Ben Stein rails against gop nonsense about taxes on the rich
"We have gotten to the point that the discussion of taxes is just a joke," Stein scoffs. In his lifetime he's watched the top tax rate fall from 90% (when he was a kid) to 70% (when he was writing speeches for Nixon) to a situation where no one actually pays the listed tax rate — but the government still shuts down over the prospect of a 3% or 4% hike for the wealthy.
"Really, high-income people can afford to pay a lot more taxes," he shouts, in a naked betrayal of his class.
and btw, the decline in tax rates for the rich never produced more investment or jobs or helped the economy. The rich simply got richer and everyone else got poorer:
"Declining Tax Rates Haven’t Stimulated Investment: Cutting taxes on the richest Americans has not led them to invest more in plant and equipment. Over the past 50 years, as tax rates have declined, there has been no increase in investment spending as a percentage of GDP. (The flat trend line shows that changes in the highest marginal income-tax rate have not affected investment much, one way or the other.) Instead, the investment share of the economy has been determined by other factors, such as aggregate demand, rather than tax policy
Lower Taxes, Slower GDP Growth: Despite lower and declining tax rates, especially on the rich, the United States has had slower productivity growth over the last several decades than other advanced economies. Overall, lower taxes are associated with slower growth in GDP per hour worked. A 10 percentage point increase in taxes as a share of GDP is associated with an increase in the productivity growth rate of 0.2 percentage points. (See Figure 5.)
The Great Tax-Cut Experiment
Has cutting tax rates for the rich helped the economy?
GERALD FRIEDMAN is a professor of economics at the University of Massachusetts-Amherst.
Are you so naive as to believe that "The Rich" ever paid a lot in taxes? When the higher rates were in effect there were so many loopholes that many of the mega rich paid little in direct taxes. It was all BS for stupid people.. Small investors got a similar break with REIT's a while back. As soon as many people began catching on to this tax writ e off they changed the rules so few would qualify. But, people like the Kennedy's and Rottenfellers got to keep it though had no direct hand in management of their assets. As the witch in New York said long ago; "Taxes are only for the little people."