Sen. Sanders calls for wealth tax at AFL-CIO convention

[GURPS]

Sen. Sanders calls for wealth tax at AFL-CIO convention


“We need a tax system which asks the billionaire class to pay its fair share of taxes and which reduces the obscene degree of wealth inequality in America,” said Mr. Sanders, an independent who caucuses with the Democrats.

According to Mr. Sanders, taxing the top .25 percent of wealthiest Americans is the fairest way to reduce wealth inequality, lower the $17 trillion national debt and pay for investments in infrastructure, education and other neglected national priorities.

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Former U.S. Department of Labor Secretary Robert B. Reich said America “is creating an aristocracy of wealth populated by heirs who don’t have to work for a living yet have great influence over how the nation’s productive assets are deployed,” and called Mr. Sanders‘ tax proposal “a welcome step toward reversing this trend.”

But according to a study conducted by the American Enterprise Institute, raising taxes on the wealthy is not as effective as cutting spending to reduce national debt and make up budget gaps.

Researchers examined 21 Organizations for Economic Cooperation and Development countries between 1970 and 2007 and found that countries with successful fiscal reforms, on average, closed 85 percent of budget gaps with spending cuts, while countries that relied at least 50 percent on tax increases saw failed fiscal reforms.

nice dog whistle for the UNION Drones, but we all know someone with a billion dollars has an army accounts and tax lawyers to protect his billions


but hey of they want to 'confiscate' money from the uber rich, start with Soros, Buffet, Gates, Paul Allen, Sports Stars with 100 million dollar contracts

 

[b23hqb]

nice dog whistle for the UNION Drones, but we all know someone with a billion dollars has an army accounts and tax lawyers to protect his billions


but hey of they want to 'confiscate' money from the uber rich, start with Soros, Buffet, Gates, Paul Allen, Sports Stars with 100 million dollar contracts

Don't forget Hollywood, musicians, ex-presidents that receive huge royalties, union leaders, etc........

 

[tommyjo]

Oh...so now every rich person has an "army of accountants and tax lawyers"??? When did you come to this realization? Up until this very post, you scream like a stuck pig anytime anyone mentions raising taxes on the poor, over burdened uber-wealthy?

Raise taxes on the "sports stars"? The last time you posted an article on sports stars and taxes it was a vehement complaint about the poor overburdened baseball player and his $150+million dollar contract. You posted as if it were a crime that he would actually have to pay taxes at a higher rate than the average working slob making $50k per year.

Now on to your article:

Robert Reich has no more credibility on economics than any of your right wing professional propaganda artists.

Increasing the tax rates on the uber wealthy is a sound idea and there are many ways to do it. However, that is not going to help much with the deficit. Of course it would help if you understood what the underlying cause of the deficit is. I know this is beyond you and those who think like you...sorry "think" is the wrong word...those who "follow blindly" might be a better way to put it.

The deficit is basically a three pronged problem: first we had the tax cuts of the early 00's combined with massive spending increases of the early 00s (this only magnified the problem that was started in the 80s), the Great Recession and health care costs of an aging population. That's it in a nutshell. So while you and your ilk b!tch about cell phones and food stamps, Hijinx puts us further into debt every time he visits the doctor to discuss his early stage dementia and get his 28 prescriptions refilled.

While you and your ilk scream about unemployment compensation payments to people who cannot find work, the uber-wealthy skip to the bank with their under taxed billions.

It is worth noting that your article did not provide a link to the AEI's report on other countries and their fiscal issues. But that is just par for the course for your sources.

 

[Gilligan]

It is worth noting that your article did not provide a link ...

You really are something special!

 

[LibertyBeacon]

Hijinx puts us further into debt every time he visits the doctor to discuss his early stage dementia and get his 28 prescriptions refilled.