As expected, the Repugnican revenue plan raises taxes on the middle class, not fat cats and Big Oil. http://news.yahoo.com/gop-tax-plan-targets-itemized-deductions-080710390.html You guys should change parties and vote your own pocketbook, not Exxon-Mobil's.
As usual the Media got the facts wrong.
The republican plan is to lower the tax rate to increase total dollar revinue.
There is an inverse relationship between tax rates and the amount of $ collected.
The lower the rate the more money is handed into the treasury as low tax rates create new jobs and business to tax.
Widening the tax base.
Straight from The G.W. Bush playbook. He kept cutting taxes for billionaires until he cut us almost to Great Depression #2.
A little history,
When Ronald Reagan lowered the top marginal tax rate, we were pulled out of the resession, the double digit inflation, and the lack of an energy policy we had under him.
WIth the Regan tax cuts, it created growth, created new products, created factories, created jobs, raised pay. In doing this and creating more commerce more tax dollars flowed to Washington, The Democrat controled House spent it and more.
Still the economic machine Ronald Regan unleashed with massive tax cuts, it took a Democrat tax increase under Bush 41 (causing a slight ression), and two tax increases under Bill Clinton (each slowing business) and an attack on the nation to end the economic machine unleashed by Regan. The tiny tax cut under Bush 43 did not put us anywhere near where we were when Clinton took office.
So far under Obama, we have negitive plans, A plan to raise fuel costs - He said it will be neccessary to raise energy prices to curtail usage. We have a plan to tax us into a greater ression. The Obama plan under the EPA is out to end manufacturing, end mining, end drilling and end refining. All Middle class jobs, all union and managament jobs that create the middle class. The middle class creates small business in services and stores. Creation of these jobs help to raise people out of the lower middle class, and out of the Democrat created welfare class. The Bush 43 tax cuts were across the board, so if you paid taxes, you paid less. Of coures the Democrat definition of who is a millionaire has dropped to anyone making 250,000 a year, including most small business that used those tax cuts to lower prices, increase inventory, and hire new people.
Obama does not understand that the creation of each government job steals capital and we loose 3 private sector jobs to pay for the government job.
I will not get into the coruption that has been done under the stimulus bill and the transfer of wealth from the tax payers to his friends and supporters. When the Navy buys Bio Deisel from an Obama supporter at 4X the cost of fuel. You or I could have purchased Bio fuel on the open market for 1/3 the price and made a killing selling it to the Navy. Forget about all of the Solor power and the battery cars that cost 3x the average annual salary like the Tesla and hthe Gore mobile that start at 120K and go up from there.
