I read this Piece, and think the Kids must understand more about the method of Taxation in this Country. We have a Step-system of Taxation, which means that people are charged only what others are charged in taxation until they reach the new Step rate. I do not know what the Tax rates are, and don’t care to learn; someone will think to put me to work at something with such knowledge. It is a decent order to examine the nature of this Tax thing, and consider real Tax revenues generated. Over the range of the first $200k, the upper bracket may pay some outside of $2000 more than their less well-off contemporaries; this is a complete Lie in its own way, as higher Income can always resort to special Credits and Exemptions. Here is the thing: the suppression of the maximum rate allows upper Incomes to save about $4000 per each additional $100k they earn. This means that Someone with $200k Income saves maybe $2000, with lesser Incomes saving much less in turns of the Bush Tax Cuts. Someone making $1 Million per year, though, can save the initial amount of the lower Incomes, plus about $36,000 more than that saved by the $200k Income. Incomes say in the $10 Million per year range save that probable $42000 of real Tax from the Bush Tax Cuts (remember they get to take off the tax cuts from the lower Income brackets), but get to add $360k in Tax break through the $10 Million.
Some state that these Tax Breaks aid the upper classes to accumulate Capital for Investment. No one but the multi-national corporations are stupid enough to bear the total Risk to their Capital. Everyone else acquire business mortgage and rotating operational funds. What I am getting at here remains that the economy does not need these additional finances for funding Investment. There are sufficient instruments for creating these Investment funds, and giving Tax breaks to the super-rich does not enhance this process. There is no need for the Rich to get richer, or improve the ease with which Entrepreneurs obtain Capital. The claim that any of the Bush Tax Cuts enhance the business formation machine is trash Talk (my Mommy would be so proud of my not calling it Horseshit–too bad she is no longer alive).
I have been against the Bush Tax Cuts since he put them in his political campaign in 2000. I could say I opposed such ideation ever since 1997. I feel that We had to endure three Bubble bursts since the original date, and was principally caused by those ridiculous Tax Cuts, and the regulatory debacle where approved legal regulation was not enforced. People do not understand that the troubles of People are caused by the People themselves, there being no one else to blame. When one witnesses economic distress, understand that you can actually blame Someone as the cause; this all due to the fact that it is true. Inflation is a state of Mind where economic leadership wants to increase their Income at the expense of Those who work for them. Bankers and Business always insist there must be some rate of Inflation, this being so they can meet their own Wage Demand increases while the actual Labor is left to stagnate. lgl