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Speaking of Tax Cuts.....
Top Tax Rates were 70%+ from 1936 to 1980, and 90%+ from 1944 to 1963.
Since 1981, the Reagan Top rate tax cuts from 70% to now 35% have cost
us 300 billion per year, 9 trillion over 30 years, plus 7 trillion for
interest on the Republican Debt.
The higher top tax rates also
had deductions, but those deductions were for plants, wages and
equipment. Those deductions created good paying jobs.
https://www.facebook.com/photo.php?fbid=139374332829580&set=a.117406088359738.14285.100002710429170&type=1&ref=nf
Why we must raise taxes on the rich – taxes for the middle class have soared as taxes on the rich have plummeted.
http://www.skyvalleychronicle.com/FEATURE-NEWS/WHY-WE-MUST-RAISE-TAXES-ON-THE-RICH-br-Taxes-for-middle-class-have-soared-taxes-for-the-rich-have-plummeted-635614
Growth in GDP vs Top Marginal Tax Rate vs Debt vs Government GDP
Historical Facts Debunking Republican LIES.
https://www.facebook.com/photo.php?fbid=197882910312055&set=a.117406088359738.14285.100002710429170&type=1&ref=nf
As you can see, the Higher top Marginal Tax Rates of the Past did not
deter growth, they did not grow government, but they did keep the debt
down.
The biggest reason we are 15 trillion in debt is due to the top rate tax cuts.
Learn from History.
Successful Economics is about balanced regulation, progressive tax
rates, as well as government spending on social programs and
infrastructure.
1947 - 1979 We All Grew
1980 - 2007 We Grew Apart
Growth of Family Income
http://www.connectthedotsusa.com/images/FavSlides/JobsWages/WeGrewApart.jpg
If the average American family still got the same share of income they
earned in 1980, they would have an astounding $13,000 more in their
pockets a year. It’s worth pausing to consider what our economy would be
like today if middle-class consumers had that additional income to
spend.
http://www.businessweek.com/news/2011-12-07/raise-taxes-on-rich-to-reward-true-job-creators-nick-hanauer.html
Even my Grandmother always said "Republicans are only for the rich."
The Greatest Generation Taxed the Rich at 90%, paid down the World War
II debt, funded world class infrastructure, and forged the Greatest
Middle Class Economy in History!
We would do good to follow their example of Middle Class Unity! ...Thanks Facebook...
Today the Senate Democrats voted to extend the tax cuts for ALL earning UP TO 250,000.00, but any income OVER 250,000.00 tax rates will rise to what they were under the prosperous Clinton years, as they should. Chuck Schumer says this is a huge victory for Democrats and I agree. This puts a spotlight onto the GOP as the party who will take us over the cliff BECAUSE of their insistence the WEALTHY NEEDS those Bush tax cuts to be permanent! Republicans are either gonna kill their party..OR they will surrender their idiotic stance of NO tax increases for any American. As President Obama said, he will VETO any bill that calls for a tax cut extension on the top 2%, we simply can not afford it....It's do or die time GOPers...
5 comments:
90% tax rates worked post WWII because rich people had nowhere to hide their money. Our economy was booming because we were the only industrial power left standing.
It's a completely different global climate today. Even Paul Krugman would tell you 90% will kill the economy.
John Kennedy lowered taxes because we had to to remain competitive as other economies recovered.
Republicans are for the rich because they cut the tax rate "for the rich?"
Then you need to include Tip O'Neil's Democrat congress as well, because they voted for it.
http://en.wikipedia.org/wiki/97th_United_States_Congress
Nobody is advocating 90%!
You are correct taxes on the middle class have soared. With the Obamacare tax and the democrats eliminating the Bush tax cuts, they are raising taxes again on the middle class.
The top 10% pay 80% of FIT yet they earn 13% of all income. What is fair to the left?
The biggest reason we are 15 trillion in debt is because congress spend too much. There were no spending cuts in the senate bill just lets punish success.
And the largest chunk of it is defense spending, when will the neocons agree to cut THAT????? Never, so it will be done for them, like it should....
"...democrats eliminating the Bush tax cuts..."
Once again, skud, you are wrong. The Democrats are keeping the vast majority of the Bushmtax cuts. I suggest you look at the bill the Senate just passed.
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