Wednesday, July 7, 2010

The Rout of Obamanomics

taken from American Spectator by Peter Ferrara

A Democrat Problem

But the problem isn't only President Obama. The problem is endemic to the entire Democrat party, which is today, heart and soul, a neo-Marxist party. Witness Hillary Clinton, another self-styled "progressive," who in recently speaking at the Brookings Institution in Washington, said, "The rich are not paying their fair share in any nation that is facing the kind of employment issues (as the United States) -- whether it's individual, corporate, or whatever the taxation forms are." Look at Brazil, she suggested. "Brazil has the highest tax-to-GDP ratio in the Western Hemisphere, and guess what -- they're growing like crazy."

So let's take a look at Brazil. The highest income tax rate there is 27.5%, 21% less than our top income tax rate of 35%, soon to shoot up under Obamanomics to nearly 43%, 56% higher than Brazil's. Brazil's 27.5% rate is even lower than President Reagan's 28% top rate. The top corporate tax rate in Brazil is 34%, compared to the combined federal and state corporate tax rate of 39.1% in the U.S., now highest in the industrialized world given that Japan has recently come to its senses (unlike the rapidly declining U.S.).

The top 1% of income earners in the U.S. pay more in income taxes than the bottom 95% combined. That is official IRS data, as accurately reported by the Tax Foundation. Look it up. But Hillary Clinton continues to mindlessly repeat the brain dead, neo-Marxist, Democrat party mantra that "the rich are not paying their fair share." What would a fair share look like?

No comments: