In an op-ed I HOPE will get picked up across the country, Henry Bloch explains why taxes need to be raised on the rich ASAP.
I do not understand some Republicans’ resistance to the idea of tax increases on the wealthy. The argument we have been hearing from some politicians about the rich being the “job creators” is misguided. First of all, let’s not forget that our economy was doing better and the nation’s unemployment rate was lower before the Bush tax cuts, which benefited the top 1 percent of earners the most. Secondly, one would be hard-pressed to prove that low tax rates result in increased job creation. Companies today are holding record levels of cash, yet unemployment remains stubbornly high.
I have been a student of the U.S. tax system for more than half a century. From the mid-1930s to the early-1980s, the marginal tax rate for the highest income earners in this country was between 68 percent and 94 percent. That’s double and triple of what it is today. Yes, it’s time we balance the budget, but it is also time we balance the tax burden.
He’s a registered Republican.
This entry was posted on Tuesday, August 2nd, 2011 and is filed under Debt, Money, Republicans, Smart Things Said By Smart People, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.