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Achieving Progressive Tax Reform in an Increasingly Global Economy : Swingers Discussion 116833
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TOPIC: Achieving Progressive Tax Reform in an Increasingly Global Economy
Created by: Seduction4Two The original post for this thread was deleted.
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M,

it's too early to do so, i will try when i get back :-)

Philadelphia PA
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A movement of wealth concentration in the form of the proportion of income in just the top 1% from 26% to 45% in 25 years is a very dramatic shift. Historically, wealth increasing productivity gains have more or less been split between capital and labor. A worker produces more for the same effort, the profits increase and the salary increases.

In the current era, technology and free trade (without environmental and worker safety protections) has resulted in productivity gains actually causing the business owners to reap 100%+ of the productivity gains. An example - with globalization, the skilled manufacturing worker sees their job disappear and they end up making half as much in some semi-skilled service job. The owners of the business behave rationally to compete by shipping production offshore and their profits increase, but the local workers fall right out of the bargain.

What the OP doesn't explain is that if you continue to squeeze the remaining 99%, eventually their consumption capability declines. In other words, if you don't have any money, you can't buy stuff. If nobody buys stuff, the economy goes into a tailspin. Then the top 1% loses too - in fact, they have so much more to lose. This is why it is eventually necessary, for the sake of protection of the free market economy, to somewhat reverse the disequilibrium of this concentration of wealth. The most likely way to accomplish that in this era would be through fiscal policy - government funded public works to create local jobs and give you nice new roads and bridges to drive over.

Under Bush, the wealth concentration effects of globalization have been accentuated by the tax system being made less progressive. But the signs are clear that this trend cannot continue for much longer without the risk of social destabilization - homelessness, etc. Just look at the fact that the savings rate in America is now negative and that consumer debt is at an all time high. Even worse, people have heavily dipped into their home equity to get by, and now that sector is in free fall. Foreclosures are at an all time high and growing. Banks are failing globally and being nationalized everywhere (including America.) It ain't pretty. The Treasury Secretary position is going to be a very tough gig.

Hampstead England United Kingdom
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why do u say that about people leaning to the left?

i think if a fundamentally strong point is made that people of both sides would have difficulty disagreeing with the point...

Philadelphia PA
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it is by far better and significantly beneficial when there are more wealthy people and less of the poor. It seems to me that the Democrats don't hold a similar outlook.

well see i think u are incorrect in terms of the democratic outlook.

but that is just my opinion

Philadelphia PA
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"Give me one reason why people should strive for better life when in the end when they do achieve a better way to live it is being taken away from them. "

If they took away ALL of what they made, then there would be no catalyst to strive for better. However, we know that what is taken away doesn't even come close to "hurting" those at the top and they continue to live lavish lifestyles despite paying high taxes. Why do they strive to pay higher taxes (to phrase it in to your terms)...so, they will continue to live lavishly.

I recently had a conversation with my Dad and I'm doing some stock investing for him and I commented that I want to hear him complain that he has to pay so much capital gain tax! My Dad chimed in and agreed stating, "Absolutely! If I'm paying capital gain taxes that means I'm making money just making me richer!" So, there are plenty of people that make money that aren't bothered by paying taxes.

As far as the OP... I didn't see any slant against the wealthy and viewing them as evil.

Mountain Ranch CA
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i think it is more of a fundamental difference in philosphy as to what share of the tax burden the wealth should pay vs the percentage of the lower class.

more of an economic issue than a good vs. evil issue.

Philadelphia PA
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i have never seen anyone paint those who are successful as evil and i did not get that for your op either...

Philadelphia PA
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are u asking why is it bad for there to be such a huge gap between economic classes?

Philadelphia PA
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TOPIC: Achieving Progressive Tax Reform in an Increasingly Global Economy