The Conservative Cave
Current Events => Economics => Topic started by: Ausonius on November 19, 2012, 10:41:18 AM
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Truly, a Nobel Prize has become meaningless, at least in Economics.
Krugmoron has an article called The Twinkie Manifesto where he calls for bringing back confiscatory class-warfare tax rates imposed by the Dems.
http://www.nytimes.com/2012/11/19/opinion/krugman-the-twinkie-manifesto.html?ref=opinion (http://www.nytimes.com/2012/11/19/opinion/krugman-the-twinkie-manifesto.html?ref=opinion)
He uses an article from Fortune magazine to claim that top executives in the good ol' days were forced to live like real middle-class Americans without yachts and mansions.
Sorry, but the yacht industry in the 1950's did not sink, and mansions were not empty: they were occupied and they were being built.
What Krugmoron conveniently forgets is that nobody in their right mind paid 91%! By design, the tax code was full of loopholes and special deductions for the top wage earners, so that they would not even be close to turning over $910,000 per million to the FedGov.
But...it allowed the Dems back then to placate the class-warfare unions with the "fact" of a 91% tax rate, while winking at top donors to the Dems (e.g. the Kennedy's) who were absolutely NOT paying 91% of their income to the FedGov.
These days, with international competition well above where it was 60 years ago, such an actual confiscatory tax rate would see the U.S. be emptied of companies and their executives within a year.
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I tried to leave a comment but the comments section is close. I wanted to ask Mr. Krugman and his elitist friends to lead the way and voluntarily pay a 91% tax rate.
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I tried to leave a comment but the comments section is close. I wanted to ask Mr. Krugman and his elitist friends to lead the way and voluntarily pay a 91% tax rate.
Are you kidding.....Democrats don't pay taxes.....as evidence I cite the Obama administration appointees.
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I tried to leave a comment but the comments section is closed.
I wanted to ask Mr. Krugman and his elitist friends to lead the way and voluntarily pay a 91% tax rate.
Great idea, but I suspect that is precisely why they closed the comment section! O-)
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Are you kidding.....Democrats don't pay taxes.....as evidence I cite the Obama administration appointees.
Quite true: why are Kerry and the Kennedy's not "redistributing" their hundreds of millions (billions for Kerry) to us? Why does the Soros Billionaire/Millionaire Club not liquidate 91% of their assets and hand it over to us?
That would be FAIR! O-)
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Quite true: why are Kerry and the Kennedy's not "redistributing" their hundreds of millions (billions for Kerry) to us? Why does the Soros Billionaire/Millionaire Club not liquidate 91% of their assets and hand it over to us?
That would be FAIR! O-)
Kerry doesn't do it because it ain't his money. It's Theresa's.
He's simply the Lurch that's Leechin'.
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Kerry doesn't do it because it ain't his money. It's Theresa's.
He's simply the Lurch that's Leechin'.
John F Kerry really is "Just a Gigolo" (http://www.youtube.com/watch?v=lN-4lX0QyZc)
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I tried to leave a comment but the comments section is close. I wanted to ask Mr. Krugman and his elitist friends to lead the way and voluntarily pay a 91% tax rate.
They like to live in their echo chamber full of small minded people like them.
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Thing is, back then as now, that rate only screwed people who were getting actual wages or salaries, and there were many ways to shelter or defer compensation for senior executives. So, the people who it screwed weren't the fat cats with low friends in high places (Like Congress), they were the higher-end middle management and master tradesmen like plumbers and electricians.
The only 'Policy goals' those rates achieved was the entirely unintended consequence of wiping out sole-practitioner doctors who found they could only prosper in the ever-harsher litigation, tax, and insurance driven game by becoming part-owners of elaborate interlocking clinical LLC arrangements with business managers before doing any actual medicine...that, and fostering an incredibly active under-the-table economy in skilled trades, since more and more work was getting done off-book into the late 70s, when the top tax rates came down from the 70% they were at until even that recently.
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Krugman has those Charles Manson eyes. I believe his is just as crazy. High taxes for thee but not for me is what he really means.
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Check out this brief but accurate assessment of Krug's plan.
http://www.realclearmarkets.com/video/2012/11/20/krugmans_fair_share_91_tax.html