Comment Re:America is finished! OVER! (Score 1) 285
OK, let me explain. Fifty years ago, the largest employer in America was General Motors, and they paid their workers an inflation-adjusted average of about $50/hr. They were also taxed about twice as much as we are now. That average person would pay 25% of their income in taxes. In the end, you'd take home about $75k/yr in income (again, adjusted for inflation).
Today, the largest employer is Wal-Mart, and they pay $11/hr on average. This person makes 22k per year if they manage to work 40 hours a week, and get taxed at 15% and thus brings home about 19K/yr.
75k vs 19k. It's not the taxes. Seriously. In fact, taxes are good when well-utilized by the government. Not only do they pay for the kinds of things that lift all boats (roads, education, etc), but they serve as a way to keep wealth from collecting at the top. In 1965, the top marginal tax rate was 70%. That's right 70%. That's how much the Bill Gates and Mark Zuckerburgs paid in taxes every year back then. You know who benefited from that massive tax on the wealthy? The middle class, because the government spent money on crazy things like going to space or public works projects the employed millions and fueled the economy.
Today, the largest employer is Wal-Mart, and they pay $11/hr on average. This person makes 22k per year if they manage to work 40 hours a week, and get taxed at 15% and thus brings home about 19K/yr.
75k vs 19k. It's not the taxes. Seriously. In fact, taxes are good when well-utilized by the government. Not only do they pay for the kinds of things that lift all boats (roads, education, etc), but they serve as a way to keep wealth from collecting at the top. In 1965, the top marginal tax rate was 70%. That's right 70%. That's how much the Bill Gates and Mark Zuckerburgs paid in taxes every year back then. You know who benefited from that massive tax on the wealthy? The middle class, because the government spent money on crazy things like going to space or public works projects the employed millions and fueled the economy.