This tired old argument gets old pretty quickly. According to Republicans, the sky is falling every time the wealthy have to pay their fair share of income and capital gains taxes. New Washington correspondent, Kevin Corke, spoke with Martha MacCallum about this dastardly plan of House Democrats to increase taxes on the rich. They show this graphic.
Historically you can see that our economy, which includes the über-wealthy in the sharing of the wealth, is ALWAYS healthier when taxes levied on those who can best afford them are in place. Perhaps the word healthier is the key to why the Republicans despise a truly flourishing economy.
What do Republicans stand for, besides being ridiculously greedy? They encourage children to eat processed foods because it's more profitable, they encourage people to eat unhealthy foods, drink excessively, even take tons of money from cigarette manufacturers and massive polluters of our environment. Republicans stand for unrequited gun proliferation with the bare minimum of background checks. They are the perpetrators of the worst income inequality. As we all know, rising inequality incentivizes poorer households to over-leverage, eventually leading to financial crises. Just look at the 1930's and the 2008 financial crisis if you don't understand the correlation.
It is a proven fact. Under Eisenhower, the Marginal Tax Rate on Regular Income over $400,000: 92% - 91%. Under Bush 43, the Marginal Tax Rate on Regular Income: Marginal Tax Rate on Regular Income: Over $297,350: 39.1% - Over $357,700: 35%
Why does this happen? Because
the top 5 percent cannot consume all of their disposable income (you can only buy so many cars), so they create financial wealth through loans to the bottom 95 percent, who need credit to maintain their accustomed level of consumption. As inequality grows, credit supply from the top and credit demand from the bottom expand simultaneously, increasing the probability of systemic default as risk and debt build.
Haven't we heard enough from these fake news people that the Ryan Plan works for national prosperity? Facts are facts and we know a higher tax rate, which is unbelievably lower than Republican icon, Dwight Eisenhower's rates, works perfectly. Imagine if this Koch-Congress wanted to really heal the economy and create millions of infrastructure-repairing jobs? Of course they don't, so until we change the rules of Gerrymandering, the Democrats will have to settle for Executive Orders. You can rest assured, the GOP-TV people can be sufficiently outraged over the tyrannical, lawless, Socialist Kenyan Muslim President for the next two years.