tag:blogger.com,1999:blog-4900303239154048192.post7464431993664519591..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Can Tax Cuts Lower Economic Growth?Unknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-4900303239154048192.post-34240842385258777952015-03-03T09:50:05.060-05:002015-03-03T09:50:05.060-05:00It should also be noted that when the new CBO dire...It should also be noted that when the new CBO director (Keith Hall) wrote an op-ed for the libertarian think tank Mercatus Center last year (when making his wild claims about disability and the labor force participation rate), he was previously the head of the Bureau of Labor Statistics — so he should have known better (unless, he was only a figure head — like he may be now.)<br /><br />http://www.economicpopulist.org/content/new-head-cbo-makes-preposterous-claims-disability-5700Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-53902462462063213972015-03-03T09:43:12.591-05:002015-03-03T09:43:12.591-05:00Did Bill Clinton RAISE taxes on the rich?
In 1979...Did Bill Clinton RAISE taxes on the rich?<br /><br />In 1979 Jimmy Carter drastically lowered the capital gains tax rate from 39% to 28%. Some say it was he who really started "Reaganomics".<br /><br />In 1981 Ronald Reagan further reduced the capital gains tax rate from 28% to 20%, decreased the top marginal tax rate on wages from 70% to 50% (now at 36.9%) and increased the estate tax exemption — which is currently over $10 million per couple, for those who wish to perpetuate the lazy fortunes of their trust fund babies. (Ronnie later raised the tax on capital gains back to the 28% rate in 1987 to help pay for "Star Wars".)<br /><br />In 1998 Bill Clinton lowered the capital gains tax rate from 28% to 20%<br /><br />In 2001 we got the Bush tax cuts (that lowered the capital gains tax rate to 15% in 2003) The lowest since the capital gains tax was first introduced at 12.5% in 1921.<br /><br />In 2010 Obama renewed the Bush tax cuts (that were set to expire by January 2011) for two more years as a "compromise" with the GOP to extend federal unemployment benefits (that G.W. Bush first enacted in July 2007) for one more year.<br /><br />In 2013 the Bush tax cuts finally expired and the capital gains tax rate went back to 20% with a 3.8% surtax added to expand Medicaid for the poor under Obamacare (which is still far below the tax rate of 39.6% for regular wages).Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-52480369545991296212015-03-03T09:06:43.013-05:002015-03-03T09:06:43.013-05:00Historically, higher taxes on the rich have genera...Historically, <a href="http://politicsthatwork.com/graphs/gdp-growth-vs-tax-rate" rel="nofollow">higher taxes on the rich have generally correlated to faster GDP growth</a>. Whatever government has tended to spend that money on apparently tends to be better for the economy than whatever the rich invest it in.Anonymoushttps://www.blogger.com/profile/06949773593450768062noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-73860669977400656692015-03-03T09:05:28.163-05:002015-03-03T09:05:28.163-05:00This comment has been removed by the author.Anonymoushttps://www.blogger.com/profile/06949773593450768062noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-313613791309757862015-03-02T19:57:18.571-05:002015-03-02T19:57:18.571-05:00There is also the recent results at the state leve...There is also the recent results at the state level. There have been major tax cuts in Kansas and Wisconsin supposedly for stimulating growth. Upshot in both states has been quite the opposite, with the collapse of revenues in Wisconsin triggering Scott Walker's push to sharply cut money for the state university system.<br /><br />In the meantime California has raised taxes and has been growwing quite well recentlyl.rosserjb@jmu.eduhttps://www.blogger.com/profile/09300046915843554101noreply@blogger.com