REPUBLICANS WANT TAX CUTS FOR THE WEALTHY EXTENDED PERMANENTLY AT A COST OF 700 BILLION DOLLARS. THEY ALSO WANT TO INCREASE FUNDING FOR DEFENSE AND PAY FOR IT BY CUTTING ENTITLEMENTS AFFECTING THE POOR AND MIDDLE CLASS. YIPPIE! I'M ALL FOR IT. AREN'T Y'ALL?
As history demonstrates, modest changes in the tax rate for wealthy taxpayers don't make much of a difference if the goal is to build new companies, drive technological development and stimulate new industries. Almost a decade ago, George W. Bush and his Republican colleagues in Congress pushed through a massive reduction in marginal tax rates, a reduction that benefited the wealthy far more than other taxpayers.
We were told the cuts would accelerate business growth and create jobs. Instead, we got nearly a decade of anemic job growth, stagnating wages, declining incomes and high inequality.