dawsonct
But does that include investment income WC? What about the poor little trust-funder, sitting around the pool all day while their accountants do all the work. Should they be paying the same tax on their investment income that I am paying on my hourly wage? Who is creating more wealth in our economy? Who is a greater burden on our society? Many indicators prove that would be the super-wealthy and the mega-corporations. As it is, their burden of taxes is, in many cases, ZERO! Flat taxes work great for multi-millionaires, which is why the TV talking heads and the Steve Forbes’ of the world like it so much, and use their bully pulpits to promote it to those without much knowledge of economics. And they fall for it because it SEEMS simple and fair. It isn’t.
Millionaires and billionaires don’t need our help to hold onto their wealth.
America was a more fair and equitable Nation, our economy was much more stable, and REAL class mobility was still somewhat of a possibility, when the super wealthy and corporations were taxed at a much higher rate.
According to Grover Norquist and Jude Wanniski, giving obscene tax breaks to the wealthy was supposed to create investment and wealth for everyone (remember trickle-down?), we’ve been waiting over 30 years now, and all we have gotten is the middle class has to work harder to stay where the are, the poor are finding fewer opportunities to extract themselves from their circumstances, and the wealthy continue to control a greater and greater percentage of American wealth.
Supply-side economics was the greatest scam ever perpetrated on the American public. A flat tax on income would quickly rival it.