Preview: Tax The Rich

As budget director, David Stockman was the architect of Ronald Reagan's tax cuts. But now he blasts the "religion" of tax cuts embraced by the GOP, and also has some criticism for Democrats. Lesley Stahl reports, Sunday at 7 p.m. ET/PT.

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[DillonDee1]

Some tax rates in the past on income beyond what any person would need.

1918 - 77%, 1942- 86%, 1945 - 94%, 1953 - 72%, 1969 - 77%, 1980 - 70%

We are in despeate times now & don't need to cut the top rate from 36% to 33%.

[UnionMadeMaid]

I’m tired of rhetoric declaring that government is a 4-letter word. Thanks to gov’t (and taxes), we have paved roads, traffic lights, schools to educate our young, & a fleet of emergency vehicles at the ready should your house or business catch fire. Thanks to gov’t (and taxes), we have water that is safe to drink, foods that are safe to eat, a place to house criminals, & a legal system that affords each & every one of us a fair trial, should it come to pass that we stand accused of a crime.

[1polymath]

@goodmanj1941 That's a false analogy. 47 percent of ppl in America do not pay taxes and/or pay their fair share of the tax load that the middle and working class individuals (the reamining 53%) have to pay. We cannot fund our public insitutions that supports the whole 100% and the remaining 47% refusing to pay into services that they themselves want also.

[stormblast49]

@goodmanj1941

Although you posted 2 months ago I still wish to respond. G.P.A. is a mark of your achievement, Income maybe but not always. Sharing a G.P.A. doesn't benefit anyone. Now to answer the question of shared taxes it comes down to basic preservation. Rush Limbaugh claims that it's unjust for him to pay more taxes, but it is also unjust to let poor people die without healthcare. Now if I am one of them should I elect to die or have Rush pay more taxes. It's a no-brainer.

[goodmanj1941]

if your opinion is to raise taxes then ask yourself this.

lets assume that your child is in school and has earned a 4.0. now since school is to prepare them for life, lets tax them.

lets redistrobute their GPA. now if the class is like life then 50% of the class gets a 0. even if all the rest get a 100% for the class ( which is never the case) the average is still 50%. which is failing. would u give up your childs GPA to another student that didn't do the work

[goodmanj1941]

i ask this because generally the students that do the work get the better grades, the better their grades the better their chances of getting into college. if they keep up the good work they have a better chance of getting a better paying job. if they get a better paying job they make more money. if they make more money they pay more taxes. so i ask , if you are for higher taxes why not tax the students GPA to give to the other students to bring up their GPA to a more socially justified level.

[JOBOB335]

@Welsh77 so, if we are making a 500,000,000,000 surplus. how does cutting taxes by 1.2 trillion make sense? it doesn't. 

[DillonDee1]

@Welsh77

Economist John Kenneth Galbraith noted that "trickle-down economics" had been tried before in the United States in the 1890s under what an older and less elegant generation called the horse-and-sparrow theory: That is to say - 'If you feed the horse enough oats, some will pass through to the road for the sparrows". Not only Galbraith, but many other economists now dismiss "trickle down" as just so much horse manure,

[Welsh77]

@DillonDee1 yep, and those high tax rates simply didn't mean higher revenue from the people who were paying rates that high. if you just look at the top 1%, they paid a much lower share of the total % of income taxes when we had rates that high. no sane economist is arguing for rates at 70% and above for the rich, its fiscal suicide and it will drastically harm the economy.

[Welsh77]

@UnionMadeMaid that's true, but not surprisingly you can list the positive things the government has done in 500 characters. it would take a list hundreds of times longer to list the negative and wasteful things that government has done with taxpayer money. wake up, get a sense of proportion, and understand that our government is large enough!

[Welsh77]

@JOBOB335 tax revenues depend on more than tax rates. if you're referring to clinton's tax hikes, you conveniently choose to ignore all his other supply side policies. NAFTA, capital gains tax cut, tax elimination on owner-occupied homes, spending cuts, weflare reform, just to name a few, not to mention a technology boom. all of those contributed much much more to widening the tax base and increasing revenues than his tax hikes.

[prrolg]

@JOBOB335 The lady on comments above us, DillonDee1 says that 1969 the top rate was 77%. I remember 1969 and it sucked. And there were no jobs and nothing to buy. You could get to Woodstock in a piece of shit chevy convert though.