Beings it’s tax time once again…
From Thom Hartmann’s “TheBigPictureRT”:
“It’s a secret that every Republican President since Ronald Reagan didn’t want us to know.”
Thom Hartmann is one of the smartest people I have ever listened to. In this video he references an article written by David Cay Johnston that was published this week:
9 Things The Rich Don’t Want You To Know About Taxes
“For three decades we have conducted a massive economic experiment, testing a theory known as supply-side economics. The theory goes like this: Lower tax rates will encourage more investment, which in turn will mean more jobs and greater prosperity—so much so that tax revenues will go up, despite lower rates. The late Milton Friedman, the libertarian economist who wanted to shut down public parks because he considered them socialism, promoted this strategy. Ronald Reagan embraced Friedman’s ideas and made them into policy when he was elected president in 1980.
For the past decade, we have doubled down on this theory of supply-side economics with the tax cuts sponsored by President George W. Bush in 2001 and 2003, which President Obama has agreed to continue for two years.
You would think that whether this grand experiment worked would be settled after three decades. You would think the practitioners of the dismal science of economics would look at their demand curves and the data on incomes and taxes and pronounce a verdict, the way Galileo and Copernicus did when they showed that geocentrism was a fantasy because Earth revolves around the sun (known as heliocentrism). But economics is not like that. It is not like physics with its laws and arithmetic with its absolute values…” (Read on)
It’s an excellent article with LOTS of great charts and figures. EVERY AMERICAN should be reading this. It’s brilliant. Just a few of the sub-headings:
1. Poor Americans do pay taxes.
2. The wealthiest Americans don’t carry the burden.
3. In fact, the wealthy are paying less taxes.
4. Many of the very richest pay no current income taxes at all.
5. And (surprise!) since Reagan, only the wealthy have gained significant income.
And so on.. We’ve already heard these things, but the charts in this article are simply eye-popping. And there really isn’t much room for argument. He lays it all out as clear as I’ve ever seen before.
Thom Hartmann had another great video this week that I also wanted to share. It is a lot longer, (just short of an hour), but OH so worth the viewing.
“Thom provides a detailed presentation of how the wealthy population in America pays minimal federal taxes, while the bulk of the tax percentage is paid by middle class Americans.”
This is our daily open thread; brought to you by The Zoo ™.
What’s on your mind today?