"'Republicans propose a simple and fair tax code with a marginal tax rate for income up to $100,000 of 10 percent and 25 percent for any income thereafter.'
So, Bush/Cheney lowered the top rate from 39.6% to 35%, which cost hundreds of billions of dollars and helped create the largest budget deficits in American history. Now, the very same GOP lawmakers want to send the top rate from 35% to 25%, at a cost of hundreds of billions of dollars, all in the name of deficit reduction.
How much would this cost? The "detailed budget" doesn't say. What it would do to the deficit? The "detailed budget" doesn't say. What would Republicans cut to pay for this massive tax cut for the wealthiest Americans? The "detailed budget" doesn't say. How much would Republicans raise or spend over all? The "detailed budget" doesn't say." -Steve Benen, The Washington Monthly, on the Republican party's "Road to Recovery" budget proposal released yesterday
Friday, March 27, 2009
Quote For The Day
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The plan doesn't have to be logical. It just has to make the right noises to people who want to hear that tax cuts are on someone's agenda.
"Tax cuts stimulate activity which leads to greater wealth thus returning more via the tax base".... The Laffer Curve.
In 2006 Laffer famously bet a penny and his reputation that there would not be a recession in the next few years and that the housing bubble would not implode.
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