The four remaining GOP candidates have a simple and straightforward plan for the direction of our federal debt. Up. Way up. That's the conclusion from a new report comparing the tax-and-spending plans from Newt Gingrich, Mitt Romney, Ron Paul, and Rick Santorum, from the Committee for a Responsible Federal Budget.
Assuming the Bush tax cuts did expire, Romney's plan would deliver an average tax cut of almost $300,000 to households making more than $1 million, according to Gleckman. Taxpayers who make more than $1 million currently pay about 20% of all federal taxes, Gleckman said. Under Romney s plan, they d get more than 28% of the cuts. Those making $50,000 to $75,000 would have their taxes cut about $1,800..
The lowering of the capital gains tax, pushed through as part of the Bush tax cut package of 2003, was the biggest driver of income inequality from 1996 to 2006, according to a recent report from the Congressional Research Service. While the Bush tax cuts as a whole contributed to rising inequality, it was the change in policy toward capital gains - which were once taxed at normal income rates but are now taxed at 15 percent for the rich - that played the largest role in exploding the income gap.
The chart in this report shows you the amount of debt accumulated by each president since Ronald Regan. The chart clearly shows that GOP presidents have been responsible for almost all of the national debt
Republicans don t believe in stimulating economies. They think markets eventually clear - once the pain is sufficient. Or in the immortal words of Herbert Hoover s treasury secretary, millionaire industrialist Andrew Mellon: "Liquidate labor, liquidate stocks, liquidate the farmer, liquidate real estate. It will purge the rottenness out of the system. People will work harder, lead a more moral life."
December has brought a sea-change to American politics. The absolutist anti-tax message embraced by Republicans and Democrats alike has begun to collapse, beginning in New York. And it spite of what you hear in the loonier moments of Republican Presidential debates, it's a bipartisan change. Over the past week Republican and Democratic officials in Albany have forged a consensus to enact a millionaire's tax, cut middle class taxes and fund government services.
Its kinda funny - how come so few people (especially those on the right) were all that upset about the massive surge in debt under Bush? Is it that they only recently kinda figured out the significance of debt - or are they are merely hypocrites when it comes to this sort of thing?
The Occupy Wall Street protests have called new attention to the root causes of the crisis, and led Republicans to reiterate their claim that government-backed lenders Fannie Mae and Freddie Mac were the primary villains. The facts about the subprime mortgage market prove that claim false: Private firms dominated the subprime market boom of 2004-06, and were not even subject to the 1977 Community Reinvestment Act some Republicans vilify.
What do the government of China, the government of Germany and the Republican Party have in common? They're all trying to bully the Federal Reserve into calling off its efforts to create jobs. And the motives of all three are highly suspect.