But the first paragraph refutes the headline: "Allowing income tax rates to rise for wealthy Americans would not hurt U.S. economic growth much (emphasis added) in 2013 ..." The CBO did not say, as the headline suggests, that raising taxes on the rich has no negative economic effect. In fact, the CBO actually said that extending the Bush-era rates for all would increase economic growth by 1.5 percent. If, however, the Bush era rates expired for the rich -- but...
And all of Reagan's tax increases COMBINED amounted to less than 20% of his total tax CUTS. In fact, most of thiose tax "raises" were repeal of smaller tax cuts whose distortions to economic activity (by setting disparate tax rates) outweighed their benefit. Those attempting to protray Reagan as a tax hiker are either incredibly ignorant or completely dishonest ... or both. Which are you?
Consider this headline from a Reuters article in The Huffington Post: "Raising Taxes on Rich Won't Hurt Economic Growth, CBO Says."
- Open thread: Sunday morning talking heads Allahpundit 1 hour ago
- Quotes of the day Allahpundit 13 hours ago
- WMD in Iraq a rather nuanced issue Ed Morrissey 14 hours ago
- Perry: Rand Paul’s position on Iraq is “disheartening … curiously blind” Ed Morrissey 16 hours ago
- Joni Ernst will miss two weeks on the campaign trail… to serve in uniform Jazz Shaw 17 hours ago
- UN Security Council issues non-binding call for cease fire in Gaza Ed Morrissey 19 hours ago