“The real lesson to be taken from Trumps loss is where this country is heading. We are watching the degradation of morality, honesty and what American society stood for.”
I read this and had to laugh. How lost you must be to equate those qualities with Trump.
bk613 – I would love for you to show me the economic studies that show that the stock market correlates with tax rates. The info is out there easy enough for anyone who wants to make the effort to find it. Seriously, it is not hard. You know what it shows, stocks don’t really care what the tax rate is. I could explain the math of why this is, but probably above the education level here.
Regarding taxing the rich, nevermind my prior comment for a moment, the fundamental economic issue we have in this country is the level of debt is perhaps way too high. That means that we did not direct tax enough before and it needs to be caught up. The total household wealth in the US is about 100 trillion, of which about 70% is owned by the top 10%. The simple reality of this disparity is that if you take away from the 30% of wealth in this country owned by the other 90%, you will taking away money that many desperately need (i.e. you would be kicking them out of their houses). On the other hand asking the wealthy to return some of that wealth to reduce the debt, would still have them plenty wealthy.
Or I guess, you can dump this debt on the backs of the working poor and tax them higher from the little they make in the future to pay back this debt.
I know the wealthy do everything for everyone and we should not tax them a dime, but the reality is that wealthy have been able to accumulate an increasing amount of wealth and the rest have been relatively getting poorer. They just don’t have the money to pay the needed taxes to reduce the debt. I guess we can ask the working poor to live simpler, because apparently if they have an iPhone they must be on the same level as a multi-millionaire who has multiple homes and takes fabulous vacations and lives a lavish lifestyle in general.
Whatever, this forum is never interested in discussing ideas, rather it is mainly faux conservatives who want to rant about how the democrats are ruining everything. I am just the messenger pointing out that if action is not taken to reduce the government debt, which I believe, if done via tax, necessarily must come from the pockets of the wealthy, eventually you risk finding yourself in a collapsed society (it is math and the equation each year has been getting worse… you don’t have to like it but it is not difficult to pull up numbers on debt to nominal GDP by year, or perhaps more relevant, debt to tax collections per year. The numbers are what they are and imagining this can go on forever without explaining how, is frankly insane). Let me know how much out grandparents wealth in Europe was worth when the Nazis came to town.