Posted on 12/10/2012 10:48:27 AM PST by ksen
Rich people are smart and avoid the tax man.
Yes, and your graph also shows that when income tax rates are increased revenue bumps up faster than waiting for revenue to recover after an income tax rate decrease.
You'll be back Miltie.
Awesome chart, and one that would give many on the low end of the spectrum Hope. No wonder the Left doesn’t tout it in their schools.
Once that gets fixed and the economy starts growing again deficits tend to take care of themselves.
First sentence is dead on...
Second sentence...16 trillion of accumulated deficits turned into debt will not solve itself...
Even if we budget zero base line for 20 years it will not solve itself..
Inflation is the only thing that will begin to solve that 16 trillion debt long term...
“What do you do when half of the workers are systemically unemployable?”
Fix the system - eliminate minimum wage laws which prohibit people from being paid the worth of their work, rather than declaring them unfit to work.
Robber Baron is a term used by the Left. Innovators of their time is a more appropriate description of those Men.
The only thing that created the illusion of the Robber Baron was the Media of the day. The “Robber Barons” controlled the Industries that they had built from nothing and innovated into existence. Their downfall was that they did everything within their power to prevent competition, thus creating Industry Monopolies.
President Teddy Roosevelt, a Progressive Republican in his day, created the Anti Monopoly Laws to reign in those Men because the Government didn’t like the competition.
Ironically, Andrew Carnegie actually put together a Bank Consortium that bailed out the U.S. Government when the Treasury came up short.
The “Robber Barons” enriched themselves by making goods and services affordable for the common man and they were eviscerated for it. They were not perfect by any stretch of the imagination, but they created their Empires from nothing and they took risks that could have Bankrupted them at any point in their rise to success.
There was no historical template for them to learn from since everything they were doing had never been done before.
Good, bad or indifferent, those same supposed Evil Men built the Industries that made America the most powerful Nation in the history of the World.
Now we have a Jug Eared Marxist dismantling our Country using the Politics of Envy. I’m pretty sure he will be renaming the Evil Rich the new Robber Barons any day now.
Those Progressive types live and die by labeling their Enemies, real or imagined.
The term “Robber Baron” was first used by the New York newspapers when reporting the results of politicians trying to rip off Rockefeller when he was building a pipeline into New York City.
The members of the NY City Council sold Standard Oil stock short, then denied the application to allow the pipeline to enter NY City due to concerns of “safety”. They expected the price of the stock to plummet; they would cover their shorts, buy stocks with the profits, then announce that their safety concerns had been satisfied, the stock price would go up, they would sell at an obscene profit.
Rockefeller went to his multi-millionaire friends, told them what was happening, and they decided to teach the politicians a lesson. The multi-millionaires bought up every share of Standard Oil stock and waited for the short period to expire. Rockefeller then went to the politicians, and told them that the price of covering the short was everything they owned ... even their houses and contents ... and the granting of the pipeline permit. They and their families were allowed to walk out of their houses with just the clothes on their backs.
The entire political establishment, and the newspapers, were furious.
Then .... in a move that defies all credibility ... members of the NY Legislature tried the exact same scheme. They passed a law prohibiting oil pipelines entering NY State due to concerns of “safety” after selling Standard Oil stock short. The multi-millionaires again bought up all of the shares of stock as they went onto the market ... and again Rockefeller stripped each short-seller of their entire wealth .... or, if you prefer, “robbed” them.
Thus began the hostility of the Press towards the “Robber Barons”, “Big Business”, and Standard Oil in particular.
For some reason, this story has not made its way into high school textbooks.
WRONG~!!!!!!!!!!!!!!!!!!
Thank you for that information. We both know the reason it never made it into High School Textbooks.
In twenty years, those same Textbooks will treat G.W. Bush as the Robber Baron and Obama as Teddy Roosevelt, of not Abe Lincoln.
Correction: IF not Abe Lincoln.
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