Quote:
Originally posted by Riceroni9:
Hi Beakybird:

I believe the answer is 90%. Somewhere in the recent past, I've seen this number bandied about on one of the major networks.

I'm probably in the minority here because I believe each and every one of us should have the opportunity and drive to achieve wealth. (Sorry, I didn't make it yet... but I'm still trying.) Nothing wrong with being rich as long as it was achieved honestly.

As far as taxation is concerned, I believe everybody (rich, poor, middle-class, corporate and others) should pay the same low rate. Believing that some should pay more than others sounds awfully close to what Joseph Stalin believed. Paying Tax of any kind is troubling but necessary if a nation or society is to exist. Keeping the rate in check... by eliminating congressional greed is a real problem.

If you believe otherwise, that does not make you a bad person in my eyes. It only means we disagree... and that's healthy.

Dave Rice


The number is close to 93%.

Well the rate on top earners when Eisenhower was in office was 90%. Of course the rich then as they do now had access to many deductions and other accounting tricks, but they did pay a larger percentage in taxes than they do now. Eisenhower was a Republican. I haven't heard many accuse him of being a socialist, but I'm sure many would now.

The percentage of total wealth owned by the upper 1% in 2007 was 34.6%. In 1976 it was 19.9%. I have heard that 4/5 of the economic growth during the Bush years went to the upper 1%.

It sounds sensible that everyone should have to pay taxes. The fact is that the middle class and the poor pay a higher percentage of their income in taxes than the rich do. A middle class family pays a significant percentage of income in sales tax, property tax, and social security tax.

A rich family pays a paltry percentage of income on sales tax, property tax, and they only pay social security tax on the first couple hundred thousand and nothing after that. What percentage of his total income do you think Bill Gates pays in sales tax, property tax, and social security tax? I would bet that it is less than 1/10%.

So if every one paid the same percentage in income tax, that would mean that the middle class and the poor would pay an even higher percentage of their income in taxes than they do now and the rich would pay less.

I think that if 1% of Americans own more stocks, bonds, and mutual funds than the other 99% (which is the case), it's beginning to look like feudalism to me.

Also, when a lot of the wealth is concentrated in areas that aren't producing wealth for the country but sucking wealth from others - like health insurance and financial services - that's not good. These sectors of our economy are humongous. They might provide essential services, but it makes it hard for America to compete with other countries.

This topic tangentially affects all of us musicians, because when the country's wealth is concentrated in fewer hands than ever, it makes it just a little more difficult to find clients with funds to spend on the arts.

It rather amazes me that there are millions of Americans who not only support this reapportioning of wealth from the middle class and the poor (and that's what it has been - a major reapportioning. For example, in the 1970's the upper 1% made 8 times more than the average worker and now it's something like 44 times more), but they are rabid about increasing their privilege.

I brought up this topic because I find the 93% figure staggering. I think we're becoming a banana republic.