Originally Posted by Peterw
What I'm getting from this Beingist is that it seems like you want the national debt problems to be the fault of the banks and are looking for any ways to connect government spending with corporate greed.
They're both very bad things but are not one and the same. The debt problems that Europe, UK, US are facing are down to governments spending more than they should for years and now it's come home to roost.
If you look at what the tax rate used to be in the US until Ronald Reagan became president it is no wonder we are in the financial mess we are in. Essentially the wealthiest have paid very little compared to what they used to and we have been borrowing money to fund all sorts of things. It is sheer insanity to not tax the people that can afford it more.The economy of this country is still the biggest in the world, it is just a fact that we have starved the beast and are just now starting to see the effects. I am in no way suggesting that we go back to a 70% tax rate (which is what Reagan had inherited) BUT I am suggesting that cleaning up some of the tax loopholes that many companies and the wealthier people enjoy would be a damn good start. In the end yes there are some very big spenders in government and a good bit of corruption and that too needs to be looked at, but it is time for the wealthy to get taxed more...