The Post of the Day — Aug 13, 2013
Note from Dan: This was posted by Ron May to the weekend OPEN thread. It’s good stuff that demands more prominence than that.
“Here’s some lies the GOPTea Party folks would have you believe.
1. Tax cuts for the rich trickle down to everyone else.
Baloney. Ronald Reagan and George W. Bush both sliced taxes on the rich and what happened? Most Americans’ wages (measured by the real median wage) began flattening under Reagan and have dropped since George W. Bush. Trickle-down economics is a cruel joke.
2. Higher taxes on the rich would hurt the economy and slow job growth.
Not True! From the end of World War II until 1981, the richest Americans faced a top marginal tax rate of 70 percent or above. Under Dwight Eisenhower it was 91 percent. Even after all deductions and credits, the top taxes on the very rich were far higher than they’ve been since. Yet the economy grew faster during those years than it has since. (Don’t believe small businesses would be hurt by a higher marginal tax; fewer than 2 percent of small business owners are in the highest tax bracket.) Read more »