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Honored Social Butterfly

The GOPers Myth about taxes and the Uberrich

The GOPerLords have been pushing the notion that because the number of dollars paid by the Uberrich for Federal Income Tax is so great, they deserve more tax cuts, which will give the Ubers more money which will dribble down on the rest of us like a golden shower. That last part IS true, but the rest is BS.

 

Back when the top Marginal Rate (TMR) was 94%, the ACTUAL taxes paid by the very richest (JD Rockafeller and his financial peers in the top 0.0001%) was only 60% and the top 1% were paying less than 40%.

 

Then Ike cut the TMR to 91% and the Rockafellers, Astors & Assoc. actually paid 51% while the top 1% (including John D and John J etc) averaged 31%. LBJ cut the TMR to 70% to try and get support for the needless War he lied us into, and the Uber's rate tumbled to 41% and the top 1% was cut to 28%.

 

https://www.taxpolicycenter.org/taxvox/effective-income-tax-rates-have-fallen-top-one-percent-world-...

 

During all that time, total revenues from the Federal Income Tax were such that we had REVENUE SHARING which redistributed "excess" collections back to the States, which kept all our other taxes (State income tax, property tax, school tax, sales tax, etc) very low.

 

Then in 1981 and again in 1985, Reagan totally scammed the Nation by dropping the TMR to 50% and then to 28%. To pretend to pay for this give to the Uberrich, Reagan ended Revenue Sharing, and suddenly States and Cities either raised their taxes or eliminated the services they provided their citizens.

 

Here's a partial list of things available to most citizens before Reagan's Tax Scam that no longer exist:

Excellent free public education k-12, best in the World

Mental health facilities for those who cannot cope on their own

Public transportation in even the middle-sized cities (+50K pop,)

College that could be paid for with a summer job

School guidance counselors and nurses

Excellent infrastructure - including a "New" Inter-State

Free participation in school athletics and drama programs

Free text books for all students

Free or highly subsidized school supplies at the schools

Each generation did better financially then their parents

Meaningful interest payments on savings (5% vs 0.01% today)

Worker savings rates of 10% of total income (vs >1% today)

Free summer programs at the city parks for all kids

Paid summer jobs for teens to run the above programs

Free summer sports programs for age 10+

Social Security and Medicare programs that were fiscally sound

 

All this was surrendered to allow for REPUBLICAN cuts to the TMR that benefit ONLY the very wealthy. Was it worth it?

 

VOTE THEM OUT

THEN

LOCK THEM UP!

 

 

 

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