BUT he stops short of some of my KEY 10(actually 12 point) program:
We would STILL need:
- A living Wage (the minimum wage would become 'the TRAINING wage'
- Day-Care (paid by FEDERAL gov't) starting at 6 months.
- A major infrastructure project (A new freight rail system)
- A mandatory training and service program (up to 3 yrs, after highschool).
- political reform (fat chance!)
- A way to recover from all the lies we've all been given over the years.
But ... Hey... it's a start.
And Professor Reich? I'd like a job helping on this, I am currently WAY under-employed....
cheers to all, and to all, welcome to my list if you haven't seen this before.
2 comments:
Re: Robert Reich's Marketplace commentary: You're out of your mind.
Reich says "Pay for this by raising marginal income taxes on millionaires. Under President Dwight Eisenhower, the top marginal rate was 91 percent...a millionaire marginal tax of even 70 percent would also go a long way toward reducing the nation's future budget deficit."
NO. IT. WOULDN'T!!!
Look at this chart; marginal tax rates and tax revenues as a percent of GDP from 1950-2007 (Eisenhower was president from '53-'61) http://www.fundmasteryblog.com/wp-content/uploads/2008/05/wsj-tax-revenue-chart-ed-ah556b_ranso_20080519194014.gif
Although tax RATES hit 91%, tax REVENUES hovered just below 18% of GDP - the 60 year norm was 18%.
In this chart you can clearly see tax rates have little correlation with tax revenues. You’ll also see GDP growth precedes government revenue increases. The lesson is GDP growth increases tax revenues, not increasing tax rates.
http://img.ibtimes.com/www/data/images/full/2010/08/30/18899-microsoft-excel-chart-showing-relationship-among-u-s-gdp-tax.jpg
LOOK AT THE CHARTS!!!
Why can't Liberals figure this out? Increasing tax RATES on the rich won't increase tax REVENUES over the long term, and it won't reduce deficits. Our country has a problem with excessive SPENDING, not inadequate REVENUE.
OK. Now FORGET HIS commentary.
Look at MY proposals.
I start with a New minimum milionaire's tax.
Make over 5 million?
You no longer pay tax on adjusted income, but on GROSS INCOME.
Make or pay no taxes today ? look at my previous blog (markbnj.blogspot.com) and search for GAO.
The GAO noted in 2005 or 2006 I think, that 65% of all corporations and other people pay NO Taxes at all.
This new minimum millionaire tax would make high bracket people pay 1% of their GROSS income as their minimum tax.
and I like Reich's ideas about exempting the first (he said 20K, I say first 50K) of income from taxes.
And then making FICA taxes go on all income (and even on INTEREST too!) wow, what surpluses for the Social Security 'trust-box' (if it really exists too!)
Cheers, and thanks for reading.
Why dont you read my FULL top-10 proposals, to see what you think about that.
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