Adam Smith Endorses Obama Tax Plan

“It is not unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.”

– Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776

Related:

“Let the Bush Tax Cuts for the Wealthy Expire Already,” Senator Bernie Sanders, Truthdig

“How to raise taxes on the rich,” Jeanne Sahadi, CNN Money

“Tax hike for wealthy won’t kill growth, CBO says,” Reuters via NBC News

“The Great Capitalist Heist: How Paris Hilton’s Dogs Ended Up Better Off Than You,” Gerald Friedman, Naked Capitalism [caution: numbers n’ stuff]

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Adam Smith Endorses Obama Tax Plan

“Let me me ask you, what’s the better way to make our economy stronger? Do we give … tax breaks to every millionaire and billionaire in the country? Or should we make investments in education and research and health care and our veterans?”

— Barack Obama, April 12, 2012
“Obama: Tax the rich to help grow the economy,” David Jackson, USA Today

Congress: The 1 Percent

While the U.S. Congress has never been more divided by party, there is something that unites many congressmen and senators. They’re millionaires.

Maybe you’ve heard this, but only about 1 percent of Americans are worth a million bucks. There are 535 congressmen and senators so, statistically, only 5 or 6 of them should be millionaires, right? Nope. Try 250.  That’s nearly half of them. No wonder they’re so reluctant to give up those”temporary” Bush tax cuts for the rich.

More:

“47% of Congress Members Millionaires — a Status Shared by Only 1% of Americans,” Tom Shine, ABC News

“Most Members of Congress Enjoy Robust Financial Status, Despite Nation’s Sluggish Economic Recovery,” OpenSecrets.org

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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