An Argument for Increasing Taxes on the Wealthy

In the last few days it has been reported that the debate over ending some of President Bush's tax cuts has begun. Those on the right are claiming that increasing the taxes of the wealthy will hurt the economy. I think a good counter argument to that is if cutting taxes was such a big job creator why does President Bush, who cut taxes on the wealthy, have the worst record of job creation. According to the Wall Street Journal President Bush only created 3 million jobs net during his eight years in office. On the other hand President Clinton, who raised taxes on the wealthy, has the best record of job creation. During his eight years in office President Clinton created 23.1 million net jobs.

http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

shoveling shit against the tide.

only something like 1.1 millions bush crated jobs. (I think it was media matters).

To actually expand the number of jobs relative to job seekers you have to keep up with population growth--150,000 a month is the round figure quoted most often--and then you have to create more.

They think the man farts gold.

A Merrill-Lynch stockbroker I happen to know was complaining a while back about his taxes. I told him if he didn't like paying the taxes he should just make less money.

Flash back to the 2008 campaign rhetoric. Remember when candidate Obama said the Bush tax cuts for those making more than $250,000 would expire and some of those wealthier folks like W.Buffet and B.Clinton said they SHOULD be paying more taxes?
Wait and see...betcha' my party (Democrat and proud of it) and the Obama administration will reluctantly extend or maybe even make permanent all Bush's destructive tax cuts because it just wouldn't be right with the economy in the tank. Record profits and excessive amounts of cash reserves held by corporations and individuals just aren't enough - they need more! No new taxes for the wealthy! They need more houses, more cars, more food, more travel, more furs and rings, more everything! Go away, you filthy beggers asking for jobs and a better life for your children!