What’s that hackneyed, old line that Boehner, McConnell and Cantor trot out at every press conference? Something about job-killing taxes and regulations. That’s their entire economic package, their ‘jobs’ plan for America: lower taxes on the rich, the so-called job creators, and eliminate the job-killing regulation which stifle business. Simple plan; simplistic, too. But false, as usual.
To prove that it is a load of bull, I could merely point out that taxes [Bush tax cuts] have been some of the lowest ever for the past 11 years- lower than during the boom years under Clinton. Where are the jobs that the job-creators created? The GOP spin is easy and has been effective in snookering The People into believing the simplistic crap. Americans always like to keep things simple.
Yet, don’t take my word for it. There were 2 pieces of information in today’s news that were quite revealing, one regarding taxes, the other regulations. In his channeling TR speech yesterday in Kansas, President Obama cited this fact:
“A quarter of all millionaires now pay lower tax rates than millions of middle-class households. Some billionaires have a tax rate as low as 1%,”
No doubt, when the reactionary right-wing bloggers heard that, they raced to their keyboards to accuse him of lying. Yet, it’s true. CNN reported today on CNN Money the story of that fact in an article titled, Billionaires with 1% tax rates. They wrote:
Last year, 4,000 households with incomes over a million dollars owed no federal income tax whatsoever, according to Tax Policy Center estimates.
What’s more, of the top 400 federal tax returns with the highest adjusted gross incomes in 2008, 30 had an effective tax rate of less than 10%, noted Mark Luscombe, the principal federal tax analyst at CCH.
Here’s the clincher, the fact that Boehner, McConnell and Cantor slither past:
A big reason is that a large percentage of wealthy Americans’ income comes from investments, which are often taxed at lower rates than ordinary wages and salaries. What’s more, some perfectly legal tax code provisions allow taxpayers to reduce their investment tax bills even further.
What’s that? A large percentage of wealthy Americans’ income comes from investments,
Investments? Oh, so they are not job-creators? They aren’t business owners, shop keepers, factory owners? They live high on the hog from their investment portfolio. At a low tax rate. Repeat, at a low tax rate.
What about ‘those job-killing regulations’ that the GOP leaders grip about. Would Bloomberg Businessweek be an acceptable source for this story? This story: Obama Is Watering Down Regulations More Than Bush, Study Shows.
The White House Office of Information and Regulatory Affairs changed 76 percent of agency rules submitted for review under Obama, compared with 64 percent under his Republican predecessor, according to the study from the Center for Progressive Reform. Obama also has ignored requirements that he disclose documents exchanged between OIRA and federal agencies, the report said.
Here’s another interesting fact that Bloomberg wrote:
The regulatory affairs office’s 1,080 meetings over the past decade have been heavily dominated by business interests, according to the study. Industry representatives made up 65 percent of meeting participants, compared with 12 percent representing public interest groups.
So there you have it. The next time you hear one of the GOP leaders bark the taxes and regulations canard, yell out, “You lie!” just like SC Rep. Joe Wilson.