Monday, March 16, 2009
What is Their "Fair Share?"
The Republicans (the party of choice for rich C.E.O.s) has been complaining about President Obama's plan to roll back the Bush tax cuts for the wealthiest Americans to the levels that they were during the Clinton administration. This will be a change of 35% to 39.5%. Some wackos have even being calling President Obama a "Socialist."
Get this. At the end of Ronald Reagan's first term in office do you know what the tax rate was for the wealthiest Americans? 50%
Do you know that under Richard Nixon the tax rate for wealthy America was 70%?
Under Dwight D. Eisenhower the rate was 91%.
Above is a chart prepared by Moveon.org to show a comparison between what President Obama is trying to do and the tax rates that existed since the Great Depression.
With the latest news of AIG bonuses being paid out with taxpayer money, it is time for all Americans to stand up and say "enough!"
It is time for the wealthiest 1% of American society, as well as the large corporations to pay their fair share back to society.
Oh, and by the way, the Obama budget cuts taxes for 95% of all Americans. That's how it should be. The wealthy ought to pay more than the middle class. It's not socialism. It's common sense!