if the Federal income tax were made more progressive (i.e., with a higher marginal tax rate for the richest than currently prevails), the government deficit problem would go away more easily: mere growth of (real) GDP would push people into the higher tax brackets, raising more revenue than under the current tax system.
It would be nice to get rid of inflation indexing of tax brackets and rates, too. If we did that, we'd see some people getting richer on paper but not in real terms, but having to pay higher taxes. Of course, the people who scream about the deficit (I meant to write "the DEFICIT!!!!") are totally against increased taxes on _them_. As David Shemano noted, these "people are willing to borrow and spend but not tax themselves." My second proposal would likely be rejected by _everyone_, even though it would have the effect (all else constant) of moderating future inflation. On Wed, Apr 27, 2011 at 12:24 PM, c b <[email protected]> wrote: > CB: Isn't it true that the top income tax rate was 90% then , too ? > Tax the rich for a new Golden Age. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
