The current tax code...as pushed by Republicans and lobbyists is hugely REGRESSIVE...AT HIGHER INCOME LEVELS... Mainly because of the Social Security Tax on workers...which is cancelled at higher income levels.
To get back to the tax code that was in effect during the Golden Age of the middle class...the 50's to the early 80s....would require reverting to the rates that were in effect under Eisenhower...
But even the Clinton rates would do wonders for the deficits...
The Bush Unfunded Tax Cuts...coupled with two off the books losing wars...and a huge unfunded drug program for seniors...were the ROOT OF ALL THE CURRENT EVILS...
My hunch is that Obama will...if reelected...force Republicans to restore the old tax rates...and close many of the special interest loop holes that were paid for by the lobbyists...
In fact...Romney if elected may have no choice but to do the same... This economy is in the ICU...everyone with any economic background knows it...
There has been no "recovery"...only massive money printing for the banks and Wall Street.
My sense is that the economy is too far gone to be save under any plan... The total long term disregard of the trade deficit...and the deliberate off shoring of production is UNHEARD OF IN HISTORY...
This kind of deliberate looting has never been done before...and certainly not in modern times...wherein a nation was looted and offshored by ITS OWN ELITES...!!
EXISTENTIAL COLLAPSE MAY BE THE ONLY OPTION NOW...
The only real question is who will the elites pick to be the scapegoats...?
Or...will they just decamp to Singapore and Hong Kong...and not even care about the stupid Americans...?
