tag:blogger.com,1999:blog-7895164153505105997.post7293069277357306365..comments2024-01-17T00:45:37.075-08:00Comments on Bud Meyers: Mellon: The Banker Who Rigged the U.S. Tax CodeBud Meyershttp://www.blogger.com/profile/02065020063363023395noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7895164153505105997.post-36913347547331515512011-11-29T16:18:00.915-08:002011-11-29T16:18:00.915-08:00Almost 70% of all capital gains taxes are paid by ...Almost 70% of all capital gains taxes are paid by the top 1%<br /><br />A week after hinting he may raise the capital gains tax, Jon Huntsman proposed eliminating it altogether.<br /><br />http://thinkprogress.org/economy/2011/08/31/308914/a-week-after-hinting-he-may-raise-capital-gains-tax-huntsman-proposes-eliminati<br />ng-it-altogether/Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-79096723761439771712011-11-20T16:09:28.366-08:002011-11-20T16:09:28.366-08:00After going over the U.S. Tax Code dating back to ...After going over the U.S. Tax Code dating back to 1921, the rise, and then subsequent lowering of corporate and capital gains taxes over the past 90 years, almost perfectly aligns with the rising and subsequent decline of the middle class (peaking in 1979). This can be no coincidence by any stretch of the imagination.<br /><br />In 1963 the highest marginal income tax rate was 91% (today it's 35% with many more deductions)<br /><br />http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213<br /><br />In 1951 corporate taxes (as a share of GDP) peaked, and then declined to it's lowest today in 2011, going back to 1946. (today it's 35% with many more loopholes and the average "effective" rate they actually pay is only 18.5%)<br /><br />http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=263&Topic2id=70<br /><br />In 1921 capital gains taxes were 14.5%, and went to their high in 1977 when they were 49% (today it's only 15%)<br /><br />http://www.econlib.org/library/Enc/CapitalGainsTaxes.htmlBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-71915223503523604102011-11-20T13:55:08.186-08:002011-11-20T13:55:08.186-08:00A well-known Washington lobbying firm with links t...A well-known Washington lobbying firm with links to the financial industry has proposed an $850,000 plan to take on Occupy Wall Street and politicians who might express sympathy for the protests. A proposal was written on the letterhead of the lobbying firm Clark Lytle Geduldig & Cranford and addressed to one of CLGC’s clients, the American Bankers Association.<br /><br />CLGC’s memo proposes that the ABA pay CLGC $850,000 to conduct “opposition research” on Occupy Wall Street in order to construct “negative narratives” about the protests and allied politicians. The memo also asserts that Democratic victories in 2012 would be detrimental for Wall Street and targets specific races in which it says Wall Street would benefit by electing Republicans instead.<br /><br />According to the memo, if Democrats embrace OWS, “This would mean more than just short-term political discomfort for Wall Street. … It has the potential to have very long-lasting political, policy and financial impacts on the companies in the center of the bullseye.”<br /><br />The memo also suggests that Democratic victories in 2012 should not be the ABA’s biggest concern. “The bigger concern,” the memo says, “should be that Republicans will no longer defend Wall Street companies.”<br /><br />Two of the memo’s authors, partners Sam Geduldig and Jay Cranford, previously worked for House Speaker John Boehner, R-Ohio.<br /><br />http://openchannel.msnbc.msn.com/_news/2011/11/19/8884405-lobbying-firms-memo-spells-out-plan-to-undermine-occupy-wall-streetBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.com