Friday, July 8, 2011

Is Glen Beck Right?

Glen Beck is not at the top of my list. In fact he's close to the bottom. But the man said that there would be a revolution in America. He was right about the possibility of it happening, but wrong about what would bring it on. He seemed to think the bad would rise up against the good, but that's not what could bring it on. It seems to me it's the other way around. The good could rise up against the bad. If we keep throwing money at the richest and letting the middle classes pick up the bill, there will be a revolt among the working people. Since about 1980 wages have not kept pace with prices. Each year the worker sees his real wages decrease. If we don't fix this problem, all is lost. During Dwight Eisenhower's administration (1951 - 1958) the very wealthy paid between 70 and 80 percent of their income in taxes, and still managed to add to their wealth. Now they pay only 35 percent and say that's too much. The tax rate for them is 35 percent but after they subtract their deductions, their true rate is between 15 and 18 percent. That's not enough. We should impose heavier taxes on the wealthy. If we ask them to pay a true tax rate of 40 percent, that would probably solve our problem, and they would still grow wealthier. Fairness should be the rule. It's wrong to ask those who have suffered their entire lives and probably will suffer most of the rest of their lives, to step up and suffer more, while watching millionaires and billionaires grow richer as they refuse to pay their fair share.

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