As usual, Elizabeth Warren was correct when she challenge the Fed, Chairman, for lack of concern for those he would force into unemployment by the rapid raise of interest rates. I have an idea, why don’t we give the Fed chair the power to raise the income tax rate (at an progressive rate) on earners over $400,000 when necessary to curb inflation so they will curb their spending. The raise should immediately be deducted from their paychecks until such time as inflation hits the Fed’s goals. The gain in tax revenue used for social security or other social programs. This should help curb (excessive) spending (by the wealthy) that pushes up prices without hurting the average person. While we are at it, let’s bust up the large companies (practical monopolies) that also push up prices.
If wishes were horses, then everyone could ride... or something like that. Unfortunately there are a couple of issues here, namely the constitution's 16th amendment (says it's the congress' job to tax incomes) and the fact that most wealthy individual don't have much in the way of paychecks. Most wealth in this country is from ownership of things that have value, ranging from gold bars to stocks, etc. And IF taxes are paid on these things (but not until you sell them) they are at a much lower rate than income taxes for comparable amounts of money. The good news here is that there is an emerging consensus that monopolies are bad and efforts are being made --against tremendous resistance-- to get government back into trustbusting mode.
Good appraisal of this "charity gift" back to the bank and big investors. I was worried they might have to sell their planes and extravagant homes. WHEW! Maybe we could offer them a loan with the same compound interest , confusion, and intent to deceive as our student loan holders have been given.
The problem is that our leaders and the Larry Summers' of the world weigh "systemic" risk against individual risk. They are well insulated from the blows that rain down on students, the elderly, the individuals who are struggling every day.
I appreciated your allusion to Ayn Rand's run for Social Security. These people are shame-proof and, apparently, well insulated from true risk.
As usual, Elizabeth Warren was correct when she challenge the Fed, Chairman, for lack of concern for those he would force into unemployment by the rapid raise of interest rates. I have an idea, why don’t we give the Fed chair the power to raise the income tax rate (at an progressive rate) on earners over $400,000 when necessary to curb inflation so they will curb their spending. The raise should immediately be deducted from their paychecks until such time as inflation hits the Fed’s goals. The gain in tax revenue used for social security or other social programs. This should help curb (excessive) spending (by the wealthy) that pushes up prices without hurting the average person. While we are at it, let’s bust up the large companies (practical monopolies) that also push up prices.
If wishes were horses, then everyone could ride... or something like that. Unfortunately there are a couple of issues here, namely the constitution's 16th amendment (says it's the congress' job to tax incomes) and the fact that most wealthy individual don't have much in the way of paychecks. Most wealth in this country is from ownership of things that have value, ranging from gold bars to stocks, etc. And IF taxes are paid on these things (but not until you sell them) they are at a much lower rate than income taxes for comparable amounts of money. The good news here is that there is an emerging consensus that monopolies are bad and efforts are being made --against tremendous resistance-- to get government back into trustbusting mode.
Good appraisal of this "charity gift" back to the bank and big investors. I was worried they might have to sell their planes and extravagant homes. WHEW! Maybe we could offer them a loan with the same compound interest , confusion, and intent to deceive as our student loan holders have been given.
The problem is that our leaders and the Larry Summers' of the world weigh "systemic" risk against individual risk. They are well insulated from the blows that rain down on students, the elderly, the individuals who are struggling every day.
I appreciated your allusion to Ayn Rand's run for Social Security. These people are shame-proof and, apparently, well insulated from true risk.