Elizabeth Warren: "There is nobody in this country who got rich on his own"
An August video of Massachusetts Senate candidate Elizabeth Warren on the campaign trail is heating up on the internet, and some commentators are pointing to the clip - in which Warren makes a case for progressive economic policies - as evidence that the newly minted Democratic candidate could give incumbent Republican Senator Scott Brown a run for his money.
In the video (at left), which was filmed at an event in Andover, Mass., Warren rebuts the GOP-touted notion that raising taxes on the wealthy amounts to "class warfare," contending that "there is nobody in this country who got rich on his own. Nobody."
Warren rejects the concept that it is possible for Americans to become wealthy in isolation.
"You built a factory out there? Good for you," she says. "But I want to be clear: you moved your goods to market on the roads the rest of us paid for; you hired workers the rest of us paid to educate; you were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn't have to worry that marauding bands would come and seize everything at your factory, and hire someone to protect against this, because of the work the rest of us did."
She continues: "Now look, you built a factory and it turned into something terrific, or a great idea? God bless. Keep a big hunk of it. But part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along."
Warren's entrance into the Massachusetts Senate race marks her first-ever political bid - and while the longtime consumer advocate is beloved by a number of liberals, some wondered if her lack of political experience would prove crippling in the contest.
The Washington Monthly's Steven Benen, however, points to the video as an explanation as to "why Warren has a strong base of supporters who adore her."
"If there are lingering concerns about whether Warren could be an effective speaker on the stump, I think those questions are being answered," Benen writes. "If more Democrats were able to make the case for the underlying social contract as effectively, our discourse would be vastly less mind-numbing."
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Now, I realize that some may say as Obama has, that as a percentage of their income, the wealthy (whoever that may be), pay a smaller percentage of their incomes in taxes. That is true, of course. But, that is a result of our graduated income tax rate system. Let me explain. The idea behind a graduated income tax rate system is that those with higher incomes will pay a higher percentage of income earned past a certain threshold (bracket). So, for every dollar earned past that threshold a higher percentage of it will be paid in income taxes. The problem is that with every dollar saved past that threshold, the income tax will drop faster. That is why in the USA, we have the highest income tax rates in the industrial world, but the lowest effective tax rates (percentages actually paid) in the industrial world. To paraphrase none other than the late President John F. Kennedy in a speech given to the New York Economic Club on December 14, 1962 (look it up), the way to increase taxes paid is to LOWER tax rates. Of course, this would have to be accompanied by an elimination of tax breaks, shelters, loopholes, etc. Otherwise, lower tax rates will not generate enough increased tax revenue.
If you don't believe me, look at the 8 years of Ronald Reagan. He lowered tax rates, eliminated many tax shelters (consumer credit interest used to be deductible) and tripled government tax revenues. True, deficits grew, but they remained a constant percentage of the national budget.
But, Democrats never let facts get in the way of their fantasies. I hope that we have enough intelligent people in this country to, as Clint Eastwood said, to let Mr. Obama go (fire him).
A prime example is Elizabeth Warren's statement last year that someone who built a factory enjoyed the fruits of success off the backs of others. Ms. Warren tries to draw a clear schism between business owners and "the rest of us".
She said that Mister Factory Owner was able to transport his goods and remain safely in business only because "the rest of us" built the roads, provided police and fire protection, and guarded him from "marauding bands". Those services are functions of government. Who provides the government with funds to make those services possible? We do, in our taxes. I am one of "the rest of us", and I pay taxes. BUT SO DOES MR. FACTORY OWNER, and he probably pays a lot more than you and I (or Ms. Warren, for that matter). And if you think that Mr. Factory Owner is the ONLY recipient of those services, think again!
And did the reporter for CBS News not catch this huge inconsistancy of logic? Hmmm!
It would appear that Ms. Warren's father had the surname Marx. Whether his first name was Karl or Groucho, I can only guess.
I doubt that slick. All you have to do is look at Mittless Romney's tax return to see that those who hold the wealth in this country pay less taxes, proportionately, than the average working Ameican. But you argument is meaningless anyways, because we all paid for that infrastructure that makes it possible to move goods to market. So what is your point? The Liberal's point of view is that when idiots such as yourself imply that Mr. Factory Owner did everything on his/her own to create their business, and is solely responsible for creating the economic society we live in, is absolute BS. No Liberal says that Mr.Factory Owner isn't needed in society, or that he/she didn't take risks in creating their business, but to imply that it was solely Mr. Factory Owner's efforts alone that created his/her business is ludicrous. The reality is that all successful industries in the U.S. were made possible by the hard work and dedication of the factory workers and the dedicated management staff that industry possessed. If they didn't have dedicated workers or talented and dedicated management staffs most likely the industry failed. And you're are less credible than most morons when you somehow have to work in some reference to Communism in your post. It really shows how mentally challenged you really are. Kind of ironic that you choose to use no logic in the assertions you put forth in your post, yet somehow you feel compelled to use the word "logic" in your moniker.
So, unless Obama and Biden are going to donate more to charity (not likely), the Democrats really shouldn't make an issue of Mr. Romney's taxes.
It is this kind of "only the government can help you" mentality that is crippling our nation.
And now we have a dying society run by giant corporations. Based on greed and every one for themselves. It really us the 99% against the Top 1%. And the idiots who don't even realize when they are being raped and pillaged by the right wingers.
There are countries where this kind of thinking is carried to its logical conclusion, namely modern-day Cuba, and the former U.S.S.R.
No one is saying to overtax the rich or business. Just dont give the super rich MORE tax breaks. Dont start wars without paying for them and dont pass a medicare prescription plan that is a giveaway to the pharmaceutical companies.