HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » GOPrs will never admit th... » Reply #4

Response to MrScorpio (Original post)

Fri Oct 19, 2018, 01:42 PM

4. Republicans passed the Tax Cuts (for the Super Rich) to get campaign contributions

McConnell said precisely that during tax cut bill "debate" and everyone has the video so why isn't it in campaign ads?

The Radical Republican Agenda on Taxes

Incomes have been growing fastest at the top of the income scale for 40 years. Starting with Reagan, the series of Republican tax cuts has mostly benefitted the rich.

“An April 2004 CBO study showed that between 1979 and 2001 (the last year CBO examined), the average after-tax income of the top one percent of households rose by 139 percent ($409,000) after adjusting for inflation, compared to a 17-percent ($6,300) increase for the middle fifth of households and an 8-percent ($1,100) increase for the bottom fifth.”

"The magnitude of the income tax cuts and the change in tax rates under the Reagan-Bush-Bush regimes is important but there is more to the story. It’s also important to look at what taxes have already been cut: capital gains tax rates; taxes on dividend income; repeal of the estate tax in 2010; increased business depreciation schedules etc. Each of these changes favors those with investment income over those with labor income, thus magnifying the effect of the reduction of income tax rates."

Stop Coddling the Super-Rich
Income and Wealth: How Rich are the Super Rich?
How “Voodoo” Caused Most of the National Debt

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 5 replies Author Time Post
MrScorpio Oct 2018 OP
Crutchez_CuiBono Oct 2018 #1
populistdriven Oct 2018 #5
SHRED Oct 2018 #2
Wellstone ruled Oct 2018 #3
LineNew Reply Republicans passed the Tax Cuts (for the Super Rich) to get campaign contributions
populistdriven Oct 2018 #4
Please login to view edit histories.