Conservatives have been claiming for quite some time now that the problems with our economy would go away if government would get out of the way with it’s onerous regulations and high taxes. If the rich were not taxed so heavily, they would invest their money and create new jobs. Corporations, also, are taxed too heavily thus preventing them from creating jobs. The rich and the corporations are the “job creators.” We need to lower their burdens even more to unleash the American economic engine. I call “bullshit.”
For the last forty years deregulation has occurred. Taxes on rich individuals have been lowered and transferred to the middle class. Taxes on corporations have been lowered and transferred to the middle class. (The posted rates have either stayed constant or been raised, but other laws were passed to exclude many of them from paying the proper rate. Billionaire hedge fund managers pay only 15% federal tax on their mammoth earnings because their earnings are “accrued interest” and not “income.” As, I said, “Bullshit!”) The rules have been changes to allow corporations to export jobs out of the country and to not pay taxes on the money they earn overseas. The consequences are that the rich have a higher percentage of the wealth and income in this country than ever before. Corporate profits are at all-time high levels. The stock market has reached record high levels.
“The consequences are that the rich have a higher percentage of the wealth and income in this country than ever before. Corporate profits are at all-time high levels. The stock market has reached record high levels.”
And jobs? We were promised jobs if the “job creators” were just allowed the free use of their money. The percentage of working age men with a job has hit an all-time low (since such statistics have been kept).
“The percentage of working age men with a job has hit an all-time low.”
There’s your proof. The rich and corporations are not the “job creators” by their own logic. Consequently, lowering the taxes on the rich and corporations was the wrong strategy and needs to be reversed. (They are opposed to doing this . . . surprise, surprise.) They took our money and have invested it overseas or here in fancy financial schemes that make them even more money, yet create neither goods, nor services, nor . . . jobs.
“There’s your proof.”