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Another great podcast!

I just have to point out some context to the McCain claim that he doesn't know too much about economics. McCain's comments sound like code-talk to the market fundamentalists who operate like a cult. He is saying that he will listen to the high-priests of economics.

posted by  affablerogue  7:24 AM   [+]

 

Why do some of you people out there think that the rich should pay more taxes? Because they have worked hard, been smart and saved money, it isn't their responsibility to bail out and support the poor, the lazy or the government. Sure 51% of America would say that they rich should carry the tax burden, they don't want to pay taxes and there are probably 51% of Americans that think that they are entitled to handouts from the government. Any Capital Gains tax is double taxation, I make the money, pay taxes, invest it and then get taxed more. I guess Congress needs to pay for their salaries and pensions somehow. Are American so stupid that they think that taxes on the rich will come back to them somehow.

posted by  Anonymous  11:28 AM   [+]

 

anonymous1
You seem to believe that America is a functional meritocracy. How charmingly naïve you are. Please get real. If you get more, you should pay more (not significantly less). Our tax policies catering to the top 1% of the income bracket are a complete disgrace and have done nothing but widen the gap between the haves and have-nots in this country. It isn't smarts, or hard work, that defines the rich in this country. It's privilege, cronyism, and corruption that keeps many of these people in their vaulted positions. Remember what someone said about absolute power, and then realize that these captains of industry have more power than the president in this country.

posted by  Anonymous  5:20 PM   [+]

 

Americans are not aware of the extreme politicizing of our country's tax policy. In nearly all other developed countries around the world different characteristics of tax policy exist. (1) The tax code is much simpler with many fewer loopholes, exceptions, etc. (2) The taxes paid (as a percent of income) are significantly greater than in the US. (3) Citizens accept the obligation of paying taxes as their reponsibility for supporting the work of their government, even for functions that they don't fully support. (4) The more wealthy accept the resposibility of being of those who have more, and recognize their obligation to help finance needed programs for those less fortunate. This includes significantly more charitable giving (as a percentage of income) as well as giving through taxes. (5) This distribution of wealth is seen neither as a burden nor improper, but just one of the necessary processes so that their country can be better for all of the citizens.

Many US citizens, with greater wealth, subscribe to and practice these values. They do so quietly and consistently, thus having a great feeling of accomplishment and contribution. They are not the people appearing in the right-wing media.

posted by  Anonymous  3:41 PM   [+]

 

Anonymous #1...

Why don't you believe the rich should pay higher taxes than everyone else? Adam Smith supported this, the vast majority of economists support it, every advanced economy practices it, and the population has overwhelmingly agreed it is the most fair system for a century.

The justification is incredibly simple. If you have more money, you can pay higher rates without sacrificing your lifestyle than someone who is poor. Simple supply-demand principles... a dollar is worth less to a person who has a lot, but it is worth a great deal to someone who has very little.

In the same way, investment in the poor and middle class will have much higher returns than the same money to the wealthy. Your added utility for each dollar on the rich is quite small because they are already as educated and productive as they are likely to get. The poor have a lot more potential to grow, if given such an opportunity.

Finally, there is an argument for fairness. People should be paid for working hard and improving their output. Unfortunately, statistics show the vast majority of the growth has instead gone to the wealthy 1%, while everyone else produces twice as much with no gain (even less than their parents earned). Your theory that people are paid relative to hard work is just silly and not demonstrated in the facts. It is the job of society to correct such imbalances, when they occur.

posted by  Anonymous  3:47 PM   [+]

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