Krugman: Higher Taxes on Rich Would Shave a Trilion Off the Deficit

[Annie Birdsong]

High Taxes on the Rich: Shave More Than a Trillion Off the Deficit

The rich in America have a light tax burden in comparison to many developed countries.

The French Prime Minister Jean-Marc Ayrault announced that the tax rate for the wealthiest earning more than 1m euros (800,000 pounds; $1.3m) a year will be 75%.

In England, people making over 150,000 pounds pay 50 percent. The conservative prime minister announced that this will have to increase.

In England, people making 34,371 pounds - 150,000 pounds pay 40 percent.

In America, under FDR, who was brought to power by the disgruntled labor movement, there was a 63 percent tax rate on the wealthy in this first administration, then, in his second administration, the tax rate for top incomes rose to 79 percent.

Under President Eisenhower, who was much more moderate than today's Republicans, the top tax rate rose to 91 percent due to cold war spending. It was still high -- 70 percent up until the time Ronald Reagan took office in 1981.

Is this insane? Keep in mind that the top one percent owns 90 percent of the nation's wealth, according to Nicholas Kristof, a journalist with the New York Times. I don't think they did 90 percent of the work. They had a little help.

Today, the tax rate for the super rich in the U.S.A. is just 35 percent. Obama wants to increase this.

"High-income taxation could shave more than $1 trillion off the deficit," said Dr. Paul Krugman, a Nobel Prize winning economist, journalist for The New York Times and economics professor at Princeton University.

Keep in mind that balancing the budget helps ease unemployment. When there is a deficit, bills continue to have to be paid. This means banks have to get the money from somewhere.

Thus, they attract money to fund the deficit by raising the interest rates. This threws people out of work.

President's Clinton and Carter teach us how to have a balanced budget. They didn't cut benefits, they raised taxes on the rich.

Furthermore, redistributing the wealth helps ease unemployment, it stimulates the economy by increasing demand -- people with money in their pockets to spend demand goods and services.

The problem with high taxes on the rich? They hate it so vigorously they want to get control of government, which is disastrous.

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Here are some great MSNBC clips on this that I put on youtube:

Romney and Ryan's Radical Budget Ideas:

http://www.youtube.com/watch?v=hBf7PjfYOoQ&list=UUgbJrl1Izw8HmxxD570rZJw&index=2&feature=plcp

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Romney's Incessant Lies about Taxation:

http://www.youtube.com/watch?v=uX5lum_h7-8&list=UUgbJrl1Izw8HmxxD570rZJw&index=1&feature=plcp

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New York Times: Top One Percent Owns 90 Percent of the National Wealth:

http://www.youtube.com/watch?v=3fUkzCs_S4M&list=UUgbJrl1Izw8HmxxD570rZJw&index=38&feature=plcp

See other videos in my youtube channel: put birdsongannie in the search field, then click the icon that says birdsongannie.

Also see my web page: http://www.anniebirdsong.info

Can you send this to five people?

[Capt. Justice]

Israeli Lawmaker: Obama Is No Friend of Israel

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http://abcnews.go.com/International/wireStory/israeli-lawmaker-obama-friend-israel-
17433435
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JERUSALEM October 9, 2012 (AP)
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A lawmaker from the Israeli prime minister's party is in the United
States ahead of the presidential election and has said that President
Barack Obama has "not been a friend of Israel."
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Danny Danon, chairman of Likud's international outreach branch, said in
Chicago on Tuesday that Obama's policies have been "catastrophic."
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Danon said he will also travel to Florida and New York to promote his
new book and to meet with Republican and Democratic leaders.
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He says he is not interfering in the presidential race but merely
stating his personal opinion. He has previously praised Mitt Romney.
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But his comments could be embarrassing to Prime Minister Benjamin
Netanyahu, who has been trying to shed accusations that he favors his
longtime friend Romney in the race for the White House.