The Travelin' Librarian Uncategorized Ridiculous

Ridiculous

Dear MoveOn member, 

This is ridiculous. The media has been obsessing about President Obama’s plan to roll back the Bush tax cuts for the wealthiest Americans—from 35% to 39.6%—even asking if that makes him a socialist.1

But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan’s first term? 50%. 

Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!

Shocking, right? 

And for all the whining about rolling back Bush’s irresponsible tax cuts, the truth is that Obama’s plan cuts taxes for 95% of working Americans. Further, it closes huge tax loopholes for oil companies, hedge funds and corporations that ship jobs overseas so that we can invest in the priorities that will get our economy back on track.2

We saw a great chart in The Washington Monthly3 that shows just how absurd Republican complaints about Obama’s budget are. Check it out and pass it on:

Thanks for all you do.

–Daniel, Eli, Laura, Matt and the rest of the team

Sources:

1. "A socialist? Obama calls back to insist no," The International Herald Tribune, March 8, 2009
http://www.iht.com/articles/2009/03/08/america/barack.php

2. "Tax Cuts," The New York Times, February 26, 2009
http://www.nytimes.com/2009/02/27/washington/27web-tax.html

3. "Soaking the Rich (Redux)," The Washington Monthly, March 8, 2009
http://www.moveon.org/r?r=51234&id=15734-5548613-gzmXQjx&t=2

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PAID FOR BY MOVEON.ORG POLITICAL ACTION, http://pol.moveon.org/. Not authorized by any candidate or candidate’s committee. This email was sent to Michael Sauers on March 13, 2009.

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2 thoughts on “Ridiculous”

  1. Mary Beth says:

    The truth of the matter is that the wealthiest 10% of the population pays 68% percent of the income taxes in the country, while the bottom 50% pays only 3%. Why should we penalize those who have become successful?

  2. Tim says:

    Mary Beth noted how the money actually stacks up. The top tax rate is a misleading number for that reason, but for other reasons too. The top marginal rate ignores loopholes, which were more numerous in the past–the the point that, for the very rich, it was cheaper to hide a dollar from the tax man than to make one. And it ignores all other taxes out there!

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