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Preview: Tax The Rich

October 28, 2010 1:02 PM

As budget director, David Stockman was the architect of Ronald Reagan's tax cuts. But now he blasts the "religion" of tax cuts embraced by the GOP, and also has some criticism for Democrats. Lesley Stahl reports, Sunday at 7 p.m. ET/PT.

Reagan's Tax Cut Architect Has Change of Heart
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by B628537 October 31, 2010 10:32 PM EDT
One of the biggest problems of the national debt, is the inequities of the tax code. The tax code needs to be scrapped entirely and started over, making mandatory that all, (including corporates, the wealthy), pay 15% tax on everything. Disallow corporate taxes to be passed on to the consumer, (its a corporate imposed form of double taxation for the consumer, to get the consumer to not only pay sales tax, but unfairly pay for the corporate share of taxes).

Congress does not have to reinvent the wheel to have a fair and equatible tax code. Many countries have far simpler and fairer tax systems than we do. Even China, who taxes everyone at 10%, is much fairer than our tax codes allow. Congress only needs to take a page from their codes. But corporates and the elite need to pony up and pay their fair share of taxes, and not sluff their obligation off onto individual taxpayers who can't afford to pay off the massive national debt. If corporates expect to do business in this country, then they need to contribute their fair share. It is as simple as that!
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by mrbourgault October 31, 2010 8:41 PM EDT
AAAHHHHHHH, the American dream. Who would have thought that it would eventually become just that......a dream.

And yet, even though evrything is crumbling them and their governement is jeopardizing their future by printing money and delaying the inevitable, they are still letting themselves get bamboozled by false retoric and scare tactics that in most other civilised contries, would not be tolerated.

What's the matter with people in the U.S.. What is it that you don't understand.....

I.E : A simple idea like just adding a ONE penny tax to everything that's sold in the U.S. would bring in billions...Who the heck would even dare complain ???????

Two or three exceptions however........ The Wall Streeters that got the WORLD into this mess in the first place, the politicians that have sold out for profit and last but not least, THOSE WHO WOULD COMPLAIN.

SEE............ Was that so hard.

Common America......wake up

Michel Bourgault
Montreal Quebec
Canada
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by pennychil October 31, 2010 8:34 PM EDT
After watching the segment on 'Taxing the rich", I was amazed at the selfishness of these business owners.. Perhaps they can sell thier products (especially that plastic crap) overseas. See how well they do.
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by angushat October 31, 2010 8:34 PM EDT
After watching the segment I would like to know who thinks it is moral for 5% of any population to "gain" more wealth in the last 25 years than the entire human species has created prior to those same 25 years, yes, human history. If you travel outside this country you will realize that we are seriously falling behind on education, infrastructure, and industry. If you are involved in government you will understand the resistance of today's wealthy to step up and pay at the same pace that their ancestors did.
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by armstp01 October 31, 2010 8:27 PM EDT
David Stockman is the only honest Republican left. There is no way that this country is going to solve it deficit and debt problems without tax increases. America better get real about taxes. No other country on the planet makes paying tax a problem like in America. Taxes are an important financial lever that has to be used from time to time. And right now Americans are paying some of the lowest taxes since the 1950s. Taxes are too low in this country.
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by ediecon October 31, 2010 8:14 PM EDT
I guess there are two sides to every story, the rich and the poor. I sit back and see that the budget needs to be addressed by all. I believe that payback should be shared by all and should be based on income! The government needs to cut back its spending and we as citizens need to do our part.
Why doesn't the government offer government bonds?
Also, why don't we pass a law regarding leftover campagne funds? All left over money should be donated to the national debt.
Every little bit (or big bit) helps..
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by gwilsonmd October 31, 2010 8:03 PM EDT
Like those above, I don't mind paying my share if I could trust where the money goes. As for Washington state, why should the "rich" foot the bill for everyone else? And how could they let Mr. Gates get away with claiming that since his son was worth 50 billion dollars the question didn't make sense? Net worth and income are entirely different - at least to those of us who can add (which doesn't include politicians).
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by connorbd October 31, 2010 8:00 PM EDT
The responses here are entirely as expected. Government spending goes back into the economy, to pay the people who make the things that the government buys. There isn't as much to cut as people think, as anyone who's had a chance to look at the budget of many a city that's been dealing with budget shortfalls. Cutting taxes does nothing but take money out of the economy (because of reduced demand) and cause inflation (putting more money in peoples' pockets sounds good, but it also tends to reduce the value of a dollar, since prices will go up to compensate).

Ignorance of the ins and outs of tax policy is epidemic in our culture, as well as a nasty tendency to ignore people who actually know what they're talking about. By spouting the very myths this report was intended to dispel, you are contributing to it.
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by strattonhall October 31, 2010 7:50 PM EDT
Interesting segment. The rich person maybe getting taxed $5,000 on an income of over $100,000 made me ill. Washington State and the dear old cheap USA wake up. My 2009 taxable income was $24,000. I paid $954 in taxes. Hey, Congress - let's be fair. If I pay almost $1,000 on an income of $24,000 - make everyone pay that percentage. Everyone.
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by AuntieMameTX October 31, 2010 7:42 PM EDT
I'm appalled that this story was so biased regarding government spending. I doubt there are many Americans that believe that there is no waste in government spending that could be eliminated without laying off police officers or cutting off hospice care or closing schools. It is absurd that a government official could sit there on camera with a straight face and get away with the "but you'll force us to kill people..." or "think of the children" excuse with regards to cutting public spending, and the "reporter" would not call them on it.

I miss the days when I was a kid, and I could turn on 60 Minutes to watch an expose of how 30 people in state government were charging golf club memberships to the public or hiring their nephews to "consult". I would think stories exposing government waste would add just the right amount of drama to your program and feed the current hatred for government that is growing in our country by the day. Give it a try. You might become the most respected news magazine on television again.
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