Who Should Pay for the Mistakes of Our Leaders and Their Rich Friends?

If I made a major decision that I later came to regret because it is costing me much more than I can manage while still living my life of ‘luxury,’ what options do I have. Should I ask strangers to make up the difference so I can continue my comfortable lifestyle? Or should I take a look at my situation, my rationale for the bad decision, my way of life, my other resources, and then take responsibility and make some adjustments?

Most of us would probably take responsibility and work to figure out our own solution. More than that, most of us would probably not have made such a bad decision in the first place. Most of us would have considered the long term risks and decided not to jeopardized the future of our family.

On the other hand, the Bush Administration that hasn’t done as we would have done. Instead, they have made multiple bad decisions (invading Iraq, ignoring New Orleans after Katrina, tax cuts for the rich, unregulated subprime loans, etc.) and are asking other countries (China and Japan) and future generations to pay for their mistakes. Not only have they performed poorly as our leaders, they have actually made themselves, and their rich supporters, richer and more powerful (unitary president, over compensated CEOs, unchecked Blackwater Inc., suspension of habeas corpus, etc.) in the process.

The administration, their small group of avid followers and friendly media moguls actually don’t mind having China and others pay for their expensive mistakes as long as they are getting richer in the process. These rich and powerful know as long as China is willing to loan the US much of what it needs, they can continue to enjoy their 2006 tax cuts. Isn’t it time to take away their tax cuts and make them pay for their mistakes?

If you’re not quite convinced, maybe a little historical perspective on income taxes would help. Take a look at US individual federal income taxes in effect during WWII in the tables below. The rich of the time were taxed at up to 94% of their income over $200,000 in 1945. After inflation, these 1945 dollars become $2,090,800 in 2005 dollars.

US individual income tax rates during WWII.

If The Greatest Generation supported WWII with higher taxes, shouldn’t those who support the Iraq occupation pay with higher taxes?

 

Top marginal US income tax rates since 1920

 

(Cross posted at OOIBC.)

 

 

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About Andy Hailey

Vietnam Vet, UT El Paso Grad, Retired Aerospace Engineer, former union rep, 60's Republican now progressive, web admin, blogger.

4 Responses to Who Should Pay for the Mistakes of Our Leaders and Their Rich Friends?

  1. maxwelldog says:

    wait a cotton pickin’ minute.
    The last time you posted was back in 08 and you want a comment?
    Dang…that’s an odd request.

    OK, well, Obama won the elections, but, after he was in, a whole lot of white folk got mad and realized he wasn’t a “hard” leftie, and he wasn’t specifically a centrist.
    He’s making the hard right mad as a stepped on anthill, and big business is throwing everything they have at the guy to create a hold on reality.
    And “reality”?
    That would be the cold shower of the Bush junior tax cuts sunsetting this December, and about time!
    What else has the guy done for us?
    Well, you remember the health care package first mentioned by Nixon?
    He got it passed, and it’s a whole lot better than tricky Dick’s version.
    He also opened up the White House e-mail center for incoming from us citizens…something that no president has done since Lincoln.
    He also ended the Iraq war..still some fellas there, but only to guard the embassy and also to continue the training procedures for the Iraqis.
    Summer of 2011 is pretty much the end of Afghanistan unless Petreaus can weasel the United States public into wasting more lives and money to get him some more salad for his uniform.

    A lot more has happened, guy.
    C’mon out and join in.
    Me?
    I found a way to create hundreds of thousands of jobs, reduce the deficit by $42-$70BILLION annually, but, I sure could use some help.

    OK, well, is that enough comment?

    Thanx for having valuable info for us…I know I come off as a bit of a smart ass, sometimes… (“BIT OF”!?)
    but I really do appreciate finding charts and such just begging to be used.

    d=))

  2. blue_aluminum says:

    Whoa. That document was exactly what I was looking for. Thank you.

  3. Andy Hailey says:

    The Tax Foundation provided the tables. I can’t find the document I used for the above posting, which I should have captured with the posting, but here is another.

  4. blue_aluminum says:

    where did you get that table for the tax rates? do you have a source for it?