Posted on 11/29/2007 10:15:30 PM PST by ChicagoHebrew
We ended the last century with America's economic might at its zenith, with Americans at their most optimistic, and with nearly all who endeavored to make the most of their opportunities and talents getting ahead in life. John F. Kennedy's declaration that a rising tide will lift all boats was alive and well. Middle-class Americans generate little or no national savings. We've had four straight years of rising productivity and falling incomes. Many Americans are earning less, while the costs of a middle-class life have soared: In the last five years, college costs are up 50 percent, health care up 73 percent, and gasoline more than 100 percent. Rising housing costs have driven people farther and farther from their work. These trends undermine our way of life because middle-class strength and growth represent the backbone of American life. Our national political discussion about how to grow the middle class often becomes just that, a political discussion punctuated by harsh talk of "class warfare." In fact, class warfare is under way — as billionaire Warren Buffet is fond of saying — and the middle is not winning. To address the challenges of the middle class, Democrats should advance an agenda that aims to do something loftier than just repeal the Bush tax cuts on millionaires. It should boost incentives for average Americans to increase savings and investments, and help them participate more fully in the upside of economic growth. Toward that end, here are a few ideas that will help more people share in the rewards of the modern economy: • Middle-class flat tax:
(Excerpt) Read more at washingtontimes.com ...
Got my vote!
That’s right. 10%, no deductions, leave me alone. I’d still come out ahead even if I can’t write off my mortgage interest and charitable deductions anymore.
As a blue collar guy let me say that at the end of the month there isn't usually a lot left over for capital investments. But I'm glad to hear the working Joe is doing so well in your area.
The flat tax ideas are good ideas, BTW. But special interest lobbyists will mess flat tax efforts up.
Here’s a note of tenuously related interest.
American Brain Drain (U.S.-born Ph.D.s are hard to come by.)
http://www.freerepublic.com/focus/news/1933011/posts
Harold Ford is absolutely right about the need for a middle class flat tax. It is one of those creative thoughts that makes too sense for the politicians to borrow. Like a lot of great ideas, we don’t hear any of the Presidential candidates talking about a middle class flat tax but it sounds like a winning issue to me.
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