Posted on 11/17/2010 8:17:50 PM PST by ChicagoConservative27
The final two years of the George H.W. Bush presidency brought a creeping recession, with an unemployment rate that increased from 5.6% in 1990 to 7.5% in 1992. In June 1992, just five months before the elections, the rate reached 7.8%, and Bush lost his reelection bid ("It's the economy, stupid").
What did the new president do about the economy? President Clinton in 1993 proposed to raise the highest marginal tax rate immediately from 31% to 39.6%. In a Wall Street Journal article, Martin Feldstein, the former chief economic advisor to President Reagan and then as well as now a professor of economics at Harvard, opined that "Mr. Clinton's proposal to raise the marginal tax rates of high-income individuals would hurt incentives, weaken the economy and waste investment dollars."
(Excerpt) Read more at latimes.com ...
Huh. And all along I thought we WERE taxing them. Silly me.
Surely the 'government' will bail them out.
": )
Yeah, but if you did eliminate those, Democrats would never win another election.
As long as they are good 'tippers'.
": )
Whereas now, they punish the rich conservatives, and reward the jobless liberals.
I think it’s time to tax the poor. To save them from themselves.
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