AP article on Americans' views on wealth distribution

[GPDP]

http://www.msnbc.msn.com/id/27377873

It's nothing too revealing, but the fact that they're even discussing that a majority of Americans feel wealth should be distributed more fairly is telling.

[Dr. Rosenpenis]

Good source of proof that the gap is indeed growing
thanks for posting

[BraneMatter]

Personally, when I hear McCain attacking Obama for wanting to "spread the wealth," the first thing that occurs to me is, "As opposed to what? Concentrating the wealth at the top?"

Suddenly, it puts the phrase in a whole different light as regards to one's sense of "fairness."

Personally, I think McCain is shooting himself in the foot with that argument, but then again, the screaming fundamentalists at his rallies don't really seem to care to think it through anyways. They'd rather have Sean Hannity, Rush Limbaugh, Bill O'Reilly and Pat Robertson do their thinking for them.

Actually, McCain has done us all a favor by calling Obama a socialist and communist. Were it not for McCain's big mouth, no one would have even been asking themselves, "What's a socialist?" :lol:

[GPDP]

Indeed, I find it interesting that things like socialism and capitalism are being more openly discussed all of a sudden in the mainstream media. I wonder what is behind this sudden openness?

[Schrödinger's Cat]

Market ideologues are being scorned. Like us, they're resorting to the pitiful claim: but it wasn't real capitalism! Only the difference here is that most of us aren't old enough to have defended the Soviet Union - or at the very least we grew up when Stalinism became a bad word - whereas these bobbleheads insisted on the virtues of our system.

I still haven't seen a single socialist on the MSM. When one does come on, please make me aware.

We have to make sure ditto heads like Ron Paul are disproven when they try to seek an even more capitalist alternative - that's not really too hard. The gold standard nonsense is easily disprovable. Even by the Austrian's school own admission fractional reserve banking - a free practice - creates bubbles, and a lot of government programs like medicare and medicaid have smaller overhead costs than private alternatives.

[Schrödinger's Cat]

I wonder how many pseudo-libertarians are on the verge of blowing off their heads at the prospect of 51% of the US favoring not just more taxes on the wealthy, but heavy taxes?

[GPDP]

I still haven't seen a single socialist on the MSM. When one does come on, please make me aware.

IIRC, Chomsky, Zinn, and Albert were all given some attention by the MSM shortly after 9/11. Chomsky actually said something about the media and the centers of power opening up to more dissident voices and ideas during times of great crisis.

[Djehuti]

http://media.ft.com/cms/f37c3434-27f8-11dd-8f1e-000077b07658.gif




Income inequality seen as the great divide


Public opinion across Europe, Asia and the US is strikingly consistent in considering that the gap between rich and poor is too wide and that the wealthy should pay more taxes.

Income inequality has emerged as a highly contentious political issue in many countries as the latest wave of globalisation has created a "superclass" of rich people.

A United National Development Programme report in 2005 estimated that the world's richest 50 people were earning more than the 416m poorest.

According to the latest FT/Harris poll, strong majorities in five European countries - ranging from 76 per cent in Spain to 87 per cent in Germany - consider that income inequality is too great.

But 78 per cent of respondents in the US, traditionally seen as more tolerant of income inequality, also think the gap is too wide.

The gap between rich and poor has become a central issue in the US presidential race, with Democratic party candidates railing against chief executives and bankers paying themselves massive bonuses while sacking workers or foreclosing on their mortgages.

A report published last month by the Center on Budget and Policy Priorities and the Economic Policy Institute found that low- and middle- income families in the US had reaped few gains since the 1990s, in spite of the economy's overall expansion.

Average incomes for those in the bottom fifth of the pay scale had even fallen 2.5 per cent while rising 9 per cent among the top fifth.

For the first time, the FT/Harris poll surveyed opinion in Asia. In China, which has experienced three decades of helter-skelter development, 80 per cent of respondents think income inequality is too great.

However, Japan recorded the lowest figure of all countries surveyed, with 64 per cent.

In spite of the evident public concern about income inequality, few respondents think the gap will narrow soon, except in China.

Strong majorities in all eight countries surveyed consider that income inequality will widen even more over the next five years.

Clear majorities in all countries agree that taxes should be raised on the rich and lowered on the poor. In Britain, 74 per cent of respondents think that those on low incomes should be taxed less, helping to explain the furore that surrounded the Labour government's decision to abolish the 10p income tax rate.

Last week Gordon Brown, prime minister, was forced into a humiliating retreat on this proposal by offering a £2.7bn (€3.4bn, £5.3bn) tax package in compensation. The weakest support for raising taxes is in France, which is already one of the world's highest-taxed countries.

US respondents were the most resistant to the idea of lowering taxes on the poor, with 27 per cent agreeing with the proposition that taxes should be kept at current levels.

The FT/Harris online opinion poll, covering 8,748 respondents in eight countries, was conducted be-tween April 30 and May 12.

Copyright The Financial Times Limited 2008


http://www.ft.com/cms/s/0/47fa6248-253c-11dd-a14a-000077b07658.html?nclick_check=1

[cyu]

Thanks for the article Dj

[Die Neue Zeit]

I prefer an internationalized version of this:

Germany's Lafontaine wants 80 pct top tax rate (http://www.forbes.com/afxnewslimited/feeds/afx/2008/11/14/afx5693728.html)

BERLIN, Nov 14 (Reuters) - Corporate high fliers in Germany with 'shameful' incomes above 600,000 euros ($750,000) should have to pay 80 percent income tax, former German finance minister Oskar Lafontaine told a newspaper.

Lafontaine, who used to be head of the centre-left Social Democrats (SPD) and now leads the more radical Left Party, told daily Passauer Neue Presse the financial crisis showed there was scope for a tax on millionaires to address rising inequality.

'The best solution would be to raise the rate of taxation on incomes above 600,000 euros to 80 percent in one go,' he said in the Friday edition of the newspaper. 'All shameful incomes would be included in this.'

The current top tax rate is 45 percent for people with an annual income of more than 250,000 euros.

Under Lafontaine -- once dubbed 'Europe's most dangerous man' by a British tabloid -- the Left has become the third most popular party in Germany at a time when government ministers are warning financial unrest could encourage populist rhetoric.

Built around the remnants of the East German communist party and disaffected SPD left-wingers, the Left has led polls in the east of the country for much of this year, increasing pressure on more moderate, established parties to work with it.

Earlier this week, Finance Minister Peer Steinbrueck, a member of the SPD, said popular disaffection with the excesses of capitalism could lead to a rejection of mainstream parties and encourage people vote for politically extreme movements.