During the eight years of the Bush-Cheney regime the filthy rich got voluminous tax cuts all on the trickle-down theory that it would be good for the economy. Well, it wasn’t. It led to the worst recession since the Great Depression.
The trickle-down theory never worked even for President Regan. When George Bush Sr. was running against Reagan he called it “voodoo economics.” He was right.
There is no need to give money to the rich especially when we don’t have money to extend unemployment benefits. The working class should not suffer so the rich can celebrate and buy a third home. The only reason the rich got rich is because of the opportunities our society presented to them. Now, they should pay our society back and not complain but say thank you.
At the end of World War II the top tax bracket for the rich was 90 percent after they earned the equivalent of $2 million today. That means that of all those millions of dollars someone made they got to keep 10 percent, or $100,000, out of every million. This is back in 1945 when $100,000 was a lot of money. But if you already had a few million in the bank how much did you really need?
Under President Jimmy Carter the top tax bracket was 70 percent but it is now 28 percent. So, instead of Americans having use of all that taxable income for basic needs the rich have gotten richer. These tax cuts for the rich are nothing more than a billionaire bailout. It helps less than 5 percent of the entire population.
So, why would the Republicans insist that the rich get more money unless they were getting some of it themselves? They are getting paid to support the tax breaks through political contributions. They are selling themselves to the highest bidder. More than 95 percent of all Americans should be up in arms about continuing tax breaks for the rich. Any politician who says it is good for the economy is perpetuating an outright lie.
President Obama succumbed to the Republican demands to extend the tax cuts not just for the working class but for the extremely wealthy. The Republicans would not allow an extension of unemployment benefits to go forward unless the rich got their tax breaks. The Republicans argued that there wasn’t any money to extend unemployment at the same time they wanted to give money away to the wealthy. They said it would be good for the economy when all the facts show that it isn’t.
Any Republican who supports tax cuts for the rich should be kicked out of office. They are perpetuating a lie about trickle-down economics. They don’t represent the people but only the new nobility. They have been bought and paid for. You might expect this from Sen. John Ensign and Rep. Dean Heller, who both support the tax breaks for the rich, because they live in Nevada where prostitution is legal. Maybe legalizing prostitution will be the new trend in the Republican platform.
Jeff Blanck is an attorney in private practice in Reno. He can be reached at email@example.com.