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February 13, 2009

Stop feeding fat cats

Maureen Dowd (2/5, Opinion, “Disgorge, Wall Street fat cats”) rightly criticizes those princely corporate executives who are still taking mega-bonuses and salaries after having driven their companies into the ditch. She laments that it is nearly impossible to make them pay back the monies and perks they continue to grab off.

Republican congressmen still contend that it would damage the economy further if George Bush’s eight-year-long tax cut for the super-rich were reversed. How so? We now know that their supply-side economic theory, where big money is directed and retained at the top and is supposed to trickle down to the masses is, and always was, a lie.

It’s simple. Go to the end of the feeding chain and enact today, not tomorrow, progressive income tax rates that seriously increase taxes on the soaring income of the super-rich. Chances are that much of what the IRS would be gathering in would be ill-gotten gains or at least stimulate a return to democracy from plutocracy.

Lloyd Hellman
Leawood

Comments

Engineer

Pub 17
No one is suggesting that income taxes be dropped to zero. Of course they have been in the case of 40% of the filers and there are some who don't file. The present occupant, based on his rhetoric, would seem to have plans for increasing the number of non-payers. A few, 10%, in 2006 carried 70.79% the burden and it is expected the percentage will be even larger in succeeding years. The 70.79 is a higher percentage than was the 67.33% for the upper 10% in 2000 under BC. How much more do you think the upper 10% should pay? Or, to stay consistent with the present occupant's thinking, the upper 5%? (60.14% in 2006) The Tax Foundation estimates that "Government at all levels will collect 30.8% of the Nation's income in 2008". To what level should this be raised?

Pub 17

Show me one country, Frag, anywhere, anytime that has dropped taxes to zero and survived.

BudRog

Right Lloyd. Remember the luxury tax your man slick Willie slapped on the yachts sold in America, by golly we are going to fix those rich SOBS. Guess what, yachts were still sold by FOREIGN manufacturers, and the American companies were going to down the tubes causing huge lay offs in the industry. The tax was dropped.

Show me one coutnry Lloyd anywhere, anytime that has taxed its way to prosperity.

 
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