Tax the Rich or Face a Revolution

By Paul B. Farrell , MarketWatch

SAN LUIS OBISPO, Calif. (MarketWatch) —

“Yes, tax the Super Rich. Tax them now. Before the other 99% rise up, trigger a new American Revolution, a meltdown and the Great Depression 2.”

“Warning: The Super-Rich Delusion has pushed us to the edge of a great precipice: Remember the Roaring Twenties? The Crash of 1929? Great Depression? Just days before the crash one leading economist, Irving Fisher, predicted that stocks had “reached what looks like a permanently high plateau.”

Yes, he was trapped in the “Great Gatsby Syndrome,” an earlier version of today’s Super-Rich Delusion. It was so blinding in 1929 that the president, Wall Street, all America were sucked in … until the critical mass hit a mysterious flash point, triggering the crash.”

http://urlet.com/silversmith.levied

http://www.marketwatch.com/story/tax-the-super-rich-now-or-face-a-revolution-2011-03-29

 a link to Paul Farrell’s MarketWatch columns:

http://www.marketwatch.com/Journalists/Paul_B_Farrell

“For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate – what they actually pay – fell from almost 30 percent in 1995 to just under 17 percent in 2007, according to the IRS.

And for the approximately 1.4 million people who make up the top 1 percent of taxpayers, the effective federal income tax rate dropped from 29 percent to 23 percent in 2008. It may seem too fantastic to be true, but the top 400 end up paying a lower rate than the next 1,399,600 or so.”

http://urlet.com/fields.rules

 http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/04/10/BUFK1IT3D3.DTL

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