This is a follow-up to my last post regarding the GOP “plan” for job growth. In the Senate well yesterday, the hapless John McCain criticized Obama’s jobs plan as well as his bus. No doubt he ‘believes’ that the plan that he and Sen. Paul produced was far-better than the one the their august body filibustered to death last week.
Just to refresh everyone’s memory [and mine too!] the Senate GOP plan included the usual string of canards:
1. Cut “job-killing regulations”
2. Add a balance the Budget Amendment to the Constitution;
3. Line Item Veto for the President.
4. Reduce corporate taxes;
5. Reduce the top tax rate to 25%;
6. Repeal Obamacare.
Proposals 2, 3 and 6 are not worth our time discussing, in my opinion. There is no quid-pro-quo result in a flood of new employment from those proposals.Further, the 1st, regulation-cutting, will be difficult for most Americans to accept because many of those scorned regulations were enacted to protect the health and safety of both the workers as well as the environment in which the businesses and factories operate. Our citizens, unlike those in 3rd world communities, will not tolerate the abuse of our citizens or our water, air and land resources.
I’d like to concentrate on #4. Reduce corporate taxes and #5. Reduce the top tax rate to 25%. The ‘we’re taxed enough already’ theme went viral two years ago as the TEA Party took to the streets. It plays well with the Low Information Voters. To help the Low Information Voters, I’d like to present a chart of data for analysis.
So then, what was that McCain-Paul Senate whine about ‘high’ tax rates holding down ‘job-creation?’ Since 1988, the corporate tax rate has been steady at historic low percentages. Lower than the Reagan years. Where were the job-creators for the past 23 years? Were they waiting all of that time for the corporate tax rate to go down more? Or, is this all a myth for the Low Information Voters?
How about those capital gains taxes, eh? As low as 1938. Fifteen percent. That’s why the top 1% of households often pay lower taxes than working people. They live quite nicely off of their stock trades and dividends, while most Americans pay payroll taxes at a higher rate. It’s one more myth for consumption by the Low Information Voters.
Note the line labeled Income. How’s that for historic lows? That line hasn’t been this low since 1932- just after the Stock Market crash of 1929.
Three historic lows: corporate tax rates, capital gains tax and income. Tell me again, Mr. McCain, why do we need to lower taxes for the job-creators??