Friday, October 5, 2012
Class warfare and the middle class: history or the top tax rate.
This Politico M. Weurker cartoon gives you a historical perspective on top tax rates and the primary reason runaway deficits started when Ronny Raygun was president.
Keep in mind that both Reagan and GW Bush also greatly increased defense spending. GW Bush also started two wars without increasing taxes, the only president with that distinction. .
Because Mittens won't raise taxes on the affluent, he would be unable to balance the budget without draconian budget cuts or tax increases on the middle class.
Mittens will probably not change the tax tables to create the impression he is not increasing taxes. He will eliminate deductions such as the home mortgage deduction, which will have the same effect.
GOP tax policies are a form of class warfare that has weakened this country and the middle calls and created the potential for the US to become a banana republic.
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