Category: Tax

Categories
Politics Tax

Tim Pawlenty’s Policies Makes Bush Tax Cuts Look Liberal

Tim Pawlenty came out with his economic proposal, a financial calamity that would make the Bush Tax cuts look as if it was proposed by former Representative and ultra liberal Alan Grayson. Some of the numbers in the Pawlenty plan are:

  • Reducing the top individual income tax rate from 35% to 25%
  • Reducing the top Corporate tax rate from 25% to 15%
  • Completely eliminate capital gains taxes, taxes on dividends and interest, and the estate tax
  • Having just two income tax brackets, 10 percent and 25 percent

These drastic steps by Pawlenty are supposed to reduce the federal deficit, but according to the Tax Policy Center, the Congressional Budget Office and the IRS, even if all Pawlenty’s figures add up, revenue generated would be just 13.6 percent of GDP from 2013-2021, and equals a tax cut of $11 trillion over the same time. In comparison, the Bush’s tax cuts were three times smaller than what Pawlenty is proposing.

To put things into perspective, the nice folks at The Center on Budget and Policy Priorities did their research and came up with the following chart.

Categories
Barack Obama Domestic Policies Medicare Paul Ryan Republican Tax Tax cut United States voters

Paul Ryan Can’t Explain His Trickle Down Economics To The Voters

Republican Paul Ryan is able to go on television and proclaim the myth that taking money from seniors and giving it to billionaires in the form of a Tax cut is the way to get America back on the economic track. On television, with the media bought and paid for by some of these same billionaires, Ryan is never questioned about exactly how is this concept supposed to work. But at home, the people of his state knows better.

In a town hall meeting, with the very same voters that put Mr. Ryan into office, questions were asked about his budget plan for which Ryan had no favorable answers. Among other things, Ryan’s plan would give seniors an $8000.00 check to be put towards purchasing their own health care from the private market.

See for yourself!

Categories
Featured rachel maddow Republican Tax United States

Republican Governor To Raise Taxes–On The Poor!

The American people have been bamboozled by the Republican party and nowhere is this more evident than in what’s happening in Michigan.

Republican governor, Rick Snyder has finally figured out that raising taxes is the way to get his state out of a financial hole, and while most rational Americans had figured this out a while ago in regards to the wealthy paying their fair share of the tax burden,  Snyder in his infinite wisdom, has decided that raising  taxes for seniors and poor people is the way to go.

As reported by Rachel Maddow below, Rick Snyder will raise $1.7 billion off the backs of the poor and elderly citizens in Michigan, then – get this – he will give this ‘ found’ funds to corporations in the form of a tax cut.

But that’s only part of the governor’s plans. In the bill Slick Rick is proposing, he will actually take away the voting rights of the people.  Mr. Snyder will be able to personally dictate who runs certain districts in Michigan, regardless of who the people voted for.

Rachel explains below in the video.

Thanks to Jillie @Theresthatbear for this video.

Categories
Politics Ronald Reagan Tax United States

The Lesson of Not Taxing The Rich in Hard Economic Times

If history is to be our guide, then why aren’t we doing what’s already historically proven to work? The refusal by congressional Republicans to raise the taxes of the rich in these hard economic times makes as much sense as pouring water into the ocean. And this refusal goes against all that history has taught us.

According to a report written by Larry Beinhart, “History shows that when spending is cut — in the name of balancing the budget — recessions immediately follow. It makes sense, therefore, to look back at government tax and spending policies during the Depression and what the results were. ” Mr. Beinhart writes in detail some very interesting historical facts:

  • 1932 — Hoover raises the top tax rate from to 25 to 63 percent.
  • 1933 — Roosevelt comes into office. He begins spending at the same time that new tax hike comes into effect. The Depression bottoms out.
  • 1934 — Recovery begins. The GNP rises 7.7 percent, unemployment falls to 21.7 percent.
  • 1935 — New government spending on public works and rural electrification. A push to strengthen labor and raise wages. New taxes through the creation of Social Security.
  • 1936 — The top tax rate is raised again. This time to 79 percent. GNP grows a record 14.1 percent; unemployment falls even further.

Middle class Americans have carried this country on their backs for far too long. Since Ronald Regan took office in the 80’s and introduced the concept of trickle down economics, the concentration was placed on making the rich pay less in taxes while providing them with unlimited loopholes, in the hopes that when they succeed, the middle class will succeed. That concept has failed and over the last 30 years, the rich continued getting richer while the middle class fell more and more into poverty.

So here we have our lesson in history.  At a time when this country went through what is now called The Second Great Depression, all Americans, especially the rich, bore the responsibility, each paying according to his/her means. Today however, the lie of the sucess of a trickle down theory to boost a failing economy is still engraved in our minds, and the congressional Republicans are determined to keep it that way.

Read Mr. Larry Beinhart’s Report here.

Exit mobile version