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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (115346)	1/5/2016 8:09:44 PM
From: Elroy Jetson	3 Recommendations Recommended By clochard Fiscally Conservative ggersh Respond to of 217576

Increasing payroll taxes on working Americans while reducing income tax rates by 65% on the highest earning Americans could not have resulted in any other outcome than a growing disparity in after-tax income. Trump's new tax plan is to redouble Reagan's Middle Class destruction effort by reducing income tax rates by 35% on those earning more than $400k, from 39% to 25%. Trump does say he wants to eliminate the carried interest provision which has brought tax rates down to 13% for Mitt Romney and Warren Buffett, but he hasn't provided any explanation as to how reducing his own income tax rate down from 39% to 25% will result in his own income tax bill rising as he has earlier claimed. He merely sounds like a hungry pig at a trough. The economic result of funneling all new income, created by economic growth over the past 35 years, to the wealthiest one percent of Americans has been to greatly diminish the economic demand created by economic growth. The demand for and the price of homes costing more than $20 million has climbed tremendously while everyone else is out in the cold - and that's not the America most of us believe in. What we're seeing is typical of some banana republic ruled by a small number of wealthy families, much like Mexico. And that's hardly a surprise, as the GINI coefficient of income distribution in America has fallen from a country with more income equality than any nation in Europe in 1980 to a nation which today has a level of income equality almost exactly the same as Mexico. Is that something Ronald Reagan would have applauded as "Mission Accomplished", the Middle Class is successfully destroyed? From what I knew of him the answer would have been no, that's not what he intended - but that has absolutely been the result. Reagan never accepted that his administration had traded arms to Iran in return for the US hostages from our Iran embassy, but it has been tediously well documented that his administration did exactly that, as well. Reagan's tax policy changes have greatly damaged our society over the past 35 year and need to be reversed, not increased in volume as Trump has proposed.