Conservatives Big Lie #1: Lower Taxes on Wealthy Don't Lead to Job Growth!
2012 Obama
2012/04/11 04:12:11
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How many times do we hear the Conservatives and their leaders like Romney, Ryan, Boehner and McConnel keep telling us we have to lower taxes on the wealthy to create jobs ?
Well that is not only a lie but is so far from statistically and historically recorded data that it is a bold faced load of bullshite!
The fact is as proven by historic data our country has created more jobs when our taxes on the wealthy businesses were much higher and the best growth in jobs came when our top marginal tax rate was above 50%.
History doesn’t back up the GOP’s claim. In fact, as Center for American Progress Director of Tax and Budget Policy Michael Linden found, “in the past 60 years, job growth has actually been greater in years when the top income tax rate was much higher than it is now”:
For instance, in years when the top marginal rate was more than 90 percent, the average annual growth in total payroll employment was 2 percent. In years when the top marginal rate was 35 percent or less — which it is now — employment grew by an average of just 0.4 percent.
And there’s no cherry-picking here. Pick any threshold. When the marginal tax rate was 50 percent or above, annual employment growth averaged 2.3 percent, and when the rate was under 50, growth was half that.
In fact, if you ranked each year since 1950 by overall job growth, the top five years would all boast marginal tax rates at 70 percent or higher. The top 10 years would share marginal tax rates at 50 percent or higher. The two worst years, on the other hand, were 2008 and 2009, when the top marginal tax rate was 35 percent. In the 13 years that the top marginal tax rate has been at its current level or lower, only one year even cracks the top 20 in overall job creation.
So anytime the Conservatives say we have to lower taxes on the wealthy to create jobs you tell them "prove it works" and show them the history!
http://thinkprogress.org/economy/2011/06/28/256605/chart-lowe...
Your thoughts ?
RAVE IT IF YOU LIKE IT!
Well that is not only a lie but is so far from statistically and historically recorded data that it is a bold faced load of bullshite!
The fact is as proven by historic data our country has created more jobs when our taxes on the wealthy businesses were much higher and the best growth in jobs came when our top marginal tax rate was above 50%.
For instance, in years when the top marginal rate was more than 90 percent, the average annual growth in total payroll employment was 2 percent. In years when the top marginal rate was 35 percent or less — which it is now — employment grew by an average of just 0.4 percent.
And there’s no cherry-picking here. Pick any threshold. When the marginal tax rate was 50 percent or above, annual employment growth averaged 2.3 percent, and when the rate was under 50, growth was half that.
In fact, if you ranked each year since 1950 by overall job growth, the top five years would all boast marginal tax rates at 70 percent or higher. The top 10 years would share marginal tax rates at 50 percent or higher. The two worst years, on the other hand, were 2008 and 2009, when the top marginal tax rate was 35 percent. In the 13 years that the top marginal tax rate has been at its current level or lower, only one year even cracks the top 20 in overall job creation.
So anytime the Conservatives say we have to lower taxes on the wealthy to create jobs you tell them "prove it works" and show them the history!
http://thinkprogress.org/economy/2011/06/28/256605/chart-lowe...
Your thoughts ?
RAVE IT IF YOU LIKE IT!
Top Opinion
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aneed2know 2012/04/11 05:19:05
A business is ONLY successful when its customers have money in their pockets!
If wealthy businesses pay less in taxes it puts more tax burden on the middle class and working poor (their customers). If their customers pay more in taxes to cover the nations debt they have less money to buy the companies products and the business loses money, lays off people or goes out of business.
So when all businesses pay higher taxes it improves the economy for everyone and especially for their customers so they get paid back more than what they are paying in taxes.
Businesses only do well when the entire economy and their customers are doing well and that can only happen when taxes are paid to cover the countries expenses and to create new infrastructure and support education that helps the businesses to grow.
That has been proven over and over in our history and it is the fact that the Conservatives and GOP have ignored and do not grasp in their economic ideology!
If I'm working on an 11 percent profit margin and my taxes are raised 3 percent, I will continue to make my profit because I will raise my prices.
Let's say I own a napa store. Now the government just raised my taxes 3 percent, let not forget that my suppliers also had their taxes raised. So my suppliers raise their prices to maintain their profit margin and now I have to pay more for those parts. I have to raise my prices to keep my profits and my taxes went up also so I have to raise my prices even more to make my profit. Tell me how that helps you when you need a new battery for your care. The government would make MORE money by cutting taxes and letting businesses grow. Wouldn't you have more money in your pocket if I hadn't had to charge you so much money for that battery?
Those new revennues build the colleges, and pay for student loans so more young people have a better education and can get a better paying job so they can afford a car and will need your and your producers car parts and you will get better educated employees saving you money.
your suppliers need better educated employees and having more highly trained people reduces their costs so you get parts more affordably.
This is the problem with the GOP is you only see the little picture as it relates to you and you do not see that YOU and your company only survive when the entire economy is doing well.
If I only have a high school diploma working for $7 an hour I can't afford a car and won't need your battery. If I get a college degree and make $100,000 a year I can afford 3 cars and a motorcycle and will be buying all my stuff from you.
Now do you get it ?
You support barry so this conversation is pointless. I got my idea out there for people to see. I don't expect any barry supporter to understand common sense thinking. Have a good 'un.
If you kick people off they have no money and there are NO JOBS so they can not afford your stuff and that doesn't help your business at all.
You can only survive and thrive as a business if EVERYONE in a society is doing well and we have tried your trickle down system twice and it failed miserably under Bush and Reagan because it can not work as any economist will tell you.
You have to stop the SELFISH thinking of the GOP and realize we are all in it together and it is better to get wealthy a little slower and have a stable and sound economy than for a few to get wealthy fast while everyone else goes bankrupt and fails.
That is reality!
I like keeping things simple, most things are just bs anyways..
I'm glad I bought some of that ammo from DHS.
It is the wealthy that make their money gambling on wall street and especially those that rely on foreign markets and competition with other country products that do not want higher taxes and they do not actually help America and they take money out of our economy.
Romney is a perfect example of that kind of person!
What good does it do for a business owner on to make more money on products they sell if their customers have less money to buy those products in their pockets ?
I will gladly pay a little more in taxes and so would most business owners if that money is used to create infrastructure to help my business and schools to create more qualified people for me to hire and jobs so my customers can afford to buy my products.
Again, you have the narrow minded selfish view of the GOP that does not understand that businesses only thrive when EVERYONE in a society is doing well!