GM is terminating its Pontiac division. But the rest of the company will survive.
AIG came at the tail end of the Bush administration. Since then, bailed-out companies have been surviving. The three major banks -- Citigroup, Bank of America, Chase -- are now running in the black.
Obama is lowering tax rates on most Americans. No one is in a 70% tax bracket. In fact, the wealthiest Americans have so many tax dodges and off-shore shelters that they now enjoy the lowest tax rates of all. Warren Buffet says that his tax rate is lower than his secretary's.
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During the great depression the highest tax rates were in the 90% area. Tax the rich and give to the poor seemed to work really well back then.
I watched the interview with Warren Buffet and it would seem to me that the problem is in the tax laws not the tax brackets. 10% tax for everyone and no deductions. What do you think of the fair tax?
GM is going into bankruptcy anyway and will come out stronger than ever. We never needed to bail them out in the first place. Where is all of our tax dollars going to go in that company? Is it going to go to produce more cars? They cant sell the inventory they have now.
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