Democratic presidents Woodrow Wilson and John F. Kennedy spoke plainly about the fact that higher tax rates on individuals and businesses did not automatically translate into higher tax revenues for the government. Beyond some point, high tax rates on those with high incomes simply led to those incomes being invested in tax-free bonds, with the revenue from those bonds being completely lost to the government -- and the investments lost...
The facts: Every federal statistic can be, and has been, modified for political purposes. The original stats are designed to confirm Democrat assumptions, and, since the Lyndon Johnson administration, any succeeding administration can change statistics going back up to 80 years. That means Ronald Reagan's 28 million new jobs at the highest constant dollar pay growth rate in history were modified by Bill Clinton down to 26 million, and then by Obama down to 24 million. It also means the more than 33 million formerly employed before Obama entered the WH are now called fewer than 16 million. The approx. 5 million new entrants in the labor pool are ignored. And the real inflation rate well above 8.5% is ignored and called 2%.
There was a time when Democrats and Republicans alike could talk sense about tax rates, in terms of what is best for the economy, without demagoguery about "tax cuts for the rich."
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