Na Ga Da Republicans want to raise taxes

“I won’t do [creepy laughter]I won’t [creepy laughter]I won’t [creepy laughter]… he did. “This is how the comedian Dana Carvey legendary fake for President George HW Bush. (Stenching for this sequence that became a cultural buzzword) Perfectly occupied Bush’s incredible reversal of the 1988 Republican presidential candidacy, the promise of acceptance for acceptance will never increase taxes.

“Read my lips without new taxes,” the man said in 1988, at the time of his political career, and as it was the transition from Reagan’s huge years. This was the first Na-Ga-Da. A few more came when Bush was president in 1989 and early 1990 and then … in the summer of 1990 … “Heh Heh Heh Heh … he did.” Bush went to increase the tax grade, especially at the maximum rate of income tax. The Congress, which is being carried out by the Democrats, is forced to be joy and the tax rate is increasing with the increase in the top later in the year.

President Bush’s journey lived in the efforts of re -election two years later was a spectacle he sees. The man got 37 percent of the votes. No one responsible, and I mean that no one ever does it wrongly in an attempt to re -election. Hoover in 1932? It took 39.6 percent of votes. In a delicious irony, Democratic Bill Clinton, the winner in 1992, said thank you very much and increased the top tax rate to 39.6 %. The colleague rubs him.

You know why we are going to all this. Only now Republicans who control Congress are thinking of increasing the top rate of income tax, today to 37 % thanks to the 2017 tax cut, but really to 40 % due to the mandatory Medicare additive. Republicans really think of doing a na-ga-da. The purpose of Republicans, the party has known for decades is to ensure that the highest tax rate does not increase. The political economy of the matter is like Arthur Lafffer and I put on yesterday: Maintaining the top tax rate is the guarantee of the American dream for everyone. Increasing the top tax rate is wholesale the essence of the idiot.

There is no reliable economy or budget to increase the top tax rate. Are there tax shelters in this country? To the extent they do – and this degree is huge – the top tax rate is not optimal and can be produced productively. The discussion is over. However, the financial Nobelist Peter Diamond has an equation indicating that the top tax rate should be 70 %? He does it. ECON Tippy-Top Econ magazines have all kinds of evidence that income tax rates must be increased to the top. The profession also – we have certainly seen this lately – quotes with an agreement that the invoice should be zero, the necessary conclusion of the concept of free trade.

Income tax 70 is the best, zero invoice is better, the evidence is in Greek letters and look at these Nobel Prize. It is important to recognize, as the weakness of the screams of 70 zero, this, this all Rot is from the discussion of the profession of scientific economy on taxation. Pour everything out-in all-and act rationally, such as real, non-over-spiritual leaders, and taxation of numbers from scratch. Even Hayek and Friedman were confident about a flat 25 % income tax – such as if Andrew Mellon, who had unparalleled wisdom in this score, was incorrect that any percentage of more than 10 percent urges the full threat of flows into financial non -productive shelters.

Pour all the filled consensus Sell and cut the top rate. When did this fail? About the only answer that one ever comes, with some illusion of credibility, is in 2001. W. Bush cut off the top tax rate, see and the great recession came. It cut the top pace from 39.6 % to 39.1 %, while extending all kinds of credits below the top interest rate. Make a hike.

When did it succeed? The cuts of Mellon, the top interest rates from 73 to 25 percent -roaring 1920s. Depression came when in 1929 Hoover told Mellon that we stopped at 25. Kennedy’s in the 1960s-6.1 percent of economic growth (this is not incorrect), 1961-66, as JFK wanted a 21-point scoring cut. See Larry Kudlow and I to that. Reagan’s, 70 to 28 % at the top, led to a permanent 4 % increase and inflation collapse, the insoluble problem of the 1970s, along with a two decades moon in stock, but we are outraged. Oh, no we didn’t. Industrial production increased in real terms by 80 % 1980-2000. But we had a deficit to burden our grandchildren. Oh, no we didn’t do it, national debt less than what the Fed had to operate on the market within a decade.

HW Bush’s team that a picture of the sad thing they made as the economy leans over 1990-91 and were trying to promote the re-election effort. This C-span video Since 1992 of the Troika, the Minister of Finance, the Chairman of the Council of Finance and the Budget Director, making a beautiful fake -firedness of The Walking Dead, as they advertise, after a fashion, the Bush record.

Their boss had made it-he said the top tax rate-from a strange amalgam that he did not want to get orders from a lower-class predecessor in Reagan, some pseudo-out elements that the rich would have to “chip in”. Glory and top tax rates have declined. In another delicious irony, as Bush increased the top tax rate, inflation increased. Stop degraded!

There are still cheerleaders that say that HW and Clinton’s top taxation increase the basis of surpluses of the 1990s and budget. Newt Gingrich not took the government out of the neck and imposed his will after 1994? Nice test, anti-siders-siders. Republicans in Congress and the Executive – they would be preferable to try this whole story as a recreational case. That is completely relevant at the moment is extremely frustrating.