Posted: Mar 16, 2012 12:22 pm
Nicko wrote:Trickle-down economics strikes again.
How long is it going to be before the public realise that wealth doesn't trickle down; it trickles up? That is, after all, why the wealthy are wealthy in the first place.
The trickle down scam, pay the rich more to work harder, pay the poor less to get the same result. Good init.
http://www.nytimes.com/2012/01/20/busin ... wanted=all
"Whatever happened to “unearned income”?
That used to be the normal term for income from investments — dividends, interest and capital gains.
For some, that term produced images of “coupon clippers,” another term you don’t hear much anymore. The coupons in question were not the kind that get you 25 cents off on Jell-O at the grocery store. They were the ones that came attached to bonds in a precomputer age. To get your interest payment every six months, you literally had to clip off the coupon and take it to your bank.
More than half a century ago, when President Dwight D. Eisenhower proposed taxing dividends at lower rates than wages, Representative John W. McCormack, a Massachusetts Democrat who later was to become speaker of the House, was outraged.
“The Republican tax bill is indefensible in that portion which gives great benefits to corporations and constitutes a bonanza to stockholders, the larger ones in particular,” he said in 1954. “It is unjust and in my opinion morally wrong to make a person with earned income pay considerably more in taxes than persons with unearned income from dividends.”