“Cutting taxes on the rich creates jobs.” Nope. Trickle-down economics has been tried for thirty years and hasn’t worked. After George W. Bush cut taxes on the rich, far fewer jobs were created than after Bill Clinton raised them in the 1990s.I can't believe they still sell the cutting taxes creates jobs lie. We've had tax cuts in place for ten years, where are the jobs?
To his credit, President Obama argued against Republican demands for extending the Bush tax cut for those making more than a quarter million. But as soon as Republicans pushed back he caved. And the President hasn’t even mentioned that the $61 billion Republicans are demanding in budget cuts this fiscal year is what richer Americans would have paid in taxes had he not caved.
“Cutting corporate income taxes creates jobs.” Baloney. American corporations don’t need tax cuts. They’re sitting on over $1.5 trillion of cash right now. They won’t invest it in additional capacity or jobs because they don’t see enough customers out there with enough money in their pockets to buy what the additional capacity would produce.
The President needs to point this out – not just in Washington but across the nation where Republican governors are slashing corporate taxes and simultaneously cutting school budgets.
Wednesday, March 23, 2011
Republican Falsehoods
Robert Reich:
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I had a discussion about this with my father-in-law. He is firmly entrenched in the belief that deregulation and lower taxes will improve the economy. The belief is that evidence be damned, all we need is small government. By the way, we had this arguement with Fox News bleating on the television.
ReplyDeleteFirst step, turn the channel.
ReplyDeleteSecond step, ask when the Bush tax cuts are going to finally create some damn jobs.