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22. Re: Evening Mobilization Feb 22, 2012, 11:21 Beamer
To clarify my last post, under 1965 tax code, inflation adjusted, a guy earning $50k would pay $10.4k in taxes, a 21% rate. A guy earning $250k would pay $83.270 in taxes, a 33% rate. A guy earning a million would pay $405,400, a 59% rate. And a guy earning 10 million would pay $8.725 in taxes, an 87% rate.

That guy earning $10 million keeps $1.274. A guy earning $5 million keeps $824k. A guy earning $824k keeps $364k. A guy earning $364k keeps $217k. A guy earning $217k keeps $150k. Etc. It isn't until you start earning over $250k that the taxes start getting extreme. But, as a result, there's no good reason to give one guy 1 million instead of 10 guys 100,000. There's no good reason to send 1,000 jobs overseas and give a guy a 10 million dollar bonus for it. Th money doesn't concentrate in few people, as it's very rapidly growing to right now (just look at how the balance of wealth has shifted since Reagan took office. 1% holds 40% of the wealth right now. For every dollar in America 40 cents is held by 1% of the people. And that is rapidly shifting. And I'd argue that it's really 0.5% that have it all.)

An economy cannot grow when so much money is in the hands of so few. They're not spending it, just accumulating it. The others aren't earning enough to spend enough to grow. The economy slows, then stagnates, then shrinks.
I don't care about inequality or fairness, I care about a healthy economy.
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