I was raised in the Depression and spent my adolescent years during World War II. I lived in an era in which people confronted even worse economic and military threats to their existence, but our behavior was quite different from current attitudes. In the United Kingdom, Justice Minister Kenneth Clarke warned the nation’s middle class they would be facing severe economic cuts that will impact their daily lives. He termed those cuts in expenditures, “Calamitous” and warned, “we’re in for a long haul to get back to normality.” No one can deny the reality facing governments as less money enters their coffers and more money leaves. In the US, Republican congressmen are prepared to cut back on aid to the elderly or children or the homeless because someone has to pay for mistakes of business and government. Lost in these decisions to but that which benefits the middle class or poor people is there any idea of making wealthy people pay for what many of them had a hand in creating. To even suggest raising taxes elicits comments to do so will mean curbing the desire of wealthy folk to work hard and expand our economy.
During WWII, the tax rate at higher levels reached 70% of income and America built incredible numbers of planes or tanks or ships. Many wealthy people even went to work for the government as $1 a year men. It is time in the current recession to raise taxes and make the wealthy pay their fair share. As to claims wealthy people will go elsewhere, please let them go. I seriously doubt a Wall Street banker who just received a billion dollar bonus will leave the country because he only got $900,000,000. They(bankers and businessmen) created the problem, let them pay for it.