
The Great Switch by the Super Rich - stcredzero
http://robertreich.org/post/5583016733
======
pg
Has the percentage of the government's revenue that comes from the rich
changed in the period he talks about? That would seem to be the most important
statistic, and yet he doesn't include it.

~~~
InclinedPlane
Yes, it has, and it has increased. This article is either terribly
disingenuous or merely ignorant.

~~~
jeromec
I would argue it hasn't increased nearly enough in proportion to the benefits
rich people get from our now heavily inflationary monetary system. In other
words, turning on the printing presses is a boon for the wealthy (cheap money
to fuel stock market (mal)investment, govt. spending on things like war,
appreciation of assets, etc.), but it's a hidden tax on the poor. Then, the
rich whose income has risen over the last several years while all incomes
below have flat lined (or even dropped) balk at the prospect of higher taxes
while our crippling debt now elicits unthinkable political talk of U.S. govt.
default.

Edit: I would appreciate a response rather than a downvote. I don't mind
disagreement, but at least give me the chance to address it.

~~~
netcan
Not sure I understand were you're coming from. I'm sure you can find more
complex arguments either way but as I understand it the basic effect of
printing money is devaluing that existing money - a tax on anyone holding the
currency.

Wouldn't the rich be the ones holding a disproportionate amount of cash?

~~~
jeromec
Yes, the rich certainly do hold a disproportionate amount of cash, but they
don't just stick it all in a simple savings account (often the only option for
the poor). The rich put their money to work (in money markets, the stock
market, property and investments abroad as the article mentions, etc.) so that
it earns a return. And they often buy items before the effects of inflation
set in.

------
warrenwilkinson
Doesn't look like anything to me. This shows the tax rates:
<http://www.truthandpolitics.org/top-rates.php>. They climbed up for WW1 &
WW2, and now are falling back to historical levels.

And here is income distribution:
[http://en.wikipedia.org/wiki/File:United_States_Income_Distr...](http://en.wikipedia.org/wiki/File:United_States_Income_Distribution_1947-2007.svg)

which again, shows nothing sinister. Where one man made $2 to anothers $1, now
that man is making $200 to the others $100.

Also can anyone substantiate the claim that the super rich lend the government
money? As far as I knew only the Federal Reserve lent money to the government.

~~~
p0ppe
Looking at the top rates, without taking deductions into account, is pretty
useless.

