We have witnessed the greatest transfer of wealth from the middle class to the super rich over the last 30 years: the rich have increased their wealth by over four times over the three decades since Ronald Reagan became President.
The decrease in the highest marginal tax rates from 70% to 33% on the rich has not led to any trickling down to the lower and middle classes nor has it created any jobs: that is a myth perpetuated by the mouthpieces of the rich. And the reduction of the capital gains tax rate has not led to any significant investment in capital assets in America in recent years.
It is time to end deficit spending. And the first measure that needs to be adopted is to raise taxes on the wealthy.
The second step would be to cut defense.
Let’s get started. Please sign the petition below and help the rich find their wallets.
Remember Warren Buffett’s call-to-arms:
“there’s class warfare, all right. But it’s my class, the rich class, that’s making war, and we’re winning.”
Winning? They are kicking our asses all the way back to the America prior to the New Deal of the 1930s, when laborers were paid a $1 a day without any employee benefits.
William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business.
Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission.
In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
I think its good to raise tax on wealthy people however i believe there must be several factors that should be considered, For example, the rate should not disturb their income alot that they stop doing the business. There must be a transparent and justified procedure to set the tax rates.
Even if these were “job creators” (how many cliche’s can Luntz come up with?), but even if they were, raising taxes incentivises a business to invest in itself, thereby tempering gross profits for the purpose of controlling their tax rate. If they don’t need tax breaks, a business is not going to invest the same as they do when they need to invest, to keep their rates manageable.
2 things to this: 1.) This is Personal Income Tax, not business. 2.) When I was in my own business, it and personal tax were one in the same because I was my only employee, without enough income, so when I had a big year, Hey! Invest in equipment.
One last thing. I know a man who owns a 15 million dollar a year company, that employs around 120 people. Know what Mr. CEO pays himself? $80,000…that’s it. Why?, well its a 15 million dollar company, not a 15 million in profit company, so these “small job creators” that make $250,000, and need protecting?…….don’t exist. Don’t play me dumb.
But the Republicans keep playing the American public dumb. Why? Apparently the American public must obviously be dumb to believe that these wealthy business owners will create jobs here in America with their millions of dollars of tax savings, even though over the last ten years it has proven otherwise.
You and I both know that this GOP line, lowering the highest marginal tax rates will create jobs, is just the new version of trickle down economics: lower taxes and the tax savings that the rich experience will trickle down to everyone. What baloney
It is so refreshing to read your comments. Yet I am appalled at what has been happening to our country over the last 30 years. The nation has become fat and dumb and apathetic and that is why the trend has turned to a sort of – dare I say it? — nascent fascist direction. Power is devolving to an evil and spiteful few at the cost of the America that I grew up in and once loved with all my heart. That America is vanishing — where you were free AND you could expect to work and retire in dignity; where you could believe in what we stood for and why we would intervene militarily; where you felt dignity as a member of the economy, the political system, the social system, the health system. I once felt such pride to be an American, and now I fear being exploited, embarrassed at what some politicos far removed from me, speaking as if for my usurped country may say or do to compound the shame I now feel.
How absurdly sensible it is to expect the exceedingly rich to pay more in taxes.
But until the republican base can raise up their heads from their fixation on abortion or gays or that ‘old-time religion’, they will pull the nation down, down, down to their level of ignorance.
Thank you for your eloquent commentary. I share your nostalgia of that former America.
My father was born in 1910. He believe in the Horatio Algier story, that anyone could succeed in America if they just worked hard and played by the rules. My father did so, and he did very well. I am so very proud of him.
The America I see now is a totalitarian state, a corporate state, owned by the very few. Even the media, our press, is becoming more and more under its control. It is George Orwell’s Animal Farm deja vu all over again. How history repeats itself.
When will the masses awake and demand change? Many Americans, I fear, have not only been asleep but may have lapsed into a coma, lulled into a narcoleptic state by the repetition of falsehoods on the media by prominent figures and mouthpieces. Can it be that a majority of Americans believe that if we give all of the wealth to the rich, that they, in Robin Hood fashion, will give us good paying jobs in return? Can the American people be that imbecilic?
People need to get MAD. People need to start calling their lawmakers and signing petitions. It’s not about NEW taxes it’s a question of god damn fu–ing FAIR taxes. We the middle class pay WAYYYYYYYYYY more on each dollar than the upper class. Oh wait I know they get that cash so they can provide us jobs … HAHAHAAAA, that only works if us includes sweatshops and call centers in India. As Allen Greenspan said when the finical elite raped this country and broke the back of our economy ” I never thought they’d be that greedy”. Once again HAHAHAAAA they will always be as greedy as we let them be. Example in the 1950s corporate Taxes made up for 60% of GDP now it makes up for 4% really.. REALLY. They have spent 50 years buying politicians and lobbyist and pushing loopholes into the tax code. They have stacked the deck and now they cry no new taxes, translation ” no fair taxes”. I am a Libertarian and I favor a balanced budget amendment. I favor small government. But Im not so fu–ing blinded by the right’s flag waving distractions and judgments on MY patriotism that I will give up on a FAIR TAX CODE.
In the 1950s corporate Taxes made up for 60% of GDP now it makes up for 4% really! They have spent 60 years buying politicians and lobbyist and pushing loopholes into the tax code. They have stacked the deck and now they cry no new taxes, translation ” no fair taxes”. Time for the pendulum to swing the other way!
Thank you, Daniel, for providing those statistics.
I am at a complete loss as to why middle class Americans are not organizing and rebelling, and why so many still support and approve of President Barack Obama, who has failed to follow through on his promise to change the status quo. Why didn’t this latest debt ceiling bill contain any tax increases on the rich? Why didn’t the President veto that bill and demand tax increases on the filthy rich, who have quadrupled their net worth and incomes over the last thirty years, while the middle class’s net worth and incomes in real terms have shrunk?
We do not need Democrats who are Republicans in sheep clothing. We need Democrats representing middle class families.
William Brighenti >> are you really this friggin stupid??? you look a little more intelligient than your post.. could it be that congress is over run with greedy republicans looking out for the top 20% of the USA most wealthy.. yeah… it is.. Obama has put in over 15 bills to help the American people and economy and congress did not even vote on them…they threw them in the trash.. one of them was to stop speculation on oil to give tax payers a break at the gas pumps which would have also givin lower prices of diesel to trucking companys which would lower the cost of food and loads of other products that are trucked in, they threw it in the trash too.. if your not a millionaire or a billionaire you should do lots of research on the net before you vote in 2012..
Obama agreed to the extension of the Bush tax cuts for two more years, allowing highest marginal tax rates to remain at 33% and the capital gains tax rate at 15%. When I was growing up, the highest marginal tax rate on the wealthy was 91% and did not go below 75% until the 1980s. And the capital gains tax was never this low. In fact, some years ago, it was nearly wtice this rate.
He also agreed to lower the estate tax rate on the wealthy from 55% to 35% as well as to increase the exemption from estate taxes to as much as $10 million! For decades it was well below $1 million.
He also agreed to cutting social security, medicare, and medicaid without requiring any increases in taxes.
I will not be voting for Obama in 2012. I see that he is campaigning very vigorously up at Martha’s Vineyard renting a cottage for one week at a cost of $50,000, while many Americans are losing their jobs, health insurance, and homes.
I am so disappointed in President Obama I could weep. He needs to stop this consensus building nonsense and start using his power. He does have a veto pen in his possession.
Use it.
One of our local columnists (also a gentleman of color) said the other day that “Obama has played enough basketball that he should know by now sometimes you have to use an elbow if you want to win”.
The Republicans in Congress are owned by the wealthy and are usually wealthy themselves as it would be very difficult for a poor man to run for any political office.
Too many people in this country are single issue voters. All the biggest crooks have to say is that they are anti-abortion or against Gay Rights and all of these people vote in lock step. It never seems to occur to them that these guys know that and will say it just to get their vote.
To solve this country’s financial problems:
Take away all of the Bush Tax Cuts.
Take away all of the Tax breaks that are given to the companies who are sending our jobs overseas. Did you know that none of their profits are taxable until they cross our shores?? There are banks in the Caymans stuffed with those profits which will never come into this country.
Stop sending money to countries like Pakistan. They wouldn’t need it if their governments weren’t being run by the wealthy for themselves.
Keep our noses out of other countries wars. Let them solve their own problems.
What our current government is trying to do is make this country another third world country where the rich just keep getting richer and the rest wind up living in hovels.
Thank you for submitting your comment. I agree completely with your observations. I only wish someone like you was President.
When I see Obama renting a cottage on Martha’s Vineyard at a cost of $50,000 per week, I don’t think Obama cares one bit about fighting for the middle class and winning tax cuts on the rich. I suspect that Obama is an aspiring member of the wealthy elite in the same fashion that Bill Clinton (who is now worth over $100 million) was. So that perhaps explains why no elbows are being thrown.
By the way, those companies whose profits are not taxable until they cross our shores are now appealing (and under Obama will get) a dramatic reduction in their tax rate when they bring those monies home: instead of paying 38% taxes, they will only pay ~3%!
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I think its good to raise tax on wealthy people however i believe there must be several factors that should be considered, For example, the rate should not disturb their income alot that they stop doing the business. There must be a transparent and justified procedure to set the tax rates.
Even if these were “job creators” (how many cliche’s can Luntz come up with?), but even if they were, raising taxes incentivises a business to invest in itself, thereby tempering gross profits for the purpose of controlling their tax rate. If they don’t need tax breaks, a business is not going to invest the same as they do when they need to invest, to keep their rates manageable.
2 things to this: 1.) This is Personal Income Tax, not business. 2.) When I was in my own business, it and personal tax were one in the same because I was my only employee, without enough income, so when I had a big year, Hey! Invest in equipment.
One last thing. I know a man who owns a 15 million dollar a year company, that employs around 120 people. Know what Mr. CEO pays himself? $80,000…that’s it. Why?, well its a 15 million dollar company, not a 15 million in profit company, so these “small job creators” that make $250,000, and need protecting?…….don’t exist. Don’t play me dumb.
I agree totally. Excellent comment.
But the Republicans keep playing the American public dumb. Why? Apparently the American public must obviously be dumb to believe that these wealthy business owners will create jobs here in America with their millions of dollars of tax savings, even though over the last ten years it has proven otherwise.
You and I both know that this GOP line, lowering the highest marginal tax rates will create jobs, is just the new version of trickle down economics: lower taxes and the tax savings that the rich experience will trickle down to everyone. What baloney
It is so refreshing to read your comments. Yet I am appalled at what has been happening to our country over the last 30 years. The nation has become fat and dumb and apathetic and that is why the trend has turned to a sort of – dare I say it? — nascent fascist direction. Power is devolving to an evil and spiteful few at the cost of the America that I grew up in and once loved with all my heart. That America is vanishing — where you were free AND you could expect to work and retire in dignity; where you could believe in what we stood for and why we would intervene militarily; where you felt dignity as a member of the economy, the political system, the social system, the health system. I once felt such pride to be an American, and now I fear being exploited, embarrassed at what some politicos far removed from me, speaking as if for my usurped country may say or do to compound the shame I now feel.
How absurdly sensible it is to expect the exceedingly rich to pay more in taxes.
But until the republican base can raise up their heads from their fixation on abortion or gays or that ‘old-time religion’, they will pull the nation down, down, down to their level of ignorance.
Thank you for your eloquent commentary. I share your nostalgia of that former America.
My father was born in 1910. He believe in the Horatio Algier story, that anyone could succeed in America if they just worked hard and played by the rules. My father did so, and he did very well. I am so very proud of him.
The America I see now is a totalitarian state, a corporate state, owned by the very few. Even the media, our press, is becoming more and more under its control. It is George Orwell’s Animal Farm deja vu all over again. How history repeats itself.
When will the masses awake and demand change? Many Americans, I fear, have not only been asleep but may have lapsed into a coma, lulled into a narcoleptic state by the repetition of falsehoods on the media by prominent figures and mouthpieces. Can it be that a majority of Americans believe that if we give all of the wealth to the rich, that they, in Robin Hood fashion, will give us good paying jobs in return? Can the American people be that imbecilic?
The Barefoot Accountant
People need to get MAD. People need to start calling their lawmakers and signing petitions. It’s not about NEW taxes it’s a question of god damn fu–ing FAIR taxes. We the middle class pay WAYYYYYYYYYY more on each dollar than the upper class. Oh wait I know they get that cash so they can provide us jobs … HAHAHAAAA, that only works if us includes sweatshops and call centers in India. As Allen Greenspan said when the finical elite raped this country and broke the back of our economy ” I never thought they’d be that greedy”. Once again HAHAHAAAA they will always be as greedy as we let them be. Example in the 1950s corporate Taxes made up for 60% of GDP now it makes up for 4% really.. REALLY. They have spent 50 years buying politicians and lobbyist and pushing loopholes into the tax code. They have stacked the deck and now they cry no new taxes, translation ” no fair taxes”. I am a Libertarian and I favor a balanced budget amendment. I favor small government. But Im not so fu–ing blinded by the right’s flag waving distractions and judgments on MY patriotism that I will give up on a FAIR TAX CODE.
In the 1950s corporate Taxes made up for 60% of GDP now it makes up for 4% really! They have spent 60 years buying politicians and lobbyist and pushing loopholes into the tax code. They have stacked the deck and now they cry no new taxes, translation ” no fair taxes”. Time for the pendulum to swing the other way!
Thank you, Daniel, for providing those statistics.
I am at a complete loss as to why middle class Americans are not organizing and rebelling, and why so many still support and approve of President Barack Obama, who has failed to follow through on his promise to change the status quo. Why didn’t this latest debt ceiling bill contain any tax increases on the rich? Why didn’t the President veto that bill and demand tax increases on the filthy rich, who have quadrupled their net worth and incomes over the last thirty years, while the middle class’s net worth and incomes in real terms have shrunk?
We do not need Democrats who are Republicans in sheep clothing. We need Democrats representing middle class families.
The Barefoot Accountant
William Brighenti >> are you really this friggin stupid??? you look a little more intelligient than your post.. could it be that congress is over run with greedy republicans looking out for the top 20% of the USA most wealthy.. yeah… it is.. Obama has put in over 15 bills to help the American people and economy and congress did not even vote on them…they threw them in the trash.. one of them was to stop speculation on oil to give tax payers a break at the gas pumps which would have also givin lower prices of diesel to trucking companys which would lower the cost of food and loads of other products that are trucked in, they threw it in the trash too.. if your not a millionaire or a billionaire you should do lots of research on the net before you vote in 2012..
Obama agreed to the extension of the Bush tax cuts for two more years, allowing highest marginal tax rates to remain at 33% and the capital gains tax rate at 15%. When I was growing up, the highest marginal tax rate on the wealthy was 91% and did not go below 75% until the 1980s. And the capital gains tax was never this low. In fact, some years ago, it was nearly wtice this rate.
He also agreed to lower the estate tax rate on the wealthy from 55% to 35% as well as to increase the exemption from estate taxes to as much as $10 million! For decades it was well below $1 million.
He also agreed to cutting social security, medicare, and medicaid without requiring any increases in taxes.
I will not be voting for Obama in 2012. I see that he is campaigning very vigorously up at Martha’s Vineyard renting a cottage for one week at a cost of $50,000, while many Americans are losing their jobs, health insurance, and homes.
The Barefoot Accountant
I am so disappointed in President Obama I could weep. He needs to stop this consensus building nonsense and start using his power. He does have a veto pen in his possession.
Use it.
One of our local columnists (also a gentleman of color) said the other day that “Obama has played enough basketball that he should know by now sometimes you have to use an elbow if you want to win”.
The Republicans in Congress are owned by the wealthy and are usually wealthy themselves as it would be very difficult for a poor man to run for any political office.
Too many people in this country are single issue voters. All the biggest crooks have to say is that they are anti-abortion or against Gay Rights and all of these people vote in lock step. It never seems to occur to them that these guys know that and will say it just to get their vote.
To solve this country’s financial problems:
Take away all of the Bush Tax Cuts.
Take away all of the Tax breaks that are given to the companies who are sending our jobs overseas. Did you know that none of their profits are taxable until they cross our shores?? There are banks in the Caymans stuffed with those profits which will never come into this country.
Stop sending money to countries like Pakistan. They wouldn’t need it if their governments weren’t being run by the wealthy for themselves.
Keep our noses out of other countries wars. Let them solve their own problems.
What our current government is trying to do is make this country another third world country where the rich just keep getting richer and the rest wind up living in hovels.
Thank you for submitting your comment. I agree completely with your observations. I only wish someone like you was President.
When I see Obama renting a cottage on Martha’s Vineyard at a cost of $50,000 per week, I don’t think Obama cares one bit about fighting for the middle class and winning tax cuts on the rich. I suspect that Obama is an aspiring member of the wealthy elite in the same fashion that Bill Clinton (who is now worth over $100 million) was. So that perhaps explains why no elbows are being thrown.
By the way, those companies whose profits are not taxable until they cross our shores are now appealing (and under Obama will get) a dramatic reduction in their tax rate when they bring those monies home: instead of paying 38% taxes, they will only pay ~3%!
The Barefoot Accountant