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Monday, September 27, 2010

Soak The Rich Or Hose The Middle Class?

Rand Paul's sense of economic history ( both recent and no so ) is contorted to the point that he won't even comprehend why his standpoint is irrelevant.

Skip ahead to 4:04 for the key bit.

Let's take a close look at this.

During the Eisenhower administration, the top marginal tax rate was 91%. During Nixon it was 70%, and under Clinton - when we had great economic prosperity even despite conservative Republicans attempts to shit down government and block almost everything Democrats did - it was 39.6%. And conservatives call this "tyranny"?

Is it that conservatives want their entitlement programs but not have to pay for them? Is it that they honestly believed that the Bush Tax Cuts actually benefited the American economy? According to a recent report, those tax cuts actually resulted in a net loss of income to the tune of $2.74 Trillion dollars, added $500 billion to the deficit last year - and will have an exponential effect should they be made permanent, and cost two and a half time more than Healthcare reform.

So who's getting soaked, Rand?

From all the talking points being leveled at us by people like Paul, Hannity, and a host of other people completely misrepresenting reality, we are to believe that the top 1% earners in America were given these tax breaks in order for them to reinvest into the economy. Funny, I don't recall that actually having a very good turnout now that I look back on it.

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