Comments on: Blood from a stone: new study finds low- and middle-income in unfair tax squeeze http://trueslant.com/austinconsidine/2009/11/19/blood-from-a-stone-new-study-finds-low-and-middle-class-in-unfair-tax-squeeze/ Death, life and the anatomy of the changing heartland Wed, 05 Oct 2011 09:10:39 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: libtree09 http://trueslant.com/austinconsidine/2009/11/19/blood-from-a-stone-new-study-finds-low-and-middle-class-in-unfair-tax-squeeze/comment-page-1/#comment-685 libtree09 Thu, 19 Nov 2009 19:13:17 +0000 http://trueslant.com/austinconsidine/?p=3404#comment-685 The number of tax deductions that the rich can use makes up most of 2000 pages that is our tax code. Corporate taxes are nullified by off shore avoidance schemes. Chaney pays about 17% to 18% of his income not anywhere near the 35% of the highest tax bracket. Still the republicans are screaming to lower taxes when in 1963 the highest bracket was 90%, Kennedy cut it to 70%, Reagan to 50% then 30% and this coincided with the era of permanent deficient spending. Now back when taxes were 90% we also had a tariff on imports and we were an export country. We as a country were trying to dig our way out of a depression and war deficient that would equal about 2 trillion in today's dollar. We came close but then came Vietnam and the Cold War and Iraq and Afghanistan and various economic crashes. We are closing in on a national debt of WW2 proportions and still want to reduce taxes. How low can it go? The national debt on a chart resembles a steep ski jump. Our average citizens are up to their eyeballs in debt and have not seen a rise in income since the 1970's. It is time for the rich who have seen their incomes soar come to the country's rescue. One less house or car or yacht or one less vacation should be worth saving our nation. The number of tax deductions that the rich can use makes up most of 2000 pages that is our tax code. Corporate taxes are nullified by off shore avoidance schemes. Chaney pays about 17% to 18% of his income not anywhere near the 35% of the highest tax bracket. Still the republicans are screaming to lower taxes when in 1963 the highest bracket was 90%, Kennedy cut it to 70%, Reagan to 50% then 30% and this coincided with the era of permanent deficient spending.

Now back when taxes were 90% we also had a tariff on imports and we were an export country. We as a country were trying to dig our way out of a depression and war deficient that would equal about 2 trillion in today’s dollar.

We came close but then came Vietnam and the Cold War and Iraq and Afghanistan and various economic crashes. We are closing in on a national debt of WW2 proportions and still want to reduce taxes. How low can it go? The national debt on a chart resembles a steep ski jump.

Our average citizens are up to their eyeballs in debt and have not seen a rise in income since the 1970’s. It is time for the rich who have seen their incomes soar come to the country’s rescue. One less house or car or yacht or one less vacation should be worth saving our nation.

]]> By: Jerry Lanson http://trueslant.com/austinconsidine/2009/11/19/blood-from-a-stone-new-study-finds-low-and-middle-class-in-unfair-tax-squeeze/comment-page-1/#comment-684 Jerry Lanson Thu, 19 Nov 2009 17:42:40 +0000 http://trueslant.com/austinconsidine/?p=3404#comment-684 Interesting piece Austin. The fact is that every homeowner in America gets federal welfare -- often at much higher rates than the poor who too many complain about. Why is that? Because, of course, for the tax deduction anyone who owns property gets every year. It can be huge. Someone carrying a $300,000 or $400,000 mortgage, for example, likely is getting a tax break, in the form of a write-off of maybe $20K to $30K (depending on interest rates, etc.). The richer the person (and the bigger the mortgage), the larger the write-off. Renters now get some very piddly break but it does not come close to comparing. Interesting piece Austin. The fact is that every homeowner in America gets federal welfare — often at much higher rates than the poor who too many complain about. Why is that? Because, of course, for the tax deduction anyone who owns property gets every year. It can be huge. Someone carrying a $300,000 or $400,000 mortgage, for example, likely is getting a tax break, in the form of a write-off of maybe $20K to $30K (depending on interest rates, etc.). The richer the person (and the bigger the mortgage), the larger the write-off. Renters now get some very piddly break but it does not come close to comparing.

]]> By: Tweets that mention Austin Considine - American Crossroads – Blood from a stone: new study finds low- and middle-class in unfair tax squeeze - True/Slant -- Topsy.com http://trueslant.com/austinconsidine/2009/11/19/blood-from-a-stone-new-study-finds-low-and-middle-class-in-unfair-tax-squeeze/comment-page-1/#comment-681 Tweets that mention Austin Considine - American Crossroads – Blood from a stone: new study finds low- and middle-class in unfair tax squeeze - True/Slant -- Topsy.com Thu, 19 Nov 2009 09:48:16 +0000 http://trueslant.com/austinconsidine/?p=3404#comment-681 [...] This post was mentioned on Twitter by Austin Considine and Tweets Tube, John Headline. John Headline said: Austin Considine - American Crossroads – Blood from a stone: new ... http://bit.ly/2cEsCt [...] [...] This post was mentioned on Twitter by Austin Considine and Tweets Tube, John Headline. John Headline said: Austin Considine – American Crossroads – Blood from a stone: new … http://bit.ly/2cEsCt [...]

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