GOP Supercommittee Member Admits Bush Tax Cuts Didn’t Create Jobs, Can’t Explain Why

[Lakhota]

By Pat Garofalo

Republicans this week filibustered a Democratic plan to extend a soon-to-expire payroll tax cut, objecting to the fact that the extension was paid for by implementing a small surtax on income in excess of $1 million. To justify their objection to taxing the wealthy, Republicans have revived their false claim that taxing the rich amounts to taxing small business owners and job creators.

Bloomberg’s Al Hunt asked Rep. Fred Upton (R-MI) — who represented the GOP on the fiscal supercommittee that failed to craft a deficit reduction package — to explain this viewpoint, considering that more jobs were created under the Clinton administration and its higher taxes on the rich than were created following the Bush tax cuts. Upton admitted that “I don’t know specifically the answer to that question,” nonsensically pointing to Friday’s jobs report instead of trying to argue the premise of Hunt’s question:

HUNT: But I’m asking, why did the economy grow a lot? Why were more jobs created in the previous decade under higher taxes than in this decade under lower taxes?

UPTON: I don’t know specifically the answer to that question. I can – I can maybe merit a guess. But, I mean, in large part is because our job – we lost jobs. I mean, look at the jobs report that came out this last week, three-hundred- some-thousand people actually stopped looking for jobs.​

As Center for American Progress Director of Tax and Budget Policy Michael Linden found, “in the past 60 years, job growth has actually been greater in years when the top income tax rate was much higher than it is now.” In fact, “if you ranked each year since 1950 by overall job growth, the top five years would all boast marginal tax rates at 70 percent or higher.” The GOP, as Upton displays, simply has no explanation for these facts.

In a Bloomberg op-ed, wealthy investor Nick Hanauer also blew a hole in the GOP’s line of thinking, writing, “I can start a business based on a great idea, and initially hire dozens or hundreds of people. But if no one can afford to buy what I have to sell, my business will soon fail and all those jobs will evaporate. That’s why I can say with confidence that rich people don’t create jobs.” The GOP would do well to take note.

Video & More: GOP Supercommittee Member Admits Bush Tax Cuts Didn't Create Jobs, Can't Explain Why | ThinkProgress

 

[Lakhota]

CHART: Lower Taxes On The Rich Don't Lead To Job Growth | ThinkProgress

 

[Lakhota]

In a Bloomberg op-ed, wealthy investor Nick Hanauer also blew a hole in the GOP’s line of thinking, writing, “I can start a business based on a great idea, and initially hire dozens or hundreds of people. But if no one can afford to buy what I have to sell, my business will soon fail and all those jobs will evaporate. That’s why I can say with confidence that rich people don’t create jobs.” The GOP would do well to take note.

From the OP. It's a no-brainer that demand drives jobs.

 

[CrusaderFrank]

Dems need to campaign on a "No more millionaires" platform

 

[Stephanie]

Dems need to campaign on a "No more millionaires" platform

They can't do that...Half of the Democrat congresscritters are MILLIONAIRES.

 

[Luddly Neddite]

So, what took them so long to figure out what the average (intelligent) man/woman on the street has known for ten years?

 

[Stephanie]

this is from thinkprogres..

they are not a reputable website.

 

[Full-Auto]

So, what took them so long to figure out what the average (intelligent) man/woman on the street has known for ten years?

The middle class got the largest dollar amount of the cuts.

Are you suggesting they are hoarding that money?

 

[bitterlyclingin]

Why did the "Little Recession Inside the Great Depression" of 1937 that followed on Roosevelt's Undistributed Profits Tax of the same year occur? Businessmen of the 1930's were hesitant to plan, to hire, to build new plant, or to buy new equipment because of the pervasive fear of what business or industry Roosevelt was going to trash now? Barack Hussein Obama and the Democrats, after seizing one sixth of the American economy, are building the same legacy for themselves now.

 

[Luddly Neddite]

this is from thinkprogres..

they are not a reputable website.

ROTFLMAO ...

You really think the pub/bags sites will have a different story?

By all means, post it!

 

[Stephanie]

some people crack me up

Bush tax cuts-BAD
by the way Obama EXTENDED those tax cuts.

Obama proposes a tax cut-GOOD good good. all hail the Obama..

 

[Lakhota]

this is from thinkprogres..

they are not a reputable website.

Really? Then why do they provide live source links to back up their stuff? Did you click on the Bloomberg link? Or is Bloomberg also not a reputable source?

OH, and did you watch the video?

Uptonbloomberg - YouTube

 

[Lakhota]

Middle-class consumers are the "true" job creators:

Raise Taxes on Rich to Reward True Job Creators: Nick Hanauer - Bloomberg

 

[Full-Auto]

Middle-class consumers are the "true" job creators:

Raise Taxes on Rich to Reward True Job Creators: Nick Hanauer - Bloomberg

In other words the Bush tax cuts SAVED more jobs then the stimulus could have dreamed of.


NICE!!

 

[Lakhota]

Middle-class consumers are the "true" job creators:

Raise Taxes on Rich to Reward True Job Creators: Nick Hanauer - Bloomberg

In other words the Bush tax cuts SAVED more jobs then the stimulus could have dreamed of.


NICE!!

That's funny. Thank you. Now I can go eat...

 

[Full-Auto]

Middle-class consumers are the "true" job creators:

Raise Taxes on Rich to Reward True Job Creators: Nick Hanauer - Bloomberg

In other words the Bush tax cuts SAVED more jobs then the stimulus could have dreamed of.


NICE!!

That's funny. Thank you. Now I can go eat...

Fact!! Using the same criteria and the huge difference in dollar amounts. Its a slam dunk.