From the Nation magazine: “Randolph Paul, Wall Street tax lawyer and FDR’s point man on taxes during WWll said in 1947 “If the nation’s wealth flows into the hands of too few rather than into the hands of the many, the resulting amount of saving will be greater than can be absorbed. Our economy can take only so much of this sort of thing before it has a violent conclusion.” In 1947 the long and bloody labor movement could be seen as a “violent conclusion”. “… President Eisenhower saw high taxes on high incomes as an antidote to the “opulence” that inexorably leads a nation to “depravity and ultimate destruction.”
In other words, the richest just pull the money out of the economy and lock it away, never to see it in circulation again, ultimately destroying the economy for all of us. That’s why in the past, tax rates were a lot higher than today. In 1955, the IRS took 51.2 percent of America’s top 400 incomes.” “Tax rates would top off at 94 percent during WW ll and hover around 90 percent for the next two decades.” By doing this Eisenhower led America to the biggest and longest lasting economic boom in history, which all Americans were able to take part in.
Now, from the Nation magazine, “In 2007, America’s top 400 had an average tax bill after loopholes, of just 16.6 percent” but rather than broadcast this information, we get alarmist headlines from newspapers such as the March 4 headline “Tax bills reach 30-year high” with the caption: “Wealthy face another potential tax hike while already paying high tax bills”. According to articles in the Nation magazine, those companies who presently have negative tax rates include “Honeywell, which has a negative tax rate of -0.7 percent.” other “firms that pay a negative tax rate, are GE, Boeing and Verizon, ” to name just a few.
Here’s the AP report: “The average family in the bottom 20 percent of households won’t pay any federal taxes. Instead, many families in this group will get payments from the federal government by claiming more in credit than they owe in taxes, including payroll taxes. That will give them a negative tax rate.” Aren’t “credits” and negative tax rates similar? When it’s global conglomerates paying negative tax rates, it’s neither paid or reported on, however, when it’s poor people paying negative tax rates, well now, that’s front page news!
The top twenty percent, with their media; news, and information distribution syndicates and connections have convinced, by using propaganda; disinformation, and outright lies, a large number of ‘fact deprived; financially, and economically ignorant and truly gullible Americans, that it’s the bottom twenty percent causing all of our economic debt that future generations will get “stuck” paying off, and that all the threats of a “violent conclusion” and “ultimate destruction” don‘t really exist.
Unfortunately, history shows us otherwise. Eventually, when the richest have taken all the money out of and destroyed our economy, the other 90%: the suffering population, will have no choice but to react by ultimately taking desperate measures in self defense, as seen throughout recorded history.
America may have been initially settled for religious freedom concerns, but 200 years later it was intolerable taxes that led to our revolution. Ten years later France followed our lead for the same reasons: the few rich took and kept all the money. “Let them eat cake!” Look at Russia before that and continuing back throughout recorded history of civilized countries.
If people would just look to the facts and not the lies put out by the medias which are owned and controlled by the richest, they’ll see there’s a lesson to be learned here, and to ignore it would be to our own inevitable peril.