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Tuesday, October 25, 2016

Class Warfare? Most Americans Support Higher Taxes For The Rich

Before the GOP presidential hopefuls take the stage for tonight’s debate and prepare to decry Obama’s “class warfare,” they might want to mull over the fact that most people — including 53 percent of Republicans — support higher taxes for the wealthiest Americans. Even so, not a single politician participating in the debate has backed a tax increase on households with more than $250,000 in annual income. Despite outrage by Republican politicians at the mere suggestion of more taxes for the rich, a new poll reveals that most people think it’s not such a bad idea:

More than two-thirds of Americans, including a majority of Republicans, say wealthier people should pay more in taxes to bring down the budget deficit, and even larger numbers think Medicare and Social Security benefits should be left alone.

That sentiment on taxes is at odds with the Republican presidential candidates, who will meet tonight in a Bloomberg- Washington Post-sponsored debate focused on economic issues.

More than 8 out of 10 Americans say the middle class will have to make financial sacrifices to cut the federal deficit even as the public just as strongly opposes higher taxes on middle-income families, according to a Bloomberg-Washington Post national poll conducted Oct. 6-9.

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  • kurt.lorentzen

    It’s a completely normal reaction for people, like me and my wife, who work 100 – 120 hours between us each week for about $80,000 annually, to believe that people who make 10 times that should pay lots more. In truth, most of them are already paying lots more, but they still have more left over in a month than we do for the entire year. With that it’s easy to see why working people believe the affluent should pay more. Your assertion that a poll that affirms this sentiment somehow makes it a good idea is flawed in so many ways. Have you noticed what’s happening in Europe with their debt crisis? Do you somehow think the US is immune from over-extension? Pulling money from the “rich” (those people who employ most of us working-class folk) and distributing it to the working class as “jobs” amounts to nothing more than another government program to “put people to work” at the expense of the taxpayers. They tried the supply-side stimulus – didn’t work. Now, they want to try demand-side stimulus. This is simply forcing employers to pay for labor that doesn’t benefit their companies, and it’ll all come out in the wash. The problem with government programs is that they don’t generate anything marketable. Money is just an exchange medium for real things. Unless you create more real marketable products, you gain nothing, you just shift things around. The probem is debt. Period. The jobs program produces more debt, is funded by debt. Taxing people more won’t cover the cost and takes money out of the private sector – the only place where real marketable products are created. Two things have to happen to salvage our economy:
    1) Increase production in the private sector.
    2) Decrease the cost of the public sector.
    Those are fundamentals that can’t be overcome by polls, ideology, spending or a jobs act. With Social Security and Medicare accounting for nearly 80% of the budget, they represent the only single line items where the kinds of cuts can be made that will make a difference. The rest – even defense – can’t touch those amounts. It’s fine to poll (troll?) for data that supports an idological position. But unless you can offer a plan that has the potential to finance all the stuff you want government to do, you’re spitting in the wind. Republican candidates offer a realistic approach to economic recovery. Will it hurt? Yes, it will. But the Democrat’s borrow and spend ain’t working (or haven’t you noticed?).