Job Killing Taxes

Written by Cement Canary   // 10/26/2011   // 0 Comments

We all agree with having tax rates that create jobs and stimulate the economy. Are these rates historical relics or modern institutions?

The good ‘ol days, the days Plutocrats love to romanticize, days of one-income families, safe streets, and public schools, were days of enormous tax rates. Rates banished since the Reagan Administration for being economically destructive.

A middle-class generation thrived in the 50’s and 60’s largely because the boss was forced to share profits and/or expand. Top tax rates were over 70 per cent, a serious disincentive to keep the money. Use it for your business, however, and keep the value. Create jobs to avoid taxes. Increase your worth all you can, but cash leaving the economy is taxed.

Modern times have embraced another method. Take the cash out of the economy and investors will return it in businesses. We have an almost equal history of each method, so a fair question is would you rather raise a family between 1945 and 1980, or 1980 until today?

Capital investments are not taxable under either method, capital gains are. Nobody has ever paid taxes on money that creates jobs.

Republicans have been selling this idea more than thirty years. The conversation over its veracity should not be with Congress, it should be with the Justice Department. It is a plugged nickel, a three dollar bill, pure fraud. Like most issues, they’re right on the headline and wrong on the fine print. Taxes are too high on wages, not so on profits.


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