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Author Topic: Nancy Pelosi: "Bring back the 80% tax bracket"
snopes
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http://www.snopes.com/politics/soapbox/pelosi.asp

Comment: Can this be verified?

Published: October 22, 2006

Nancy Pelosi condemned the new record highs of the stock market as "just
another example of Bush policies helping the rich get richer".
"First Bush cut taxes for the rich and the economy has rebounded with new
record low unemployment rates, which only means wealthy employers are
getting even wealthier at the expense of the underpaid working class".

She went on to say "Despite the billions of dollars being spent in Iraq
our economy is still strong and government tax revenues are at all time
highs. "What this really means is" that business is exploiting the war
effort and working Americans, just to put money in their own pockets".
When questioned about recent stock market highs she responded "Only the
rich benefit from these record highs. Working Americans, welfare
recipients,
the unemployed and minorities are not sharing in these obscene record
highs".

"There is no question these windfall profits and income created by the
Bush administration need to be taxed at 100% rate and those dollars
redistributed to the poor and working class".

"Profits from the stock market do not reward the hard work of our
working class who, by their hard work, are responsible for generating
these corporate profits that create stock market profits for the rich. We
in
congress will need to address this issue to either tax these profits or to
control the stock market to prevent this unearned income to flow to the
rich".

When asked about the fact that over 80% of all Americans have investments
in mutual funds, retirement funds, 401K's, and the stock market she
replied
"That may be true, but probably only 5% account for 90% of all these
investment dollars. That's just more "trickle down" economics claiming
that
if a corporation is successful that everyone from the CEO to the floor
sweeper benefit from higher wages and job security which is ridiculous".
How
much of this "trickle down" ever get to the unemployed and minorities in
our
county? None, and that's the tragedy of these stock market highs."

"We democrats are going to address this issue after the election when we
take control of the congress. We will return to the 60% to 80% tax rates
on
the rich and we will be able to take at least 30% of all current lower
Federal Income Tax taxpayers off the roles and increase government income
substantially. We need to work toward the goal of equalizing income in our
country and at the same time limiting the amount the rich can invest."

When asked how these new tax dollars would be spent, she replied "We need
to raise the standard of living of our poor, unemployed and minorities.
For
example, we have an estimated 12 million illegal immigrants in our country
who need our help along with millions of
unemployed minorities. Stock market windfall profits taxes could go a long
ways to guarantee these people the standard of living they would like to
have as "Americans"

A Bush spokesman responded to this interview by saying "Mrs. Pelosi has
set a new standard for the spin business".

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AnglsWeHvHrdOnHiRdr
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No joy on google.

But I don't think there was ever an 80% tax bracket for just folks. There was a huge tax bracket created for suspected war-profiteerers.

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Seaboe Muffinchucker
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I recall reading something about the 80% tax bracket in an obituary of Milton Friedman, but I can't find it now.

Seaboe

ETA: This table of historical tax brackets shows some pretty danged high brackets, such as the one in 1953 of 92% of all income over $400k. EATA: or the one in 1944 for 94% of all income over $200k
quote:
[12] For 1944-1945, the highest tax rate (column 6) was subject to a maximum effective rate limitation equal to 90 percent of statutory “net income.”


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educatedindian
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Some, if not all of those alleged quotes, are obvious fabrications:

1. 80% of all Americans do NOT have investments. Start with the obvious fact of what percent of the population are minors. That fabrication tells just how sheltered a life the fabricator has. The real rate is probably closer to 30-40%.

The statistic I recall is that a slight majority of American FAMILIES have at least one member with investments. Much if not most of those investments you often have little or no control over. My ex wife had no control over what her 401k plan invested in, and she lost it all (which was entirely her own money, none of the company's) when she was laid off.

2. "We will return to the 60% to 80% tax rates
on the rich"

Those haven't existed since the 1950s.

"and we will be able to take at least 30% of all current lower Federal Income Tax taxpayers off the roles"

About half of all workers don't pay income tax to begin with.

"We need to work toward the goal of equalizing income in our country"

I can't imagine Pelosi saying something like that. It'd be pure political poison.

3. "We have an estimated 12 million illegal immigrants in our country who need our help"

Would Pelosi really have ever said something (again) so politically suicidal? Especially after she and most of her party voted to build that useless wall?

"along with millions of unemployed minorities."

No way would she be foolish enough to say something that race-baiting.

4. "Stock market windfall profits taxes could go a long ways to guarantee these people the standard of living they would like to
have as 'Americans.'"

Notice how the original article put "Americans" in quotes, as though they don't believe minorities are Americans.

Some economists, including fairly conservative ones (there aren't too many of any other views in the US), have talked about how the top rate could go back to 50% with no harm to the economy.

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Class Bravo
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Yeah, this seems to be a pretty thinly veiled attempt to incite fear and rage. I can't see a politician (especially someone as liberal as Pelosi) even *using* the term "illegal immigrant" versus the more friendly "undocumented migrant worker" or something similar. It seems like someone just took every possible stereotype about liberals and "quoted" Pelosi saying all of them.
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htonl
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quote:
Originally posted by snopes:
"new record low unemployment rates, which only means wealthy employers are getting even wealthier at the expense of the underpaid working class"

Now I read that, and I thought: this is obviously a not very funny attempt at a joke. Either that, or libel designed to arouse fear amongst gullible conservatives. I'm not an American, so tell me: is the political situation there really so polarised that people will believe this?

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Doug4.7
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Well, that settles it. She will NOT get my vote for president...

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And now for something completely different...

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Pogue Ma-humbug
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Actually, an 80 percent tax rate for income over a certain amount is a swell idea.

Better yet would be a tax on wealth, instead of income.

Pogue

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Your family, your friends, the union, your wife.

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Starla
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Doug-- Was that a joke?

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MyBandwagon

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Pogue Ma-humbug
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Nevermind. Misread something.

--------------------
Let's drink to the causes in your life:
Your family, your friends, the union, your wife.

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Echinodermata Q. Taft
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quote:
Originally posted by SeaboeMuffinchucker:
ETA: This table of historical tax brackets shows some pretty danged high brackets, such as the one in 1953 of 92% of all income over $400k.



Yeah, and look at how the economy sucked back in the fifties, due to the government taking all the rich people's money! ....oh, wait, we were really prosperous back then? Nah, that's impossible!

(Funny how so many conservatives seem to regard the 50's as such an idyllic period of our history, but they forget about that part of it....)

I'm not saying we should bring back those kind of rates, but I don't understand how anyone can look at the last 60 years or so of our history and buy into the Republican notion that low taxes (particularly on the rich) cure all economic ills. Nor do I think high taxes and profligate spending are the answer...but low taxes and profligate spending, such as we have now, has got to be the worst combination for the long haul.

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reflex
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That article wasn't written by a trained journalist, that's for sure.

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The opinions expressed herein do not represent those of any rational human being and are solely for the purpose of entertainment.

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Esprise Me
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Educatedindian, do you have cites for any of the claims you made? I'm especially interested in learning about the half of all workers who don't pay income tax. I'm also dubious that your ex-wife could lose all the money she'd invested in her 401K plan because she was laid off.

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Halfpint Mindy
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quote:
Originally posted by E. Q. Taft:
quote:
Originally posted by SeaboeMuffinchucker:
ETA: This table of historical tax brackets shows some pretty danged high brackets, such as the one in 1953 of 92% of all income over $400k.



Yeah, and look at how the economy sucked back in the fifties, due to the government taking all the rich people's money! ....oh, wait, we were really prosperous back then? Nah, that's impossible!

Actually, 1953 saw the start of a Recession brought on by post-Korean War Inflation, increased government spending and a decline in investment. Recession of 1953
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educatedindian
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Sorry Esprise. I don't remember the exact sites. I recall hearing the ">50% taxed" figure from an NPR program with a Cato Institute fellow. (Yes, I realize he might have ideological incentive to exagerrate.) Most of the time I turn to CommonDreams.org or Left Business Observer for economics questions. That's probably where I heard them.

And yes, that did happen to my ex. Why would that surprise you? Lots of 401Ks are haphazardly planned and don't do much more than give the company more money to play with that you get no say over.

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Jason Threadslayer
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There is actually a problem with small companies stealing money from employee's 401(k)s:

So you think your 401(k) money is safe

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