The idea was to lower taxes on the rich to give people incentive to earn
more money. That would grow the economy, the theory was, and ultimately
increase tax revenues. But in reality, wealth trickled up instead of down.
As I went about with my father when he collected taxes, I knew that when
taxes were laid some one had to work to earn the money to pay them.
Quotation from President Calvin Coolidge
We don’t pay taxes. Only the little people pay taxes.
Quotation from Leona Helmsley (according to her maid)
I understand the theory but I don’t think it works. I mean, it’s not only the taxes, it’s also a mindset. Who says the rich would create more jobs? They can, they could, but do they?
There have been way too many companies laying out workers when they were making profits…
Okay, I sound very “worker struggle” tonight
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it´s not easy…
a kiss
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Trickle up is right. The rich get richer and the poor get poorer and the middle class get stuck paying for everyone else.
nova-sans last blog post..The One That Got Away
The trickle down idea is so badly discredited that even those at the top are horrified.
It was matter mentioned as a first priority by incoming Treasury Secretary Henry Paulsen who said he was very concerned about the growing inequality which must be addressed as matter of national priority.
Warren Buffett has suggested those very rich, e.g. particularly those listed on indices like the Forbes 400 list, are taxed advantageously to the rest of the workforce. He is horrified his tax bill as a percentage of income is lower than that of his secretary or housekeeper. He is absolutely right and it’s time for significant change in the USA.
The fiscal imbalance is unsustainable and overall taxes will have to increase with sensible measures that don’t impact adversely the bottom and middle areas. Best wishes
lindsaylobes last blog post..Money go round
Well that’s just the problem isn’t i? Increase the taxes and get responsible spending? Never happen. That truly is wishful thinking. The leaders of this country have sold it out. I doubt there is anyone currently serving who could, let alone would, create a responsible spending program. Nope! Taxes will increase and it will continue to be squandered at incredible rates until the system finally dies for good.
Searaphine: I’m glad I never majored in Economics. Leona makes an appearance here? Ouch!!
Sigh…
John J Savo, the Authoring Auctioneers last blog post..Hail to the Goat Ass!
Amazing one Sera!
And Leona Helmsley quotation is absurd!!! Little peole? What is that? Fisher Price toys?!
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