PRN
- Robert Weiner - GHN News Editor- If you are one of those clinging to
the idea that the tax cuts for the rich will mean prosperity for the
rest of us, it might be a good idea to read the major report on this by
Truthout.
- Robert Weiner - GHN News Editor- If you are one of those clinging to
the idea that the tax cuts for the rich will mean prosperity for the
rest of us, it might be a good idea to read the major report on this by
Truthout.
The
report by Truthout examines in a report called "The Great Tax Debate –
various myths and facts regarding the "trickle down" economics that has
been going on for decades.
various myths and facts regarding the "trickle down" economics that has
been going on for decades.
The
source called Truthout has about 260,000 readers with one million web
hits monthly. It's one of the popular progressive websites.
source called Truthout has about 260,000 readers with one million web
hits monthly. It's one of the popular progressive websites.
Former Clinton White House staff and House Government Operations Committee spokesman Robert Weiner
examines what he says is "the myth of tax breaks helping the economy"
and examines in some detail "the failure of trickle down." The report
charts presidential economics since Truman.
examines what he says is "the myth of tax breaks helping the economy"
and examines in some detail "the failure of trickle down." The report
charts presidential economics since Truman.
These
are some of the observations made by Weiner and his colleague Varun
Saxena: "In the lame duck Congress, President Obama and most
congressional Democrats want to extend the Bush tax cuts for 98% of
Americans, everyone making under $250,000.
Republicans want to extend the tax cuts for everybody despite Bush's
bill in 2001 to suspend the cuts at the end of 2010 to restore revenue.
are some of the observations made by Weiner and his colleague Varun
Saxena: "In the lame duck Congress, President Obama and most
congressional Democrats want to extend the Bush tax cuts for 98% of
Americans, everyone making under $250,000.
Republicans want to extend the tax cuts for everybody despite Bush's
bill in 2001 to suspend the cuts at the end of 2010 to restore revenue.
"Republicans portray the Bush tax cuts as similar to President John Kennedy's.
That is a poor analogy. Kennedy cut the top rate from an exorbitant 91%
to 70%. In contrast, Bush cut the top tax rate from a historically low
39.6% to 35%. By increasing enforcement and cracking down on loopholes,
including the use of foreign subsidiaries for tax evasion, Kennedy
increased government revenue. Republicans are fighting limiting
outsourcing and foreign loopholes. Kennedy created 1.2 million jobs per
year; Bush was losing 700,000 jobs a month his last year.
That is a poor analogy. Kennedy cut the top rate from an exorbitant 91%
to 70%. In contrast, Bush cut the top tax rate from a historically low
39.6% to 35%. By increasing enforcement and cracking down on loopholes,
including the use of foreign subsidiaries for tax evasion, Kennedy
increased government revenue. Republicans are fighting limiting
outsourcing and foreign loopholes. Kennedy created 1.2 million jobs per
year; Bush was losing 700,000 jobs a month his last year.
"'Trickle down' economics has not worked since Herbert Hoover
tried it. Every dollar devoted to the middle class causes the economy
to grow three times faster than a dollar for the rich, according to CBO.
Millionaires save more of their tax cuts. Middle class families spend
them.
tried it. Every dollar devoted to the middle class causes the economy
to grow three times faster than a dollar for the rich, according to CBO.
Millionaires save more of their tax cuts. Middle class families spend
them.
"Since
1900, Democratic presidents have produced a 12.3% annual return on the
S&P 500, Republicans only 8%. GDP growth since 1930 is 5.4% for
Democratic presidents and 1.6% for Republicans.
"Democratic presidents spread wealth around through needed social
programs and targeting tax cuts to lower and middle income Americans –
stimulating the whole economy. Republicans pump into defense contractors
and high income Americans, creating larger deficits and higher interest
rates."
1900, Democratic presidents have produced a 12.3% annual return on the
S&P 500, Republicans only 8%. GDP growth since 1930 is 5.4% for
Democratic presidents and 1.6% for Republicans.
"Democratic presidents spread wealth around through needed social
programs and targeting tax cuts to lower and middle income Americans –
stimulating the whole economy. Republicans pump into defense contractors
and high income Americans, creating larger deficits and higher interest
rates."
Here is the link to the full report:
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