Bill O on taxing the rich

[kalm]

Via Reich's FB account.

Robert Reich
HOW TO REBUT BILL O'REILLY'S BIGGEST LIE YET

“Taxes are through the roof on affluent Americans and business profits, but for the rest of Americans things are not so bad,” says Fox TV host Bill O’Reilly. “How much more can the government take from the affluent without crashing the entire free market economy?”

Ordinarily, I ignore Bill O’Reilly’s rants (he’s called me a “communist” and an “admirer of Karl Marx”) but as cable’s most-watched news host, O'Reilly poisons millions of minds daily. So when he lies about something as important as inequality and taxes, it’s necessary to rebut those lies. Here’s the truth:

1. Corporate taxes haven’t budged as a percent of GDP for more than 25 years. In 1989, corporate taxes amounted to 1.9% of GDP. Last year, they amounted to 1.9% of GDP.

2. Personal income taxes on the rich haven’t gone through the roof. To the contrary, they’ve plunged. 60 years ago, the rich paid federal income taxes over twice today’s rate. In 1953, the top marginal income tax was 91% -- applied to earnings in excess of $1,522,595 (adjusted for inflation). In 2013, after new Obama higher taxes on the rich went into effect, the federal income tax rate on income over $1,522,595 was 39.6%.

3. Moreover, in the 1950s and 1960s, the American middle class was surging and the top 1% got only 9 to 10 percent of total income. Now, the middle class is faltering and the top 1% is getting 18 to 20 percent of total income. If America had the same distribution of income as it did in 1979, before Ronald Reagan became President, the average incomes of America’s middle 20 percent of families would be $8,752 higher than today’s current middle-class incomes and the average income of the nation’s top 1 percent would be $824,844 less.

I know, I know. It's not a revenue problem. It's a moral problem.

[travelinman67]

1. Reich IS a communist.
2. Klam is an idiot for citing Reich.

And Klam, don't waste my time with one of your, "How so?" trolls. Reich's theories are perennially incorrect, and only revered by fellow communists.

[kalm]

1. Reich IS a communist.
2. Klam is an idiot for citing Reich.

And Klam, don't waste my time with one of your, "How so?" trolls. Reich's theories are perennially incorrect, and only revered by fellow communists.

Nice one, Bill!

Do you have anything to say about Reich's facts?

Pantaloon...

[Chizzang]

We do not have a TAX PROBLEM
we are all taxed at a reasonable rate in comparison to the lifestyle we live here in the U.S.
We have a SPENDING problem

Also Note:
People who work for O'Reilly have already said his job is to fire up the crazies
and that's a direct quote from FOX Employees

[kalm]

We do not have a TAX PROBLEM
we are all taxed at a reasonable rate in comparison to the lifestyle we live here in the U.S.
We have a SPENDING problem

Also Note:
People who work for O'Reilly have already said his job is to fire up the crazies
and that's a direct quote from FOX Employees

Is a capital gains tax well below the rate of a middle class salary reasonable?

Do you agree with Reich in that taxes on the rich and corporations are not historically high?

[HI54UNI]

We do not have a TAX PROBLEM
we are all taxed at a reasonable rate in comparison to the lifestyle we live here in the U.S.
We have a SPENDING problem

Also Note:
People who work for O'Reilly have already said his job is to fire up the crazies
and that's a direct quote from FOX Employees

Is a capital gains tax well below the rate of a middle class salary reasonable?

Do you agree with Reich in that taxes on the rich and corporations are not historically high?

Quit arguing percentages because they are used to mislead. You and Reich sound like the Democrats in our state. The governor increased the budget for his office by 9.1% while only proposing 1.25% for schools. The increase in the governor's budget is $200,000 while the increase for schools is $50 million. How you phrase it makes a big difference doesn't it?

Yes, the actual tax rates are lower. What is the amount of federal revenue from the top 1% or the top 10% today in comparison?

As Chizz stated, we have a spending problem, not a revenue problem.

[Grizalltheway]

Is a capital gains tax well below the rate of a middle class salary reasonable?

Do you agree with Reich in that taxes on the rich and corporations are not historically high?

Quit arguing percentages because they are used to mislead. You and Reich sound like the Democrats in our state. The governor increased the budget for his office by 9.1% while only proposing 1.25% for schools. The increase in the governor's budget is $200,000 while the increase for schools is $50 million. How you phrase it makes a big difference doesn't it?

Yes, the actual tax rates are lower. What is the amount of federal revenue from the top 1% or the top 10% today in comparison?

As Chizz stated, we have a spending problem, not a revenue problem.

Why don't you tell us? You know, since you and the other conks are such champions of the plight of the rich white man.

[HI54UNI]

Quit arguing percentages because they are used to mislead. You and Reich sound like the Democrats in our state. The governor increased the budget for his office by 9.1% while only proposing 1.25% for schools. The increase in the governor's budget is $200,000 while the increase for schools is $50 million. How you phrase it makes a big difference doesn't it?

Yes, the actual tax rates are lower. What is the amount of federal revenue from the top 1% or the top 10% today in comparison?

As Chizz stated, we have a spending problem, not a revenue problem.

Why don't you tell us? You know, since you and the other conks are such champions of the plight of the rich white man.

I knew you would have some stupid comment like this before I even read your post. Go look it up yourself. It's called self-reliance. Maybe you should try it sometime.

[SDHornet]

Chizzy and HI5 nailed it. I love quotes with percentages…oh and GATW, while you’re at it, grab me a sammich.

[Grizalltheway]

Why don't you tell us? You know, since you and the other conks are such champions of the plight of the rich white man.

I knew you would have some stupid comment like this before I even read your post. Go look it up yourself. It's called self-reliance. Maybe you should try it sometime.

Wait, you ask someone else for a fact YOU'RE too lazy to look up yourself, then turn around and lecture about self-reliance? Try not being such a sometime.

[Baldy]

We do not have a TAX PROBLEM
we are all taxed at a reasonable rate in comparison to the lifestyle we live here in the U.S.
We have a SPENDING problem

Also Note:
People who work for O'Reilly have already said his job is to fire up the crazies
and that's a direct quote from FOX Employees

Is a capital gains tax well below the rate of a middle class salary reasonable?

Do you agree with Reich in that taxes on the rich and corporations are not historically high?

1. Yes, it should be 0%.
2. No, we have the highest or 2nd highest corporate tax rate in the world. Before you get the vapors, yes I know the effective tax rate is much lower. However, you need to take into consideration the compliance costs as well. IRS code is over 70,000 pages long. It costs an ass load of money to comply with that many pages of complex bullshit.

[/thread]

[HI54UNI]

I knew you would have some stupid comment like this before I even read your post. Go look it up yourself. It's called self-reliance. Maybe you should try it sometime.

Wait, you ask someone else for a fact YOU'RE too lazy to look up yourself, then turn around and lecture about self-reliance? Try not being such a sometime.

Data on who pays taxes

[kalm]

Is a capital gains tax well below the rate of a middle class salary reasonable?

Do you agree with Reich in that taxes on the rich and corporations are not historically high?

1. Yes, it should be 0%.
2. No, we have the highest or 2nd highest corporate tax rate in the world. Before you get the vapors, yes I know the effective tax rate is much lower. However, you need to take into consideration the compliance costs as well. IRS code is over 70,000 pages long. It costs an ass load of money to comply with that many pages of complex bullshit.

[/thread]

Please provide stats that show how the tax rates are historically high.

Thanks.

[kalm]

Is a capital gains tax well below the rate of a middle class salary reasonable?

Do you agree with Reich in that taxes on the rich and corporations are not historically high?

Quit arguing percentages because they are used to mislead. You and Reich sound like the Democrats in our state. The governor increased the budget for his office by 9.1% while only proposing 1.25% for schools. The increase in the governor's budget is $200,000 while the increase for schools is $50 million. How you phrase it makes a big difference doesn't it?

Yes, the actual tax rates are lower. What is the amount of federal revenue from the top 1% or the top 10% today in comparison?

As Chizz stated, we have a spending problem, not a revenue problem.

Aren't you arguing percentages with...percentages?

I don't see anyone arguing that high end tax payers take on more of the "burden".

There might be a reason for that...

I think we all would be happy if the lower and middle classes paid a higher percentage.

[Baldy]

1. Yes, it should be 0%.
2. No, we have the highest or 2nd highest corporate tax rate in the world. Before you get the vapors, yes I know the effective tax rate is much lower. However, you need to take into consideration the compliance costs as well. IRS code is over 70,000 pages long. It costs an ass load of money to comply with that many pages of complex bullshit.

[/thread]

Please provide stats that show how the tax rates are historically high.

Thanks.

I've posted it on here several times before, plus it's common knowledge that the US has the highest corporate income tax rate in the world, so no.

On top of that, the US is the only nation in the world that taxes it's citizens and businesses for income they have earned outside it's borders. There is a whole lot more to it than just what someone's tax rate is.

[CID1990]

This government's annual operating budget is obscene. Even more so given the poormouthing we hear from departments such as mine as not having enough funding. Runaway waste and poor stewardship of public funds are the norm.

New tax revenues only make the problem worse. Go to a flat or a national sales tax. Cap borrowing at a reasonable percentage of GDP, and then force this government to live within its means. Our grandchildren will thank us.

All this talk about fairness in the tax system is just neo Bolshevism, repackaged for soft headed millenials and nostalgic boomers

[Ivytalk]

Gee, I'm impressed that our very own klam is FB friends with Robert "Don't Call Me Third" Reich! Must get a lot of cool socialist memes from that little dude.

[kalm]

This government's annual operating budget is obscene. Even more so given the poormouthing we hear from departments such as mine as not having enough funding. Runaway waste and poor stewardship of public funds are the norm.

New tax revenues only make the problem worse. Go to a flat or a national sales tax. Cap borrowing at a reasonable percentage of GDP, and then force this government to live within its means. Our grandchildren will thank us.

All this talk about fairness in the tax system is just neo Bolshevism, repackaged for soft headed millenials and nostalgic boomers

You do realize that Reich was responding to O'reilly whining about the fairness of the tax system, right? "Taxes are through the roof on affluent Americans and business profits" and something about it "crashing the economy" - like it did when taxes were actually much higher.

Government is massive and wasteful. You'll get no argument from me there. Then again, depending on which study you look at it, we're at worst par for the course in revenue as a percentage of GDP among OECD countries



Sycophancy of the wealth creators and their tax "burden" is just neo Ancien Regimeism.

[kalm]

Please provide stats that show how the tax rates are historically high.

Thanks.

I've posted it on here several times before, plus it's common knowledge that the US has the highest corporate income tax rate in the world, so no.

On top of that, the US is the only nation in the world that taxes it's citizens and businesses for income they have earned outside it's borders. There is a whole lot more to it than just what someone's tax rate is.

I remember you making the point regarding the cost of compliance and I think it's valid, but by how much? I don't recall you showing where today's taxes are historically higher.

[kalm]

Gee, I'm impressed that our very own klam is FB friends with Robert "Don't Call Me Third" Reich! Must get a lot of cool socialist memes from that little dude.

Thank you! but it came from a friend's post. I reached out to Robert but the fucker refuses to friend me!

[Baldy]

I've posted it on here several times before, plus it's common knowledge that the US has the highest corporate income tax rate in the world, so no.

On top of that, the US is the only nation in the world that taxes it's citizens and businesses for income they have earned outside it's borders. There is a whole lot more to it than just what someone's tax rate is.

I remember you making the point regarding the cost of compliance and I think it's valid, but by how much? I don't recall you showing where today's taxes are historically higher.

Maybe because I don't care what tax rates are historically. If you think high income earners actually paid 91% taxes in the 1940's and 50's, I've got some swamp land in the Mojave I wanna sell you.

As far as compliance costs are concerned...according to the IRS (trustworthy source for sure), for businesses and individuals (2012 numbers) 3,240,000,000 hours which comes out to 369,858 years and $37,000,000,000 in compliance costs for federal taxes alone for one stinking year.

[Ivytalk]

Gee, I'm impressed that our very own klam is FB friends with Robert "Don't Call Me Third" Reich! Must get a lot of cool socialist memes from that little dude.

Thank you! but it came from a friend's post. I reached out to Robert but the **** refuses to friend me!

Don't worry. Reich is a douche. I'll bet Bob Rubin would friend you!

[kalm]

I remember you making the point regarding the cost of compliance and I think it's valid, but by how much? I don't recall you showing where today's taxes are historically higher.

Maybe because I don't care what tax rates are historically. If you think high income earners actually paid 91% taxes in the 1940's and 50's, I've got some swamp land in the Mojave I wanna sell you.

As far as compliance costs are concerned...according to the IRS (trustworthy source for sure), for businesses and individuals (2012 numbers) 3,240,000,000 hours which comes out to 369,858 years and $37,000,000,000 in compliance costs for federal taxes alone for one stinking year.

Wow, those ARE high compliance costs.

The system definitely needs simplification.

How does the effective rate today compare historically? (Thread topic).

[kalm]

Thank you! but it came from a friend's post. I reached out to Robert but the **** refuses to friend me!

Don't worry. Reich is a douche. I'll bet Bob Rubin would friend you!

You are such a dick!

[Baldy]

Maybe because I don't care what tax rates are historically. If you think high income earners actually paid 91% taxes in the 1940's and 50's, I've got some swamp land in the Mojave I wanna sell you.

As far as compliance costs are concerned...according to the IRS (trustworthy source for sure), for businesses and individuals (2012 numbers) 3,240,000,000 hours which comes out to 369,858 years and $37,000,000,000 in compliance costs for federal taxes alone for one stinking year.

Wow, those ARE high compliance costs.

The system definitely needs simplification.

How does the effective rate today compare historically? (Thread topic).

In 1958 the top 3% paid 29.2% of federal income taxes. In 2010 the top 3% paid 51% of all federal income taxes.

Not sure about the effective rates for the 1950's, but the tax burden was lower in the 1950's than it was in the 60's, 70's, 80's, 90's, 2000's...etc.

I don't lay awake at night worrying about rich people having to pay taxes, but continuously increasing their burden does nothing but give them more incentive to to put that cash overseas instead of leaving it and investing it here.