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Saturday, March 14, 2009

Media as GOP Propaganda Machine

Friday, March 13, 2009 3:08 PM

This is ridiculous. The media has been obsessing about President Obama's plan to roll back the Bush tax cuts for the wealthiest Americans-from 35% to 39.6%-even asking if that makes him a socialist.1

But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.

Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%! Shocking, right?
And for all the whining about rolling back Bush's irresponsible tax cuts, the truth is that Obama's plan cuts taxes for 95% of working Americans. Further, it closes huge tax loopholes for oil companies, hedge funds and corporations that ship jobs overseas so that we can invest in the priorities that will get our economy back on track.2

Why should Hedge fund managers who help create the current economic mess only pay at 15% capital gain tax rates.

Or as multibillionaire Warren Buffet says " His secretary shouldn't pay taxes at a higher rate than he does".

And why did George Bush give the top 39.5% bracket 50% more of a tax cut than the rest of us in reducing this top 39.5 % bracket to 35%, 4.5% decrease while all the rest of us got a 3% decrease i.e. 50% less percentage wise.

And why should the CEO of GM Rick Wagner make $15 million in 2007 ($7500/ hour) losing multibillions of dollars for GM while the CEO of Toyota makes $950,000/yr. and earned billions for his company. The same question for toxic waste Bank CEOs.

We saw a great chart in The Washington Monthly3 that shows just how absurd Republican complaints about Obama's budget are. Check it out and pass it on:

Daniel Mintz, MoveOn.org Political Action

Sources:

1. "A socialist? Obama calls back to insist no," The International Herald Tribune, March 8, 2009
http://www.iht.com/articles/2009/03/08/america/barack.php

2. "Tax Cuts," The New York Times, February 26, 2009
http://www.nytimes.com/2009/02/27/washington/27web-tax.html

3. "Soaking the Rich (Redux)," The Washington Monthly, March 8, 2009
http://www.moveon.org/r?r=51234&id=15734-9224296-5PHyi9x&t=2

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