Monday, September 19, 2011

Tax rates & job growth, aka "Class Warfare" deconstructed


The GOP rejoinder to President Obama's jobs and budget plans is, in short, a reversion to their mantra of tax cuts "uber alles."  They're engaged in hysterics about "Class Warfare!"  Their plan?   Lower taxes create jobs! 

Really?


Center for American Progress' Director of Tax and Budget Policy Michael Linden:
(I)f you ranked each year since 1950 by overall job growth, the top five years would all boast marginal tax rates at 70 percent or higher. The top 10 years would share marginal tax rates at 50 percent or higher. The two worst years, on the other hand, were 2008 and 2009, when the top marginal tax rate was 35 percent. In the 13 years that the top marginal tax rate has been at its current level or lower, only one year even cracks the top 20 in overall job creation.

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