When FDR was trying to win World War II, his federal income tax rate was 90 percent because he said if we lost the war, the rich would lose the most so he didn't think they would mind paying 90 percent.
Now, you parallel this with today's Republicans who believe in the trickle-down theory that hasn't worked for at least the last ten years. President Bush lowered the federal income tax from 39.6 percent where President Clinton had it down to 35 percent where it presently stands. Now, President Obama is talking about raising taxes on the wealthy but he hasn't been quite specific as to what level. Rep. Paul Ryan wants to lower it to 25 percent, which I feel is the wrong direction.
On the other hand, rather than lowering it 10 percentage points on the wealthy and making the deficit even worse, why doesn't Congress raise it 10 percent to 45 percent? Rather than have two brackets, a 10 and 25, why not have three and add 45 percent? Since income taxes should be based on ability to pay, that's why raising taxes on the rich would be fair. The government should never have created all those loopholes, which must be closed if you're going to make it really fair.
President Bush took over from President Clinton with surpluses as far as the eye can see and he promptly lowered the top federal tax rate from 39.6 percent to 35 percent, proving that the trickle-down theory of giving to the rich didn't work for approximately 10 years which made the deficit much worse. Under President Bush, it was the first time in history that we lowered the federal income tax at the same time that we were fighting two wars. For 20 years under Presidents Roosevelt, Truman and Eisenhower, we had a top tax rate at 90 percent. When President Johnson fought Vietnam, he put on a surtax but now, just because we don't want to tax the rich, we borrow from foreign countries, which adds to our growing debt. Why should a hedge fund dealer, that makes billions a year, pay at only the 15 percent rate?
I read that hedge fund gamblers earn the same in one hour as a middle class household makes in over 47 years. Quit widening the gap between rich and poor. Rep. Ryan is trying to create class war.
Now, you parallel this with today's Republicans who believe in the trickle-down theory that hasn't worked for at least the last ten years. President Bush lowered the federal income tax from 39.6 percent where President Clinton had it down to 35 percent where it presently stands. Now, President Obama is talking about raising taxes on the wealthy but he hasn't been quite specific as to what level. Rep. Paul Ryan wants to lower it to 25 percent, which I feel is the wrong direction.
On the other hand, rather than lowering it 10 percentage points on the wealthy and making the deficit even worse, why doesn't Congress raise it 10 percent to 45 percent? Rather than have two brackets, a 10 and 25, why not have three and add 45 percent? Since income taxes should be based on ability to pay, that's why raising taxes on the rich would be fair. The government should never have created all those loopholes, which must be closed if you're going to make it really fair.
President Bush took over from President Clinton with surpluses as far as the eye can see and he promptly lowered the top federal tax rate from 39.6 percent to 35 percent, proving that the trickle-down theory of giving to the rich didn't work for approximately 10 years which made the deficit much worse. Under President Bush, it was the first time in history that we lowered the federal income tax at the same time that we were fighting two wars. For 20 years under Presidents Roosevelt, Truman and Eisenhower, we had a top tax rate at 90 percent. When President Johnson fought Vietnam, he put on a surtax but now, just because we don't want to tax the rich, we borrow from foreign countries, which adds to our growing debt. Why should a hedge fund dealer, that makes billions a year, pay at only the 15 percent rate?
I read that hedge fund gamblers earn the same in one hour as a middle class household makes in over 47 years. Quit widening the gap between rich and poor. Rep. Ryan is trying to create class war.
