Tricccckle Down Theory and Tax Cuts for the Rich
357668
Thomas Sowell can made even economics interesting.  He debunks the trickle down theory and explains why any reference to the theory shows the total lack of the person making the claim.  Professor Sowell also in his book explains why increasing the marginal tax rate on corporations, the "rich" and capital gains will only prolong the Obama recession.
2751563
Steve Forbes is pushing a tax plan he claims would "free America" from "the tyranny of the federal tax code." At first glance, his "flat tax" - which he has been pushing at least since his unsuccessful 1996 presidential campaign - looks like the current income tax, in that both businesses and individuals would file an annual return. But there are some big differences.

Under the flat tax, there would be no deduction for mortgage interest, state and local taxes or charitable contributions. A 17 percent rate would apply to all taxable income, whether the taxpayer is Bill Gates, Steve Forbes or the mechanic who fixes their cars. Investment income would not be taxed at all under the individual tax, which by itself benefits predominantly higher-income taxpayers.

The flat tax would represent a significant simplification over the current system. (On the book's cover, Forbes is shown brandishing a postcard printed with "The Steve Forbes Flat Tax Form" - though, to be fair, the current 1040EZ would fit on the same card.) And cleaning up the tax base would, on balance, allow the economy to operate more efficiently and reduce the extent to which one's tax burden depended on arguably irrelevant factors such as whether one rented or owned a home.

These benefits, however, have nothing to do with having a single tax rate. In fact, one of the architects of the flat tax, Robert E. Hall of Stanford University, now favors a plan, known as the X-Tax, that would apply a graduated rate structure to this simplified tax base.
3540177
The author is giving the reader 2 books for the price of one. In Book 1 an investment vehicle is discussed that gives the American worker a better or equal return than many of the various investment offerings available by Wall Street. In Book 2 the author focused the reader's attention to the basics of the U.S. Constitution, and how it should work for the people. Additionally, where many of the people are dramatizing that we have problems, but we don't know what to do. We do have problems, but there are ways to cope and reestablish a means to achieve the prosperity for the working people. Hopefully, this roadmap will be implemented by the government on the federal, state, and local levels. Keep the faith in the United States. We have seen difficult times in the past and we shall prevail once again to be the envy of the world by following the roadmap offered. There will be other "U" books to follow that will be helpful to all citizens in the United States
955603
Could not put it down.  Krugman cuts to the quick with objective, logical analysis of how the U.S. alone has gotten to this point of an elite super rich very few, and a middle class that has lost ground for the last 40 years.  I recommend this book most strongly  to my conservative and libertarian friends, as Krugman's rational, fact-based discussion on the answers to this question will surprise you!
2654095
Rank and his team do a great job of giving you lots of data and some analysis.  They make the case that in the USA, wealth is more concentrated it the hands of fewer people. But, they also point all that al groups have become wealthier. It's just that relatively the rick have become even richer. The poor and middle class became richer, so not so much so.  The real issue is that Rank and team give us no way forward: taking from the rich and just giving to the poor will just cause class conflict and encourage the wealthy to leave the country (check out what is happening in France over this issue). A better way forward is to create more growth and competition: we did that twice before to great benefit. We broke up steel and Oil and it helped. We again broke up ATT&T to great benefit and trucking was deregulated as well. GM should have been broken up and not saved as one compnay; Microsoft is too big and I suspect that Google is as well. We want creative nimble companies and not large monopolist ones.  But large co's give great donations to politicians don't they!
2627555
According to Reich, every sector of the economy suffers if the rich keep getting richer and the middle class cannot afford the necessities of life, a trend which began with Ronald Reagan's presidency and continues today. The rich do not spend enough to help the economy grow. The working classes are the key to a healthy economy. I totally agree with Reich and highly recommend this documentary.
2380941
It was refreshing to hear a relatively young, successful entrepreneur, who is a billionaire, recognize that the building and sustainability of a democracy depend upon the opportunities and feeling of ownership of all interested citizens.  It is common among some groups in our country to promote the idea that we could all benefit from making the rich richer.  The authors make the case that building an affluent, educated bottom 99% would be a better approach to making the rich richer.  I was reminded of this book last night when I watched a DVD with a movie entitled "The One Percent," developed and directed by Jamie Johnson, one of the heirs of the founder of Johnson and Johnson.  Like True Patriot, that movie makes the case for economic social justice as a basis for national strength and financial growth.
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_Fortunes of Change_ is an intriguing study of the unexpected liberal tendencies of today's super rich. David Callahan's research uncovers the mostly unknown network of organizations that fund and organize left-wing causes, including Resource Generation, the Democratic Alliance, and the Funding Exchange. He profiles compelling young people such as Taco Bell heir Rob McCay, Pillsbury's Jeff Fuller, and many others.

I especially enjoyed the author's description of the role of elite educational institutions in imbuing liberal values in their graduates. It's a positive spin on the still-accelerating accumulation of wealth and power at the top.
48125
This book is outstanding for those interested in learning the details of 'The ....."Radical Republicans Stealth Plan for America".  It is not only radical but just as terrifying.  When Charles Koch learned that a conservative thinker had already put to pen exactly his own political philosophy, he declared they could now "save capitalism from democracy".  These words are crucial to "the plan", for the far right Republicans believe that free trade, i.e.
business with no regulations or restrictions, comes before democracy.  The only legitimate function of the government should be to protect private property and personal safety.  A flat tax would be necessary, to see that the middle class pays the bulk of taxes.  The 'stealth' part of the plan is
fundamental, for the ultra-conservatives are well aware they could never win over the majority to their way of thinking.  Thus we see the path of so many of the recent conservative attempts to fashion new laws: increased voter suppression, tax laws that benefit the rich, an end to laws that encourage the 'un wealthy' to achieve power, such as labor unions, civil rights, public education, and on and on. The more people who read it the more people who will realize what is happening here, and work together to stop it.
335649
This book was very informative on the way many of the wealthy people in this nation act and think. If people would put these principles into practice the financial mess we are in right now would go away. Live within your means and invest wisely are the two continuos thems in throughout this book. It goes into some detail about things most of us would never think about, such as: how much to spend on shoes, how much to spend on a house (well most think of this), how much to spend on a suit, etc... These policies can help correct what is wrong with America, blaming the rich for our financial woes. If everyone could put these principles in practice everyone could be worth more money than they are right now.
That being said it is very dry and repetitious. But if you stick to it and read the whole thing all the way through once or twice and put the ideas into practice it will help you tremendously.
1504143
The fair tax is not regressive because of its rebate.  Regression Defined must be a liberal because he knows things like terms but has no idea how to apply them.  You first must start at the low % value of the two tax systems.  The maximum % a single person making 20K can pay under the fair tax is 20,000*.23-2196(rebate)=2404=12% of there income.  A single person making 100K can pay this maximum $100,000*.23-2196(rebate)=21%.  That is not regressive.  The minima for both is 0.

Lets compare the current system with a person making 20K with the Fair tax.  It will be a different rate depending on deductions now, and new spending under the fair tax.  Logical people can realize that we can look at the max and the min of both.

Min

Fair Tax = 0%

Current Tax= 7.6%(Fica Tax)

Max:

More complicated liberals follow closely; we have to compare apples to apples.

Now standard deducts only, 20000-4850-3100=12050,  Federal Tax last year=730+(12050-7300)*.15=1442.5 Total tax is Fed Tax + Fica Tax=1442.5+1600=$3,042.5

Under the current system the Maximum allowable money to be spent on new goods is =20000-3042=$16,958

Now assume that prices do not fall (they will fall) and this person's state does not have a sales tax, 100% of money spent on new goods.  The max taxes paid for this person comparing the fair tax to the current tax.

=16958*.3-2196=$2891. Which is less than $3,042.5

I have done this in standard increment up to 160,000 for single, single 1 child, married, married +1, married +2.  Taking the absolute worst case only a few are slightly higher under the fair tax.  No one is higher considering a 10% price drop from imbedded taxes.  How can this be, remember loop holes, and black market.

Everyone should decide if this tax is better for them on their lifestyle.

Step #1 Retrieve your tax return from last year. Take your gross income last year multiply by .076 for your Total Fica Tax then add line 61 from your 1040 of your tax return this is your total tax.

Step #2  Retrieve a bank statement, preferable 3 then average them.  Figure how much you spent on items that will be taxed under the fair tax today.  Multiply that to a yearly amount.

Step#3 Take that yearly amount and multiply by .97 if you have state sales tax.  Multiply by the amount in which you believe prices will drop I am conservative and used 10% or .9 in this case.  (you may want to use .8,.85,.95 or even 1) Then multiply by .3 and finally subtract your rebate.

Step #4 See which is grater.

I am so confident that the fair tax will help 80% of the people in the US I only want people to support this if it helps them.  The only ones it will not help are rich people who use loopholes, or people who lie.

By the way the, my wife and I will pay 50% less in taxes under the fair tax.  I relize this is initially and eventually everyone will pay about the same, but this way I will have a new car, new house, and maybe even a new boat when I do.
578383
I enjoyed reading Mark Levin's book, Plunder and Deceit.  I believe, as he does, that many of our government programs are a burden on us taxpayers and need to be either curtailed or eliminated completely so that it does not create a major deficit for our children and grandchildren, save one program.  I disagree with him concerning Social Security.  This is one of the few government programs that receive direct contributions from taxpayers through payroll taxes.  It benefits the elderly; especially, the elderly who are unable to continue working through sickness or mental health issues.  It also benefits those who have legitimate disabilities that are unable to work.  Having said that, I believe that the government should thereby concentrate on programs such as welfare that rewards those who are able to work but choose not too.  Programs that reward single mothers who have multitude amounts of children who refuse to assist in taking care of these children.  Programs that reward businesses to produce or not to produce various products.  Programs that reward those who enter our country illegally with programs such as welfare, medicare, etc.
2832189
The authors have some very good points. They do a good job of drawing the distinction between those with wealth and those that live as though they have wealth. Further, the book goes into the decision making process to think as an accumulator of wealth.

This is not a get rich book, this is a book to shape the reader's thinking to be more like the rich. The section on Economic Outpatient Care and advice on how to deal with children and assets after death was especially insightful.

Once you get the basics, it can be slightly repetitive, as many academic texts are.
4264299
This is everything you wanted to know about why the U.S. economy crashed in '08 and why it will continue to crash until we return to a sane economy that benefits ALL.

Robert Reich, Clinton's Secretary of Labor, is both a fine economist and a fine writer.  He points out (as others are beginning to) what should be obvious but which we're largely ignorant of:  That so long as the top 1% are holding a full quarter of the nation's wealth (and the top 10% a full half), our economy will continue to starve, and ourselves with it.  It's common sense:  if we, the 99% of our people, don't make enough to buy what our economy can produce, the economy will fail.  When the Middle Class is comfortable (with job, home, car, family), and those below are able to rise into the Middle Class, there is enough money in hands that buy to support the economy.  When the 99% are without jobs and steady income sufficient to support their families, it all comes to a stop.

Reich names names.  Those whose reckless, greedy behavior catapulted us into the greatest financial crisis since the Great Depression got bailed out and continue the same behavior, with the same reward of becoming obscenely rich.  Two examples:  In 2007, the same year the CEO of Bank of America, Kenneth Lewis, was leading the bank into collapse and absorption by Merrill Lynch, he was paid nearly $100 million, not tied to performance.  And, according to an anonymous VP of the bank, although it was urged as part of the deal to rewrite mortgages of those who through no fault of their own could no longer keep up with their steep payments, they received a massive number of requests, but rewrote zero loans.

And how much of Lewis's $100 million got recycled into the economy by purchases of goods and services, as most middle-class tax refunds are?  In order to turn that money into purchases, Lewis would have had to buy $273,972.60 of goods per day that year, including weekends -- which comes down to $380.52 every minute.  It gets worse:  During the year prior to Lehman Brothers collapse, its CEO, Richard Fuld, collected $500 million in salary and stock shares.  He apparently did his best, but just how many mansions, jets and Rolls Royces can one man buy?  And rather than producing jobs for Americans, most of the 1% 'captains of industry' use technology to downsize, hire cheaper foreign labor, and build their plants in China.

So without the 99% spending most of their money just to survive -- and hopefully have enough left to buy homes and cars and vacations -- the economy winds down to a standstill.  Reich has a few suggestions of how to turn this trend around and restore the Middle Class and make the economy more healthy for everyone:  check him out.
4312498
Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich

David Cay Johnston is an investigative reporter who spent the last decade uncovering the tax scams of the super-rich. Both political parties (like a wrestling tag-team) alternate in taxing the many to benefit the super-rich. This recalls the aristocracy of the 18th century Europe who paid no taxes but received the benefits of government. Our tax system subsidizes the rich by taxing everyone else to pay for it (p. 2)! Johnston claims that "apathy" causes people to be uninformed about public issues, or don't even vote. Actually the political propaganda in everyday life, like advertising, is designed to create this "apathy", or fear of questioning authority. The educational system also conditions people to "official history" and credulity.

Page 7 explains the "charitable trust" racket to money-launder assets like stock or buildings to get 96% of your money tax-free! "The U.S. tax code is the most political law in the world" said an expert. Taxation reflects policy; taxing the poor limits their ability to improve their life (p. 10). Wage earners have a harsh set of rules unlike business owners. Tax policy since 1981 created the most highly concentrated wealth since 1929. The richest 1% are taxed more lightly than the middle class (p. 11). Page 12 explains the "intellectual property" scam to lower taxes. Ever-tougher rules restrict union organizing. New rules allow trusts perpetual life and eliminate the estate tax. "Limited liability" corporations enabled corporate cheating since 1991 (p. 13). These issues are under-reported because they're not 'fit to print'. Talk of the top 1% earning 21% of income but paying 37% of taxes is a created statistic like in advertising (p. 15); the truth is on page 16. The 1997 reduced tax rate on long-term capital gains is a major tax break for the rich. Originally capital gains were taxed higher than wages on moral grounds (p. 17).

The tax scams began in 1983 when Social Security taxes were raised, changing it from pay-as-you-go to create a trust fund to pay benefits over 30 years. But this money was used to pay for tax cuts for the super rich (p. 18)! Whether Democrats or Republicans, the tax cuts for the super rich were financed by higher taxes for everyone else. This tax system is creating fewer stable jobs and lesser retirement incomes. Chapters 2 to 20 cover various related topics.

Chapter 21 explains the problem: the richest man in Congress is in charge of the IRS Oversight Subcommittee. He knows of no problems in tax cheating; 'hear no evil, see no evil, hold no hearings' (p. 293). The IRS can't investigate rich tax cheats if there's no money in their budget for this! Or if they're forbidden to gather needed data (p. 295). Business owners can legally report a lesser income (p. 297). The "Contract With America" promised a fairer, simpler tax system, but resulted in 293 major changes (p. 299). Johnston tells what is wrong with a national sales tax (p. 300), and the "flat tax" (pp. 300-309). Is reform possible with the current batch of crooked politicians? Not without an aroused voting populace. Johnston concludes that our tax system needs a complete overhaul (p. 305). Taxes have been cut for the rich by raising them on the middle income (higher Social Security taxes than needed, and the alternative minimum tax). Congress needs to pass laws to report all income immediately and pay taxes on it. You can't believe the "courtesans of wealth" on broadcast media (p. 306). Most Americans can't save because of their regressive taxes. A society top-heavy with wealth is an unstable society. Page 308 explains the tax burden. The cure is a simplified tax code (pp. 312-316). Economic equality creates prosperity; poverty occurs when only the rich have money. What do you want?
2612074
It seems that the far left members of Congress and Senate that wants to see their power stronghold in the American households do not want to change the obselete tax structure in this Capitalistic Society.

Can anyone ask these honorable americans how much money, properties, and wealth they have under their banks accounts?.

This book is consiece and clear, benefitting every consumer with purchasing power in this Capitalistic Society.

Neil Boortz, you have the right to make a zillion dollars with this book, be a happy zillionare.
1866899
Glenn Beck's makes a simple non political economic point in his book.  The Federal budget deficits will lead to unsustainable debt servicing payments, much higher interest rates and potentially destructive inflation in the United States. The easiest way to explain it is to think of all United States Treasury debt and all Social Security and other Federal obligations as an IRA or 401k in reverse. It is like "Compound Interest or in this case let's compare it to debt" that is compounding tax free. The concept of compound interest is very simple. When principal is invested, interest is earned on the principal .In subsequent periods interest is earned not only on the original principal but also on the interest earned on previous periods. You may agree or disagree with Glenn's political slant but his basic economic premise is correct.