Even Warren Buffett says, raise taxes on the wealthy.
It's time to raise taxes on the rich. Prior to 1980, the highest marginal tax rate was never below 75%. In the 1950s, it was 91%. Those decades after World War II and before 1980 were America's greatest economic years of prosperity. The American middle class flourished. Our national debt prior to 1980 was about $800 billion.
Since 1980, the wealthiest individuals have quadrupled their wealth, while the incomes of the middle class have shrunk in real terms. Real unemployment is now between 16% to 18%. It is time to increase the highest marginal tax rates on the wealthy.
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Stop the hemorrhaging of the American middle class. Remember Warren Buffett's call to arms:
“there’s class warfare, all right. But it’s my class, the rich class, that’s making war, and we’re winning.”
The Barefoot Accountant—is a Certified Public Accountant, Certified QuickBooks ProAdvisor, operating an accounting, tax, and QuickBooks consulting firm in Berlin, Connecticut, Accountants CPA Hartford, Connecticut, LLC. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. Bill is a crazed animal lover, feeding birds, squirrels, chipmunks, skunks, possums, stray cats, and any two-legged or four-legged critter traversing through his yard. His backyard in Berlin, Connecticut has been certified as a habitat suitable for wildlife by the National Wildlife Federation.
Bill also writes an Accounting, QuickBooks, and Tax blog: Accounting, QuickBooks, and Taxes by the Barefoot Accountant. For entertaining articles, please see his listing at The Amazing Brighenti.