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We can’t afford it…

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It is the common theme of those pushing for cuts – “we can’t afford it…”. They (deliberately) overlook a key fact – in recent years we have (bothn sides of the Atlantic) reduced the proportion of tax taken from the most wealthy – while they have accumulated more and more.

Robert Reich in his blog, discussing the extension of the tax cuts “for all” notes –

“Taxpayers in the top 1 percent don’t need it (they are now getting almost a quarter of all national income, the highest percent since 1928).

They don’t deserve it (they got the lion’s share of the benefits of the 2001 and 2003 Bush tax cuts, and have had no reason to expect a continuation of their windfall).

They won’t spend it to stimulate the economy (top earners save a much higher proportion of their income than the middle class).

And giving it to them blows a giant hole in the budget (the Joint Tax Committee estimates the cost of extending the Bush tax cuts for the top 1 percent to be $61 billion in 2011 alone).”

Fifty Five Years ago the Beveridge Report was published – it was accepted by all mainstream parties in the UK – and was the basis for a fairer system which lasted until some of the very rich got too greedy. Worth reviewing and reviving

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Written by David

December 1, 2010 at 9:57 am

Posted in Uncategorized

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