Taxes 101 for the Low Information Voters

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??

Advertisements

10 thoughts on “Taxes 101 for the Low Information Voters

  1. These lying politicians really piss me off. If the LIV’s would ever pick up a newspaper (and read it) they’d know that most U.S. Corporations and banks are already sitting on a pile of cash. What they’re waiting on are the consumers to have more cash to spend so demand increases (and corporate expansion takes place). The consumers need to know they’ll be keeping their jobs and the unemployed need to know they’ll be able to get a job.

    All this grandstanding by the “candidates” is just making people nervous and afraid to spend. I did read an interesting comment: Why are some “candidates” spending so much time on “social engineering” instead of talking economics?

    1. “just making people nervous and afraid to spend.”

      Nope, it’s lack of income, NON. People don’t have money to spend. Home equity is tapped out. Credit cards are maxed and people are paying 29% interest to WS. Incomes are flat. Tell Marcy Kaptur, thanks!

  2. Why are some “candidates” spending so much time on “social engineering” instead of talking economics?

    How about to snooker the LIV voters???

  3. “Where were the job-creators for the past 23 years?” Exactly, M_R, thanks for asking that question…Where was Kaptur? She has to go, my friend, and
    this year, in the Democratic Primary. Occupy Wall Street says they all must go as they enabled the shriking of the Middle Class and the failing of the great American Dream. Do you stand with the Occupiers?

  4. ” Apparently the reactionary right would be willing to sacrifice another 30,000…”

    Hardly, M_R, it appears that it is Obama…His fouth war now, Africa! Is this what you journeyed to D.C. in Jan., 2009 to champion? What was it that just
    retired Secretary of Defense said about more wars? Guess Obama wasn’t listening. Does Ike’s warning about the congressional-military-industrial only
    pertain to Republicans?

  5. “well yesterday, the hapless John McCain criticized Obama’s jobs plan as well as his bus.”

    About the bus, Obama is riding around in a Canadian built bus and talking
    about American jobs. How much dummer can he be? It’s pathetic!

    And, what is Obama’s jobs bill? It’s nothing but gimmicks, my friend. There is nothing substantial about it. Please forgive my incomplete memory here on
    all the parts of his put American to work plan. One part is extend unemployment benefits for a year and continue the payroll tax cut. This will do little as most will just pay past bills. The payroll tax cut impacts Social Security negatively as it takes away money going into Social Security. He is only
    making the program deeper in debt. Then money to retain teachers, police,
    and firemen. The original stimulus did this, and just as this, it only helps for
    a year. There is nothing to build on. Then there is the infrastructure part and again limited. Its a make work idea, and just not a good long run strategy for
    him. It’s just a pile of gimmicks. Prove to me otherwise!
    My point, M_R, is that both the GOP and Obama are taking the country for
    a bunch of suckers. Neither have offered the country a meaningful jobs
    program.

    Yeah, we are looking at a third party if this fiasco continues a couple more
    months.

  6. “Three historic lows: corporate tax rates, capital gains tax and income.”

    Exactly, and where does tax policy initiate? The House of Representatives and what Body is it that Marcy Kaptur sits in? Just keep her there and
    expect a different outcome?

    1. Hasn’t Miss Kaptur been one of the representatives fighting against these issues? I’ve watched the House (and my new representative) go to hell and I would hate to see things get worse.

      Let’s just admit that politics in the United States has deteriorated into voting for the lesser of two (or more) evils.

  7. At least I’m able to say that stand with the Wall Street Occupiers. M_R is dodging the question that I asked. How about you, NON?

    Tell me, M_R and NON, what don’t you get by the “three historic lows” that
    I presented above? Then, ask yourselves who enabled that to happen?

Comments are closed.