No, I did not spin anything. I built on your stats that only told a portion of the story.
( I had to edit for brevity because of the length of this post).
I built on your stats that only told a portion of the story.
Again....if you are collectively using your statement
" the wealthy are benefitting from medical advances whose research was funded in large part by taxpayer funds. " to infer medical technology is advanced without acknowledging tax revenue collected from those that furnish the greater proportion of that revenue......you've spun your argument. Those that paid the most for services are in the same column that paid the most in taxes. It's not the middle class that's so much being denied....it's the middle class that's underachieving in a difficult economy and not generating a significant portion of revenue. And It's been like this for quite some time continually declining in participation.
This is not an argument to tax the middle class more, it's an observation.
Further:
As to your tax example, while it is shown that the top earners pay the most tax, what is always omitted by these statistics is the amount of wealth actually controlled by the various brackets.
The top 1% control 42% of the wealth in America.
Lets compare the top 1% with the bottom 50%:
The top 1% earn about 24% of all income.
The bottom 50% earn about 13% of all income.
The bottom 50% need nearly 100% of their income for basic survival. Some of the bottom 50% are in an income deficit.
The top 1% have banked the majority of their income as is evidenced by their control of 42% of all wealth in the United States.
is not justification for seizure of property that has already been taxed ( legally acquired ) but is an argument to review the rates of taxation on that class.
The wealthy have received the most benefit from the infrastructure of the United States, and therefore it is reasonable that they pay proportionally to that benefit.
I have no issue with progressive taxation.
It seems reasonable to me that those that benefit the most be responsible to promote it accordingly.
But you also posted this:
As to your tax example, while it is shown that the top earners pay the most tax, what is always omitted by these statistics is the amount of wealth actually controlled by the various brackets.
Legal accumulation of wealth by an individual is irrelevant to the rate of taxation on earnings/capital gains. To make it relevant is confiscation of property already taxed for the purpose of redistribution.
That is hard line socialism and it does border on communism.
If you want something to think about that is relevant, it's inheritance in a class that does lead to empire building. It has been taxed in the past and the rates are being relaxed.
My lawyer, whose firm is also involved in estate planning, mentioned recently that it's likely in a few years to see Congress do away with inheritance taxes even among the wealthiest.
Odd that this seldom comes up in discussions. It is a means of revenue gathering that's being discontinued.
The rich will still be rich, and the middle class will recover and become prosperous
Yes, the very wealthy will likely always be wealthy.......but taxation is not a mechanism to make the middle class prosperous.
As I pointed out earlier, increased taxation on the very wealthy is not significant enough to address the debt and unfunded taxpayer liabilities that have accumulated.
Your argument addresses subsistence of the middle class, not prosperity.
And another problem when confiscating from the very wealthy........there is an old saying that goes......money travels to where it's most appreciated. Meaning, wealth will off shore to havens that pay better returns......just like corporations offshore to generate higher profit returns. Confiscate too much by way of taxes.....confiscate after taxation......and what drives the US ( $$$ ) offshores itself whether the economic model is socialist or capitalist.
You know full well Yougoslavia is not a reasonable comparison to the United States
Of course it's not....but it is an example of debt out of control.....a symptom the US is experiencing currently.
And as long as deficits out pace taxation.......debt accumulation continues in the direction of financial failure.
Doesn't matter if the economic system is socialist or capitalist in that scenario.
Attempting to compare Communist countries to Capitalist industrialized nations is completely unreasonable.
Indeed.......but I'm not the one advancing the system of another nation with out the consideration of differences.
Why argue against trying something that actually works?
It seems to work for them.
We aren't 'them'.
Socializing a medical program is not.... the consideration of removing the fraud that's bringing the economy down.
It's replacing aneconomic mechanism used to provide medical services.
And it's actually adding to costs if there is no reform.
And if instituted tomorrow......it's run under the same influences that have allowed so much of the fraud we both see as destructive.
I see reduction of fraud and enforcing regulations a better pathway rather than extreme changes in an economic model.
You know this is a false comparison.
Of course it is.
But it's an extreme analogy that points out why direct comparisons shouldn't be made.
Consider striping out half the wealth of each nation you want to use as a model.
Then project their recovery.
That's the imagery of the US at the present.
I haven't followed the economies of the nations you use as models, but I don't doubt their conversions happened at a time when the action was affordable.
All I see currently, is the generation of new entitlements pushing the tax and debt loads further into the red column and closer to an economic collapse.
For that reason, I see no logic in arguing for universal health care at this time.
So let's suit 99% of the population with real progressive taxation, universal health care, living wage law and tightly regulated banking and insurance and reasonably regulated industry.
I think it's been pointed out enough that your imagery of taxation ( and confiscation ) isn't a practical mechanism for economic recovery...it's a subsistence strategy .....and that the entitlements you propose are not only bankrupt-able elements at this time, they serve the middle class at everyone's expense, including their own, ultimately...( failed economy ) Maybe not in Australia...but they aren't carrying the economic baggage of the US either.
The situation can be made better or it can be made worse. I'm pointing out why your theories make it worse in the US under current conditions.
I know that you have noticed that the middle class, working class and small business class is alsways told that we have to "sacrifice" when times get tough. Don't you find it interesting that the monied classes are never asked to do the same?
Again....add up the wealth in the Forbes 400 and see if confiscating all of it has merit in solving our economic problems.
You are looking for a just tax code, but it's only a small element in our problems.
And even then, according to the CBO.....increasing rates of taxation too much will have negative effects on the economy.
Simply, the Feds are spending too much money and generating too much debt.
An economy doesn't grow without it's consumer base ....consuming......and the middle class is still awash in it's own debt. Problem.....with out increasing consumption, there is little reason to increase production and less reason to hire.
Increasing taxation on the very wealthy won't increase consumerism at it's present status.
That's not an argument to not discuss fair taxation.........it's a reality of our present situation.
Doing the same things we have been doing will get the same failing results. Our way - the Trickle Down way, has failed misreably. It's time to model Australia or Germany just to name two - both have it figured out better than we have by a long shot.
I agree trickle down economics ( supply side economics ) is used as an abuse for power.
The trickle down theory was introduced under Reagan and even his economic adviser ( Stockman ) later on admitted he himself didn't believe in it.
Stockman even became concerned about the projected debt from supply side economics.
It has merit in theory, but in practice it's abused.
http://en.wikipedia.org/wiki/David_Stockman#Office_of_Management_and_Budget
^^^interesting read, imo.
http://en.wikipedia.org/wiki/Supply-side_economics
Just like some claim communism has merit in theory. Perhaps, but it's quite abusive in practice. And as Putin is reported to have said.....the Soviet Union fell because of corruption.
Remember what I posted......wide spread fraud in any economic system will likely lead to it's eventual failure.
Same with capitalism.
Doing the same things we have been doing will get the same failing results.
Indeed......but reform doesn't seem to have been tried yet. Promised....but I think we both agree that those are campaign promises quickly forgotten after elections.