Monday, November 15, 2010

"Hyper inequality"

Huh? Hyper-inequality?

I am talking about inequality in incomes. Did you know that the top 1% of income "Earners" in the US take 23% of the all the income? If that is not inequality then I don't know what is. 10 years ago the top 1% took 8% of all the income. Doing well aren't they? In a few more years they will be up to 50% - well on the way to their desired goal of the top 1% getting 99% of the total income of the US -and paying NO taxes. How about that for a goal?
You may well laugh. The income tax paid by the top 1% of "earners" in 2007 was 16%. Before that it was 30% and before that 40%.
It is beyond belief to me that the Republicans want to REDUCE taxes on the rich even more!! How can this be? Their share of the total income is skyrocketing and their tax rate is dropping. And yet people are crying out for it to happen!!

We need to reduce our deficit. At present we are borrowing 40 cents of every dollar we spend. Is there ANYONE left who thinks this is sustainable?

By allowing the Bush tax cuts to expire the rich will pay 4% more tax! Yes that is all. This alone will keep Social Security and Medicare going indefinitely - for at least the next 75 years! BUT, the Republicans want instead to keep the tax cuts for the rich - which means we will have to borrow Billions to give to the rich. I could not be more disgusted. I cannot understand it, why are the Republicans so insistent? To the point that a majority of Americans agree with them! Their propaganda machine is awesome.

My answer to the problem would be to tax the rich much more heavily. By the time someone reaches an income of a million dollars a year they should be paying at least 90% of everything over 1 million. You can't make that much money honestly, in my opinion.

Everyone should pay their Social Security tax and Medicare on ALL of their income. It is after all a form of insurance, everyone pays in to the insurance and you only collect it if you need it. If you don't need it that is good, you should be happy about that, and you are helping the less fortunate. (The people that you collected all your money from anyway!)

Collect much more tax on alcohol too - this will bring in more money and at the same time keep people healthier, which will in turn reduce health costs. A triple whammy! Same for cigarettes, more taxes equal more money in the federal coffers and less sickness, less time off work, less health care expenses.
More tax on gasoline, same reasons, less gas use will keep the air and water cleaner leading to less illness and health care expenses. Also people will buy more efficient cars, which will reduce gas use even more, giving more of the benefits described. There would be a further BIG advantage - less money going out (We spend 1 Billion dollars a DAY on imported oil!) Cutting that back would help cut our deficit, cut the pollution of our air, water and land and cut off funds to the terrorists that hate us.

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