Okay...political rant mode: ON
[citation][nom]astrodudepsu[/nom]If you think for ONE SINGLE SECOND that taxing the rich 70% is an ok thing to do, please leave the US.[/citation]
I have tried. Wanna get me a job in Ireland and pay for the move? I'll be glad to go pay taxes elsewhere.
[citation]We were 'doing awesome' during the Clinton Era because the economy was riding the dotcom bubble and Clinton SLASHED military funding.[/citation]
Actually during the Clinton era, it wasn't all the cuts in military spending. That was a drop in the bucket. Base closures saved money, but the mass of the expense (manpower, programs, projects, etc) were "realigned" meaning...most just got moved elsewhere.
What really made money is that tax rates on the wealthiest Americans increased from 28% in 1988 to a peak of 39.6% (1993-2000). The tax rates for the wealthy started to drop when?
A) Firstly when Republicans took control of Congress in 1995.
B) After Bush was elected in 2000.
Democrats passed the last hike in 1993. Then in 2001 with the signature of Bush, Republicans started working on lowering it again.
This propagated tax rate drops on the wealthiest Americans from 39.6% back down to currently 35% and in 2005-2006 was being planned to be cut back down to 33% before the Republicans lost control of the House and Senate in 2007.
Source:
http://www.taxfoundation.org/publications/show/151.html
As well, more loopholes and write-offs have been written into the tax code that only the most wealthy can afford. Care to write off part of the $70,000 cost of the added 1200 square foot sunroom you just built on as an "energy efficient home improvement"? Anyone?
[citation] Through no fault of any one mans it just so happens that the dotcom bubble burst around the turn of the century and then we were attacked by cowards. Bush DID spend way too much money, I won't defend him there, but tax cuts are ALWAYS a good thing.[/citation]
Actually, it's typical of government to allow business to have carte blanche with their operations. 2000 dotcom bubble. 2006 housing bubble. 2008 bank bubble and car maker bubble.
It's *business'* fault that business failed, and government's fault for not keeping them honest.
Is it right to ensure a loan that's had no review and there is no collateral for?
Is it right for a business to ignore fuel cost trends and continue making fuel-inefficient cars that aren't selling?
Is it right for a server company to sell stock in a company that's only assets are written manuals and data on hard drives they don't even own?
Fact is, Teddy Roosevelt had the concept right: Capitalism allowed to do as they wish without restraint or limit will always breed corruption and dishonesty.
As for Bush? Not only was he a hypocrite saying he was a conservative, but I am glad he's gone and we have a president now who can pronounce 5th grade words like "nuclear" correctly.