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View Diary: Warren Buffett's latest op-ed will bring mutters of 'class traitor.' But he doesn't go far enough (117 comments)

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  •  Goal of High Marginal Tax Rates (1+ / 0-)
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    YucatanMan

    ... is not to take money from the rich, it is to keep the rich from taking all the money for themselves!  

    In the 50's and 60's the marginal tax rate was high (90-70%) and, as a result, the gains of the economy were distributed equally among all the people in the country which resulted in a strong middle class.  This was because if a CEO paid himself a excessive income he had to pay 70-90% taxes on the income, thus he didn't take the income but rather spent the money hiring more people or buying new equipment to grow the business.

    In my opinion, liberals make a mistake in framing higher marginal tax rates as a way to pay down the debt or to pay for infrastructure rather than simply stating that the value of the high marginal tax rates is to ensure a more equal distribution of the economic gains which will result in more jobs, better jobs and more tax revenues for the US.

    Poor man wants to be rich. Rich man wants to king. And the king ain't satisifed until he rules everything. B.Springsteen

    by howd on Tue Nov 27, 2012 at 07:33:57 AM PST

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    •  Two sides of the same coin? (1+ / 0-)
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      howd

      Sorry, couldn't help myself. :-)

      "The law is meant to be my servant and not my master, still less my torturer and my murderer." -- James Baldwin. July 11, 1966.

      by YucatanMan on Tue Nov 27, 2012 at 09:48:41 AM PST

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