Sunday, December 4, 2011

The Wealthy are "Job Creators"? Please.
To follow up on yesterday's "John Boehner says tax cuts for the middle class are chicken shit" post, here is GOP supercommittee member Rep. Fred Upton (R-MI) admitting that the Bush tax cuts for the wealthy didn't create jobs. Even as Senate Republicans filibustered a plan to extend the wildly popular (even among Republicans!) payroll tax cut this week, claiming that it "hasn't created jobs," they are doubling down on their narrative that the wealthy can't be taxed because it will "kill jobs."

When Rep. Upton was asked on Bloomberg News why more jobs were created in the higher tax Clinton years than the lower tax Bush years, he couldn't answer. Indeed, the years of greatest job growth in the US since 1950 have all had top marginal tax rates (i.e. taxes on all income made beyond the first $250,000) of 70 percent or higher. The idea that lower taxes on the wealthy means higher job growth is intellectually bankrupt, plain and simple.

1 comment:

Sam goldsmith said...

Completely right. Well said.