History shows that lowering the tax rate creates economic disaster
Now that Congress has agreed to fund the federal government until January 15, 2014 and lift the debt ceiling until February 7, 2014 commonly referred to, as (kickin the can down the road), in Washington D.C ALL Republicans will unite, and fill the media 24/7 by repeating what they have been saying for almost 100 years –LOWER TAX RATES
IF TAX RATE ARE TOO HIGH
Why are 1,342 billionaires living in the U.S., more than TEN times the number that live in China, the country in second place, and compared to 29 who live in Canada and 37 in Brazil?
Why is the U.S home to the world’s largest number of millionare households, 5.22 million, more than THREE times the number of millionaires who live in Japan, 1.53 million, which is in second place?
How did the following 20 Americans on Forbes list of the 50 richest Americans accumulate their billions?
Bill Gates $72B (Billion), Warren Buffett $58.5B, Larry Ellison $41B, Charles Koch $36B, David Koch $36B, Christy Walton $35.4B, Jim Walton $33.8B, Alice Walton $33.5B, Robson Walton $33.3B, Miachel Bloomberg $31B, Sheldon Adelson $28.5B, Jeff Bezos $27.2B, Larry Page $24.9B, Sergey Brin $24.4B, Forrest Mars $20.5, Jacquelin Mars $20.5B, John Mars $20.5B, Carl Ican $20.3B, George Soros $20B, Mark Zuckerberger $19B
How did Sam Walton in 1969 take one store in Bentonville Arkansas and build Wal Mart into the second largest corporation in the world and make and keep enough money that 44 years later in 2013 four of his children would have enough assets to be listed as the 6th, 7th, 8th, and 9th richest people in America with assets worth more than $136 billion.
How did Frank Mars who started Mars Candy Company in 1911 make and keep enough money for family members to be listed as the 10th, 11th and 12th richest Americans 102 years later with assets worth more than $61 billion.
How did Exxon-Mobile make $82,561.00 PROFIT PER MINUTE FOR THREE MONTHS?
How did Fred Koch start Koch Industries in 1940 and his sons Charles and David 73 years later have enough assets to be listed as America’s 4th and 5th richest Americans with assets worth more than $72 billion.
How did Mark Zuckerberg start Facebook in 2004 and 9 years later at age 29 own enough assets to be listed as America’s 20th richest person worth $19 billion.
MORE IMPORTANT THAN THE 35 % U.S. TAX RATE IS THE TAX RATE PAID
Warren Buffett the second richest man in America PAYS a tax rate of 11.08% on his billions while his secretary pays a 35% tax rate.
Mitt Romney said for the past 10 years he had not paid a rate less than 13% on his $20 million dollar income he receives from his $250 million in various banks around the world which he accumulated after working only 15 years.
Almost two-thirds of ALL U.S corporations, 4.5 million “S” corporations , in 2013 filed 1120S tax forms and paid 0 FEDERAL CORPORATE INCOME TAX.
Corporations for profit in 2010 according to Forbes magazine PAY on average a tax rate of 12.6%.
HISTORY SHOWS LOWERING THE TAX RATE CREATES ECONOMIC DISASTER
A Republican President George W Bush and a Republican controlled Congress enacted the greatest tax rate cut in America’s history and America suffered the second greatest economic disaster in history—LOSING 2.6 million jobs the last year Bush was in the White House and INCREASING the national debt 100% the second highest percentage increase in history to Republican 300% Reagan.
A Democrat President, Bill Clinton and a Democrat controlled Congress INCREASED the tax rate (without the vote of a single Republican who said raising taxes would cause the economy to collapse.) During the time Clinton was in the White House 22 million new jobs were created, there was a budget surplus 4 years, there was a record 6 year drop of the number of people living in poverty, lowest unemployment rate in 30 years, lowest inflation since 1960
When Republican George W. Bush assumed office the Dow Jones Industrial Average was 10,587 and 7,949 when he left office. The Dow has almost doubled under Democrat President Obama and on October 18, 2013 was at 15,399
REPUBLICAN METHOD OF LOWERING BUFFETT AND ROMNEY’S TAXES
The Republican controlled House in September 2013 voted to CUT $40 BILLION from the Food Stamp Program and voted 42 times to deny 50 million Americans healthcare.
WHO WOULD GET A REPUBLICAN LOWER TAX RATE
America’s richest 1%, millionaires and billionaires received the most benefits from the Bush low tax rates.
You have a choice support or reject politicians who would deny the poor and disabled health benefits and food stamps so Buffett and Romney CAN PAY LESS TAXES.
(Paul Rawlings of Heber Springs contributes each week to the editorial pages of The Sun-Times)