Posted on 06/27/2010 11:02:42 PM PDT by SupplySider
Secretary of State Hillary Clinton declared recently at the Brookings Institution, "The rich are not paying their fair share."
She then went on to praise Brazil as the tax holy grail for the rest of the world: "Brazil has the highest tax-to-GDP rate in the Western Hemisphere and guess what—it's growing like crazy." At first blush those kinds of words must make her neosocialist boss, President Obama, jump for joy. But is the secretary of state actually a supply-side subversive?
Take a look at Brazil's income tax rates—they are lower than ours. The highest rate is a mere 27.5%, far below our top federal rate of 35%, which, given the complexity of our tax code, is actually closer to 38%. Moreover, that exaction will climb to almost 43% come January.
Isn't Brazil's success an example of what Ronald Reagan and other tax cutters have always claimed: Lower rates generate more economic activity, which, in turn, generates more government revenue?
Sadly, for our beleaguered economy, Hillary Clinton and her staff had no idea that Brazil's income tax rate on the rich is slightly lower than that levied even in Ronald Reagan's heyday (28%), a rate Bill Clinton railed against when he was running for the White House.
Mrs. Clinton, Mr. Obama and the rest of the administration don't grasp that the top 1% of income earners in the U.S. already pay about 40% of federal income tax receipts, and the top 5% pay some 60%. When President Reagan took office the top tax rate was 70%, with the highest income earners paying a mere 18% of federal income tax receipts. By the time Reagan had whacked the top rate down to 28%, the proportion paid by the rich had soared to well over 30%.
(Excerpt) Read more at online.wsj.com ...
She’s a Marxist to the core with absolutely no true background in economics. She needs to do some research before she opens her big fat mouth and puts her foot in it.
They are also not hampered by eco-wackos and they are proponent of “drill baby drill”.
Obama also wants us to emulate Spain and look how well they are doing.
If Hillary wants to unharness the productivity horse in the US she and Barry need to loosen the reigns of Marxism.
Hard to believe such a collection of losers are in one administration.
She had no clue. Just a factoid handed by an aide.
It never fails to amaze me how this arrogant political clique’s fetish for state power and control is missed by most citizens. They actually believe these people are all about compassion!
Somebody tell the witch she is a rich witch, so she needs to pay more and leave the rest of us alone.
Funny she picked a country that has lower rates than we do. She has an excellent staff of NUTS. . . .
Remember when the Clintons took itemized deductions for used underwear they'd donated? Our elite masters avoid taxes every way they can. It's the little people who must pay more.
If the 10% bracket returns to the 15% the low income will see a 50% tax boost. Put on a 20% VAT and double power rates with cap and trade and global warming B.S. and raise the gas tax and others,,,,and they will have just about wiped the nations’ ecconomy. Must be in the RATS dreams/plans.
Oh they grasp it alright. It’s just not their agenda. Their agenda is to destroy.
She is every bit the Marxist that Obammie the Commie is.
Do not be fooled. This is all part of her trick to appear more conservative than she is.
I think, without doubt, that you are absolutely,
positively,
correct.
HELLry was taught directly by Alinsky himself - oBOZO “merely” lectured from Alinsky’s book.
And don’t forget the Clinton’s were at a funeral with Cloward and Piven and the photos of them worshipping those two communists is disgusting.
I assume the dead was another fellow commie? Are the photos on the web?
Check Beck’s web site. He showed them on one of his shows a couple of months back.
This is the boiler-plate blather of Leftists who use the phrase to gin up feelings of envy.
oboma is the reason stupid people should not vote. No I did not spell oboma wrong.
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