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Yet Another Highly Misleading GCHQ/NSA Article From the Intercept

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dog philosopher ஐஒஔ௸2/18/2014 1:38:49 pm PST

more misleading crybabyism from the wsj editorial page

Those who want to “tax the rich” to redistribute income to the poor and middle class usually propose to raise the marginal rates on incomes or the capital-gains rate, or both. Yet as Scott Hodge recently documented in these pages, it will not be easy to raise vast sums this way.

anything helps

The individual income tax accounts for slightly less than half of federal revenue and the top 1% already pays a substantial share of that total. Most of the wealth owned by the top 1%, and especially by the “super rich” in the top 0.1%, is also held in stocks, bonds and real estate that are not subject to income taxes until sold. It is a fool’s errand to try to raise the living standards of the bottom 60% through higher income taxes on the top 1% or 0.1%.

we’re not trying to “raise the living standards of the bottom 60% through higher income taxes on the top 1%”. we want to raise income taxes on the rich to help balance the federal budget

please remember that the next time this comes up thank you

The shift in incomes in favor of the wealthy has been due to several large forces, including a world-wide boom in asset prices, the rise of global markets, and technological innovation that has increased the earning power of the well educated. These have been positive—not negative—forces that have elevated living standards around the globe.

except for non-one-percent people. but we weren’t talking about them, i guess…

At a time of slow economic growth, mounting government debt, a stalemated politics and the impending retirement of the “baby boomers,” the attacks on the “one percent” look more and more like a diversion from the nation’s real problems.

yes um i recall that we wanted to decrease government debt, partially due to massive borrowing under the bush administration and leading to the slow growth we see today, by raising the marginal rate

apparently you think solving the “real” problems is a diversion from solving those same problems

got it