4 votes

Romney's solution to the widest income disparity since late 1920's

The three graphics are not showing on DP.
Here is a link.
http://ian56.blogspot.co.uk/2012/08/romneys-solution-to-wide...

CEO to worker pay ratios

Top 1% share of national income 1913
to 2008

Romney's solution to the widest income disparity since the late 1920's is to cut taxes for the well off (income above $200,000) and raise taxes for the middle class and poor (those earning below $200,000 p.a).

Romney's solution for executive pay getting out of control is the same.

When there are relatively small income discrepancies and a thriving middle class, the economy grows at it's fastest pace, e.g. in America in the 1950's and 1960's.
When the disparity grows too large the economy can fall off a cliff (e.g. 1930's) or we tend to get a stagnant economy (like now).

Romney's solution is to raise taxes for the middle class and cut taxes for the well off.
The rich already pay less tax as a proportion than middle income earners.
Tax legislation such as carried interest disproportionately benefit the rich. This is why Romney's tax rates are so low.

Ron Paul's solution is ZERO Federal income taxes for EVERYBODY.
Government revenues should be via duties etc. as it was for over 130 years.
The size of the Federal government should be reduced accordingly, with balanced budgets.

WSJ's Stephen Moore says that this would lead to the "the biggest job creation in history" and that it "could be done" over a period of a relatively few years.

General business confidence and business investment would soar if it was seen that the Federal Government was finally serious about getting it's budgets under control.

I do not know the details of the transition but the use of selected sales taxes that affect the rich more than the poor would be one effective way.

US taxation 1791 to 2011




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Bears

repeating, imo:

"...Ron Paul's solution is ZERO Federal income taxes for EVERYBODY.
Government revenues should be via duties etc. as it was for over 130 years.
The size of the Federal government should be reduced accordingly, with balanced budgets.

WSJ's Stephen Moore says that this would lead to the "the biggest job creation in history" and that it "could be done" over a period of a relatively few years..."

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I still don't understand

the Leftist rhetoric used to discredit Romney and advocate Ron Paul. The Class Warfare rhetoric is collectivism, which Ron Paul doesn't believe in.

https://twitter.com/#!/Agonzo1

If we eliminated Income Tax

Federal revenues would be at late 90's levels. In 1997, total revenue was around $3 trillion. In 2010, excluding income tax, revenue would have been around $3 trillion.

What happens in an economy where the bulk of society has 20+% more capital to use? It goes back into the system, without the bureaucratic waste.

The economy would grow, at natural levels, and we would all prosper.

I do believe that . . .

Romney is a clown--

it's hard to be awake; it's easier to dream--