JP via RSS
Lookout Below
Even with rich having incomes hundreds of times the middle working class and poor, and real unemployment rates exceeding 20% then as they do today, there was less government, less debt and more economy then. The working middle class was in the lowest tax brackets.
http://www.shadowstats.com/alternate_data
Today, after four generations of inflation, more and more productive Americans are in higher and higher income tax brackets, finding it hard to keep budgets and make ends meet.
Today half of Americans pay no progressive income taxes and many depend on transfer payments. Today’s poverty level income was living like a king yesterday.
Americans do pay regressive double or triple-taxed social security taxes if they work or retire with enough income.
More and more Americans, after benefits were reduced and pension retirement funds hit, are wondering if they can afford to retire, or if mandatory Medicare and Social Security Trusts they paid into will be there when they need them.
The solution to this conundrum is replacing all taxes with the Constitutional One Percent Uniform Transparent Transaction Tax (1% UTTT), reduced to one mil (.001) after the production multipliers kick in.
We enjoy a quadrillion American economic transactions each year, with the available transparent technology to implement and monitor this fair and voluntary economic tax which encourages saving.
Several Economic Nobel Laureates and Presidential Advisors endorsed a variation of it, including the late James Tobin.
While more and more Americans rediscover Article I Section 10 Constitutional money like gold, platinum and silver Eagles, there have been shortages and premiums which made them unavailable, unaffordable or unattractive to many. As the Bible says, robbers may break in.
http://www.usconstitution.net/const.html#A1Sec10
