I can't believe I have actually red this piece of " crap" from the " distinguished" Professor Reich:
My proposal to raise the marginal tax to 70 percent on incomes over $15 million, to 60 percent on incomes between $5 million and $15 million, and to 50 percent on incomes between $500,000 and $5 million, has generated considerable debate.
Taxing individuals 70% on their income? "Hey prof, when are you moving to North Korea?"
The underlying fallacy about the premises of all redistribution is that the State-government would do a better job spreading out the profits " unlawfully" accumulated by the Capitalists to the masses. Rightfully, the gap between the rich and the poor has never been wider in American history; but will stealing from a segment to the population to " give" away to another fix the problem or is there a much more deeper reason why a greater number of Americans today earn far less than the previous generation?
Maybe the problem is the State itself, Professor Reich should take that into consideration!
While Bill Gates and Steve Jobs have made their fortune through innovative breakouts that have revolutionized society, a great deal of millionaires in congress earn their fortunes through back doors deals with corporate welfare recipients.
Our political system is a big " market" where all sorts of enterprising hyenas work with the political elite to steal market share from their competition or transfer income into their financial ledgers with no contrepartie for the taxpayers by accessing to "government contracts". The political industry is probably a trillion dollar industry across the planet and a great number of profiteers make a career and a fortune in it. The question is quite simple then:
Who finances the political industry?
Surprise, surprise! The productive hard working law abiding " obedient" citizens who maintain the political industry! The State, as an unproductive institution can only survive as long as a large segment of the population is expropriated to feed the expenditures of the governing elite.
Basically, what Mr Robert Reich is telling us is that the State is in bad shape financially and need to be sustained or it will collapse. The governments, from the municipalities to the federal governments, have spent beyond the large pool of free money that is taken away from hardworking citizens-discounting the Fed money printing- and if the Rich ( the productives) are not coerced to give away " more" their earnings, a great deal of government programs will have to be done away with.
From a free market perspective, the overall society will be better off without these government created institutions. Valid entrepreneur can do a much better job providing services like education, healthcare, protection, banking, road building...etc. But if " entrepreneurs" wins, " they crony at helm in today's paradigm will loose and will have to find a REAL JOB!
I don't think that THEY ARE READY TO HEAR THAT! So, let's tax the rich ( the productive people).
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