Thursday, December 6, 2012
So we found a chart composed in 2008 from The Washington Monthly that plot-points the highest tax rate of every President from Woodrow Wilson who was President in 1920 to 'W':
After World War I, when Wilson was finish up his 2nd term in office, the wealthiest Americans paid a tax rate of around 72%
During the Republican Presidencies of Harding, Coolidge and Hoover which make up the 'Roaring 20's' taxes on the wealthiest dropped down to an offensively low mid-20% range... The stock boom was in direct correlation to the super-low taxes upon the elite, but it also was the reason for the 1929 Crash and subsequent Depression..
During FDR's four terms in office, taxes on the affluent went up to a high of 79% as the chart shows. They helped pay for the social programs implemented then which hundreds upon hundreds of millions of people have survived and depended upon from the 1930's to the Present. No wonder, fiscal conservatives hate FDR and want to roll back all his social achievements... They're being denied their 'God-given right' to have taxes at a perpetually low 22%
During Kennedy's Administration, he lowered the top tax rate to 69% or there abouts as the chart shows, and with the exception of a brief bump up to 75% during LBJ's term, the rate pretty much stayed at 70% into Nixon's Presidency, then Ford and Carter.
This is Extremely important to understand: Jimmy Carter was the last President to deal with a National Debt that was LESS than $1 Trillion and he was the last President to not bend over backward to those (fill in the curse word) wealthy elite by dramatically cutting taxes. This meant the Government actually had revenue coming in to pay its debts and keep its National Debt on a manageable level.
Bush Sr. entered office on the pledge of 'No New Taxes' then was pilloried by his vicious, greedy base because he went back on his promise. So how much more did those wealthy bloodsuckers have to pay?? 6% more... pushing the rate to around 31-32%
Clinton now comes into office in 1992 and he raises taxes to try to pay off the debts... BUT.. he's not a traditional Democrat. He's the first of a new breed-- a Wall St loving and serving Dem. So he only raises taxes buy a few percent more than Bush did. The wealthiest paid about 39% throughout his terms in office.
Then Obama wins.. and everyone is scared. And the Reps said, 'He's a Communist!!... he's a Socialist Anarchist!' and so on... But he wasn't.. he was an economic Fascist (not to be confused with anything ethnic; Fascism by definition is the merger of state and corporation)
And to guarantee he had the financial backing to get re-elected, Obama basically decided he'd govern as 'Black Bush' and pretty much kept to every fiscal policy of his predecessor including extending the Bush tax cuts two years in a row.
But of course to the hardcore fiscal conservatives, this wasn't good enough.. They wanted Reagan-like cuts and put their chips (reluctantly) behind Romney. And as a party, the Reps couldn't begin to hide their hate and scorn toward the working and poor classes.. and they lost, and Obama got re-elected..
As we said before, on some issues we are steadfast on the Republicans' side.. When it comes to 'fiscal cliff' and the wealthy finally paying more taxes, we are in support with the Democrats... Until the next issue of importance becomes public debate and we'll decide accordingly whom to support...
People matter more than parties.
Posted by Susquehanna at Thursday, December 06, 2012