not. It is also true that liberals who don't want guns are puny by and large. They're not risking anything, all they're doing is saying they don't like something. Liberals are quick to say this should happen and this should not happen, but they don't do anything about it much.
What the Democrats do with income inequality is punish the people at the top of whatever bracket we're talking about. If it's income, they want to raise taxes. They want to impugn, punish, institute more regulations, just make it tougher and tougher and do what they can to take money from them.
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