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Peter Schiff's Wall Street Journal Editorial, please spread

By PETER SCHIFF

Democratic Party leaders, President Obama in particular, are forever telling the country that wealthy Americans are taxed at too low a rate and pay too little in taxes. The need to correct this seeming injustice is framed not simply in terms of fairness. Higher tax rates on the wealthy, we're told, would help balance the budget, allow for more "investment" in America's future and foster better economic growth for all. In support of this claim, like-minded liberal pundits point out that in the 1950s, when America's economic might was at its zenith, the rich faced tax rates as high as 91%.

True enough, the top marginal income-tax rate in the 1950s was much higher than today's top rate of 35%—but the share of income paid by the wealthiest Americans has essentially remained flat since then.

In 1958, the top 3% of taxpayers earned 14.7% of all adjusted gross income and paid 29.2% of all federal income taxes. In 2010, the top 3% earned 27.2% of adjusted gross income and their share of all federal taxes rose proportionally, to 51%.

Read More: http://online.wsj.com/article/SB1000142412788732470510457815...



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Glad Peter Schiff is getting

Glad Peter Schiff is getting attention in places like WSJ. He has lots of good stuff to say and its good that a mainstream audience will get to read it. Hopefully they dig into some of his other writing and videos as well.

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Math Word-Problems

If only more people understood math word-problems...

This is why I don't want voters, their elected representatives, and government employees in charge of my life: they aren't good at it.

What do you think? http://consequeries.com/

bump

!

"Endless money forms the sinews of war." - Cicero, www.freedomshift.blogspot.com

schiff--stop shouting hyperinflation

i've seen quite a few economic,,, and unbiased blogs from major sites bbashing schiff on crying hyperinflation

there starting to insinuate--the boy that cried wolf

it seems our gov't and banks have an uncanny ability to kick the can,,,, and they can as japan's been doing it 20 years now
we may be able to do it for longer than that with our unique position as reserve currency

it seemssome make a good argument for deflation occuring,,, except for the feds and banks offsetting it actually occuring,,, so we are stuck at suck

seen quite a few good people saying this with good reason

mish called out schiff for refusing to debate him on RT after agreeing to last week

i realize hyperinflation can rapidly hit,and occur tomorrow,,, but people want instant gratification and when for 4 years it doesn't occur,,,well.......

seems celente lost a lot of his power and his bully pulpit for making overzealous claims,,, hope that won't happen to schiff