Wow !!! - From CNBC No Less... 'Calls To Raise Taxes For The Rich Are Growing'
Wealthy didn't 'build that,' they 'rode it,' says GrossBy: Robert Frank - CNBC Reporter and Editor
Published: Monday, 4 Nov 2013 | 11:45 AM ET
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In Colorado and New York, voters on Tuesday will be deciding on one of the most divisive issues of our time: taxing the wealthy. In New York, mayoral candidate Bill de Blasio is leading polls with a platform centered on hiking taxes on the city's wealthy—already among the highest taxed in the country.
"I think it's time that that they give us a little more so we can make the kind of investments we need for our future," De Blasio told reporters last month.
In Colorado, voters are set to decide on Amendment 66, which would replace a 4.63 percent flat tax with a tax of 5 percent for income up to $75,000 and 5.9 percent on income above $75,000. The added revenue from the tax would be used for education.
But it's the call to raise the federal taxes on the rich that seems to be rising in the media. Billionaire Bill Gross is the latest— and loudest—to weigh in. In his latest Investment Outlook, titled "Scrooge McDucks," the outspoken Pimco co-founder said that with tax reform back on the radar, the focus should be on taxing the wealthy. Yes, he knows the rich work hard. And yes, he knows they pay an outsized share of the taxes.
But Gross said the wealthy really didn't earn all of their wealth. They are lucky beneficiaries of a decades-long credit boom that poured money into the hands of the financially skilled.
"You did not, as President Obama averred, 'build that,' you did not create that wave," he wrote. "You rode it. And now it's time to kick out and share some of your good fortune by paying higher taxes or reforming them to favor economic growth and labor, as opposed to corporate profits and individual gazillions."
Specifically, he said the lower tax rate on capital gains should end...
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More: http://www.cnbc.com/id/101167431
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a government of the people, by the people, and for the people will promote the general welfare. Guess which type of government has been going gang-busters ever since the gipper first foisted his voodoo economics upon us and with each succeeding Congress and administration generally staying the course giving us where we stand today: a 15-fold increase in national debt; burdensome payroll taxes which have been pilfered to pay, in part, for $600 toilet seats for the military; an effective income tax rate of 7% for large corporations, preferred tax rates for types of income typically comprising a large portion of the total income of the most affluent: capital gains, dividends, and for der Mittens-types, "carried interest"; burgeoning income inequality; most of the nation's wealth being owned or controlled by a relative few; a nation with 5% of the world's population spending 44% of what the world spends on national defense; 47 million people who qualify for food stamps; high unemployment and under-employment; the most costly health delivery system in the world, but the continued lack of some form of universal health care as found elsewhere in the industrialized world; stagnant wages with all almost all gains since the 2008 near financial meltdown having inured to the highest earners; and a nation which has fallen to or near the bottom of all quality-of-life ranking factors among industrialized nations. Now please tell me we don't have a corporatist government, one which promotes corporate profits and individual gazillions rather than the general welfare, but you decide. 
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