The People’s Mandate: Raise Taxes On The Wealthy
After a very bitter election, President Obama won another 4 years dedicated to economic fairness. One of the most important issues of his campaign was to restore the Clinton tax rate on the wealthy while keeping taxes low for the middle class. He was successful on that message and now people expect the top wage earners to once again pay their fair share.
The GOP has been successful at creating the illusion that you can’t raise taxes on the top 2% wage earners because those are the job creators. It’s time to test that theory. What was the outcome of the famous Bush tax cuts? It was great for the top 2%. They made money by the truck loads while everyday workers saw their incomes dwindle. The income disparity had never been skewed more unfairly towards the top.
Combined with two unpaid wars and the failed prescription drug plan, the Bush tax cuts lead to economic disaster and collapse of the entire financial system. It was not one of America’s better days. Low taxes on the wealthy have nothing to do with job creation. Public demand of goods and services dictates new jobs. Supply and demand have always been the most important factor in creating jobs. When the middle class is booming supply and demand is at their highest levels. Success of the middle class will provide the economic growth for a society.
The most conclusive evidence in determining the best way to grow an economy was provided by President Bill Clinton, when his policies created almost 23 million jobs by raising taxes on the rich, while lowering them for the middle class. As of November 6, the voters have made their decision and supported President Obama’s vision of returning the Clinton tax rate which spurred record growth. It’s a proven theory that works best for the economy. It’s time to get the American people working again.
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