GOP Economic Leadership?
The ongoing deconstruction of our economy is a reflection on the policies of one party and the legislation of one man, former Republican Senator Phil “Nation of Whiners” Gramm. As Josh Marshall so eloquently put it
The man most responsible for the financial services and banking deregulation that made [Black Monday] possible, fmr. Sen. Phil Gramm, is the man John McCain wants to put in charge of the whole economy.
Let’s be clear what those policies are and what they’ve given us. Since Ronald Reagan, the Republicans have advocated a form of wealth redistribution that sends money to the top 1% of income earners and then, through their munificience, it “trickles down” upon the other 99% of the population. Hence the term “trickle down economics.” Let’s be honest, it’s a scam. It doesn’t work. It’s a way to raid the treasury and ship it up the financial ladder to the richest 1% of Americans at the expense of the rest of us.
Barrack Obama wants to change that math. His plan is a simple one and it returns us to a pre-Reagan idea of how taxation can be done fairly and equitably. He seeks to increase the tax burdon of the top 1% of earners and decrease it for the rest of us. So if you make less than $250,000 per year, you will get a tax break under Obama’s plan. The less you make, the bigger your tax cut will be.
McCain’s plan continues the failed policies of the previous Republican administrations by cutting taxes at the top 1% significantly more than the taxes of everyone else. This chart shows what this means.
So when John McCain says he’ll cut your taxes, you better hope you make enough to make it worthwhile.
Filed under Uncategorized : Comments (3) : Sep 15th, 2008 by muttmutt
September 15th, 2008 at 3:10 pm
2 things…
1) This is an awesome graph. Really make the reality of the tax policy visible. As I work to develop my decision and political stance this really helps.
2)Can you site the graph? I’d like to know where you got it and where I can find others like it?
September 15th, 2008 at 3:50 pm
The graph comes from this site:
http://www.washingtonmonthly.com/archives/individual/2008_09/014718.php
It’s amazing to hear people still talking about how McCain is going to “cut taxes” and Obama is going to “raise taxes”. People can be stubborn even in the face of facts.
September 16th, 2008 at 12:05 pm
The chart in the article comes from here:
http://www.washingtonmonthly.com/archives/individual/2008_09/014718.php