I wouldn't call the past 8 years trickle down especially with the expiration of the Bush tax cuts, Obamacare and other legislation like dodd/frank. I agree with bonsai nut and chansen I that there's more to wage stagnation than tax policies such as, how has globalization affect the American worker and how has it suppressed wages.
Are you suggesting that we've had trickle down economics for the past 8 years?
And what happened in the 1970's? The end of the Vietnam war. Normalization of relations with China. Banishment of princely rule in India. Industrialization and infrastructure development in the Philippines. And underlying it all... the explosion in the value of oil, which increased Indonesia's per capita GDP 545% between 1970 and 1980. People need to wake up and understand the US is
not the center of the world, far from it. We can claim leadership in many things, but population and unskilled labor are NOT two of them.
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I wasn't saying that a fair tax plan would fix wage growth necessarily. This branch of the thread came from my posting of Donald trumps proposed tax plan( from his own website. The tax thing is just a symptom of the larger problem of wealth division. Regulation of big business and Wall Street is also part of it.
1. Obama barely changed the tax cut from bush. He only raised the taxes on people who earned more then 470,000 per year. He raised it from 35-40 for those people.
2. Highest tax rate was 70% until the 1980s when Reagan introduced supplyside or trickle down economics (less regulation and lower taxes)
The highest rate has fluctuated since then from 32-40%.
3. The weatlthiest people pay an effective tax rate lower then the middle class,(which has always been about the same.) as low as 15%
4. Donald trumps plan is to lower the top rate to 33% and raise the lowest to 12%. Everyone else pays 25%.
This is the basis of supply side and is has not worked in 35 years.
Ceos, executives, Wall Street bums has increased their wages exponentially since the 80s.
Production has increased, they just pocket the money.
It needs to be regulated and the more you earn the more you should actually pay in taxes. The less you earn, the less you pay.
You can't just rely on the good will of man to do what is fair and right.
There are ceos that earn 1000x more then there workers. Wtf
Wall Street? Housing crisis? Bailout? No one in jail for that? They still are making billions on the American people. They do whatever they want.
And we are supposed to jump for joy over a temporary decrease in mortgage percentage?
Electronics always drop in price once they've been around a while.