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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJeb Bush’s tax plan shows Republicans can’t learn from economic history
Jeb Bushs tax plan shows Republicans cant learn from economic historyBy Paul Waldman at the Washington Post
https://www.washingtonpost.com/blogs/plum-line/wp/2015/09/09/jeb-bushs-tax-plan-shows-republicans-cant-learn-from-economic-history/
"SNIP.............
We will treat all noninvestment income the same, he says, which is a reminder that investment income, which is mostly gained by wealthy people, would still be treated more favorably than wage income, which is what working people make.
As Dylan Matthews notes, Bushs plan is something of a compromise between the supply-siders and flat-taxers who think that cutting taxes on the wealthy is literally the only thing necessary to spur the economy, and the reform conservatives who would give the wealthy some breaks but put more of their effort toward changes affecting the middle class. But the biggest problem with Bushs plan may not so much the particulars, but the fact that he believes that making these changes will unleash the American economy.
Weve had this debate again and again in recent years, and every time, events in the real world prove Republicans wrong, yet they never seem to change their tune. When Bill Clintons first budget passed in 1993 and raised taxes on the wealthy, Republicans said it would cause a job-killing recession; what ensued was a rather extraordinary economic boom and the first budget surpluses in decades. When George W. Bush cut taxes in 2001 and 2003, primarily for the wealthy, they said that not only would the economy rocket forward into hyperspace, but there would be little or no increase in the deficit because of all that increased economic activity. What actually happened was anemic growth and dramatically increased deficits, culminating in the economic catastrophe of 2008. When Barack Obama raised taxes, Republicans said the economy would grind to a halt; instead weve seen sustained job creation (despite weak income gains).
The lesson of all this, to any sane person, is that changing tax rates, particularly the top marginal income tax rate, has little or no effect on the economy. Yet Jeb Bush wants us to believe that his plan will produce sustained growth of 4 percent or more something no president since Lyndon Johnson has managed with what is essentially a rerun of what his brother tried
............SNIP"
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Jeb Bush’s tax plan shows Republicans can’t learn from economic history (Original Post)
applegrove
Sep 2015
OP
hifiguy
(33,688 posts)1. If Earth were about to be bulldozed by the Vogons
for a new interstellar freeway, the only Repuke response would be "more tax cuts for the wealthy."
You can't fix stupid.
tabasco
(22,974 posts)2. Republican politicians will always plan to funnel wealth to the wealthy
Idiot working people who vote for these crooks are the real problem.