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  Topic: The Fantasy of a 91%
Top Income Tax Rate
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The Fantasy of a 91%
Top Income Tax Rate

Wall Street Journal, by Peter Schiff

Original Article

Posted By:Desert Fox, 12/6/2012 11:02:48 PM

Democratic Party leaders, President Obama in particular, are forever telling the country that wealthy Americans are taxed at too low a rate and pay too little in taxes. The need to correct this seeming injustice is framed not simply in terms of fairness. Higher tax rates on the wealthy, we´re told, would help balance the budget, allow for more "investment" in America´s future and foster better economic growth for all. In support of this claim, like-minded liberal pundits point out that in the 1950s, when America´s economic might was at its zenith, the rich

      


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Reply 1 - Posted by: whyyeseyec, 12/6/2012 11:29:51 PM     (No. 9052870)

Nobody works for 9 cents on the dollar.....

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Reply 2 - Posted by: tomanderson61, 12/7/2012 12:50:45 AM     (No. 9052909)

Beautiful, I have heard that BS line about how the rich paid so much more in the 1950s and look how the economy boomed! My answer typically was yeah, there were alot more deductions available back then (when I started working in the 1980s, 100% of credit card interest was deductible, but never mind).

The retort always was that I "didn´t know what I was talking about".

Right.

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Reply 3 - Posted by: Perfectsense, 12/7/2012 1:05:22 AM     (No. 9052917)

The Kennedys and the Rockefellers didn´t maintain their fortunes by paying a 91% tax rate.

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Reply 4 - Posted by: LanieLou, 12/7/2012 1:39:06 AM     (No. 9052923)

Let´s go over the cliff & someone needs to show the sheeple that Obama´s only plan, to tax the rich, only helps for a few months.

There is no plan to save America. Go over the cliff... then only release funds for specific identified needs. Pay our bills but only release 85% of gov´t expenditures, by dept.

Unfund gov´t dept.s & programs that have no results or efficiency measurements in place.

If the GOP folds... then hopefully DeMint can pull together a Freedom Party in time for the next election.

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Reply 5 - Posted by: pineledger, 12/7/2012 5:30:45 AM     (No. 9053021)

I am reading The Patriarch, the biography of Joseph P. Kennedy, and he made his money via insider trading and market manipulation...all prior to becoming head of the SEC, where he outlawed those practices for others.

Same old "Do as I say, not as I do."

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Reply 6 - Posted by: Velox, 12/7/2012 8:07:49 AM     (No. 9053180)

I am amazed at how long it took for a national news financial journalist to clear this up.
No body ever laid 91%.
The tax codes were written with so many deductions most rich paid almost nothing .
The Kennedy´s transferred hundreds of millions to various children, And paid no tax while doing so.
The 91%is another huge liberal lie to justify destroying our economy.

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Reply 7 - Posted by: lawless11, 12/7/2012 9:55:58 AM     (No. 9053399)

Great article! Unfortunately, a liberal could read this 4 or 5 times and still not understand it. Krugman´s brain just got an ouchie!

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Reply 8 - Posted by: marthaville, 12/7/2012 10:03:39 AM     (No. 9053419)

Paul Krugman has called for a return to a 91% rate. He never explains the difference in the tax laws of those days. As #2 pointed out, there were many, many deductions allowed in the tax code that have long since been eliminated.

I say let Paul Krugman, the wealthy economist and professor at Princeton, be the first to pay 91% of his income to the federal government. Only calculate his tax with no deductions allowed. Then let all the liberal pundits do the same. Their total income tax, once state and local income taxes are added, will exceed 100% of their income.

No doubt the wealthy liberals have business managers, attorneys and accountants that insure these libs take advantage of every available advantage found in the tax code. These managers put the libs on an allowance that enables them to live lives of luxury while they criticize others. Give them a dose of the medicine they desire for the rest of us.

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