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."
- Open thread: Sunday morning talking heads Allahpundit 1 hour ago
- Quote of the day Allahpundit 12 hours ago
- Big Labor: ObamaCare is making income inequality worse, you know Erika Johnsen 14 hours ago
- Reading 2.0: There’s an app for that Jazz Shaw 15 hours ago
- China draws its own “red line” …on North Korea Erika Johnsen 17 hours ago
- IRS to give up, release all Lerner e-mails, documents Jazz Shaw 18 hours ago