Wealth Taxation

Seven Republican Presidents Who Raised Taxes On The Wealthy

Ronald 1 Comment

We are in the season of Republican Presidential candidates and the Republicans in the Congress railing against any rise in taxes on the wealthy, no matter how minor. Instead, we have the reckless, irresponsible proposals of Herman Cain and Rick Perry in recent days, which would LOWER taxes further on the wealthy and starve the government from being able to do anything other than defend the nation and pay the interest on the national debt, a totally insane proposition!

They claim they are following Republican tradition, but they are defying the facts of history.

Seven Republican Presidents raised taxes on the wealthy, and understood the need to do so, and the fairness of it.

Abraham Lincoln created the first federal income tax to finance the Civil War.

William Howard Taft endorsed the 16th Amendment, the federal progressive income tax, which became part of the Constitution at the end of his term in early 1913.

Herbert Hoover raised the top income tax rate from 24 to 63 percent in 1932, in the worst moments of the Great Depression.

Dwight D. Eisenhower argued for and succeeded in a top income tax rate over 90 percent during the 1950s, in order to help promote a balancing of the budget.

Richard Nixon raised the capital gains tax rate from 25 to 35 percent in 1969, and supported the concept of a minimum tax.

Gerald Ford signed legislation raising the minimum tax on the wealthy, and getting rid of some loopholes used by the wealthy to evade taxes.

Ronald Reagan supported the idea of capital gains being taxed as ordinary income, and raising taxes on corporations.

So it is a lie to say that Republicans historically have supported lowering of taxes on the wealthy and corporations.

The only effect of what the GOP promotes today is the DESTRUCTION of the federal government in a time when it is more needed than ever since the worst days of the Great Depression!

Fundamental Tax Justice: 5.6 Percent Tax On Incomes Over $1 Million!

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The top one percent of the taxpayers of this country have gained 80 percent of the gains in income over the past few decades!

Therefore, the move by Senate Majority Leader Harry Reid to conduct a vote on raising taxes on all income of those who have over $1 million net income is fundamental tax justice!

This is a tax on income and capital gains OVER $1 million, so using the example of someone earning $2 million, he or she would pay $56,000 more for the second million dollars. Would anyone in reality decide not to earn or acquire another million dollars by investment because they have to pay $56,000 extra to the government? The answer is obviously NO! That person has gained an extra $944,000, certainly enough to be a motivation to earn or invest it!

But if this tax were to go through, which it will not, unfortunately, the ENTIRE cost of the American Jobs Act of President Barack Obama, $447 million, would be covered! And this would assist economic recovery and lower the unemployment rate!

This is an example of not only fundamental tax justice, but also of the famous line, “shared sacrifice”! If one is successful economically, he or she owes a debt of gratitude to the nation that allowed him or her the opportunity, and should not complain about contributing more to the welfare of the nation, particularly after having gained such a tremendous advantage in income acquisition in the past ten to thirty years!

This vote will show the difference between the FUNDAMENTAL TAX JUSTICE party, the Democrats, and the PARTY OF THE WEALTHY, the Republicans!

The Shutdown Of Minnesota Government: Is It A Microcosm Of What Will Happen With The US Government?

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Minnesota certainly is the center of controversy recently, what with the contested Senate race between Senator Al Franken and former Senator Norm Coleman in 2008-09; the decision of former Governor Tim Pawlenty to run for President after having presided over a $5 billion dollar state budget deficit; and Congresswoman Michele Bachmann embracing the Tea Party Movement and suddenly emerging as a serious Presidential candidate for the Republican Party.

But now, Minnesota may be a microcosm of what will happen nationally, as the Democratic Governor Mark Dayton, faced with a Republican state legislative majority in both houses, has become engaged in a battle over the budget, forcing the shutting down of much of the Minnesota state government and many of its functions!

Dayton insists that those citizens with more than $1 million income, three one hundreds of one percent of the population, about 7,700 individuals, pay higher taxes, so that budget cuts on education, health care and other essential programs, be limited.

But the Republican legislature, just as on the national level, refuses to consider ANY tax increases, so Dayton is playing it tough, showing courage and conviction!

In a way, it is a microcosm of President Bill Clinton fighting the Republican Congress in 1995, and winning the struggle over Speaker Newt Gingrich and Majority Leader Bob Dole, after a shutdown lasting a couple of weeks.

The Minnesota debacle may go on for a long time, but Dayton is becoming a model for President Obama, who needs to stand up to the Republicans over the debt limit crisis.

Since constitutionally, the 14th Amendment, Section 4, allows the government to pay its debts no matter whether or not the Congress formally raises the debt ceiling, Obama should declare he will use that constitutional method and wait for the GOP to bend, as they must, or else we have reached a reality level that we are a plutocracy, where the rich dominate and dictate to the rest of us, and that CANNOT be allowed!

Talking tough at his press conference, and comparing the procrastination of the opposition party to his daughters doing their homework ahead of time, Obama angered the Republicans, who did not appreciate being compared to children, but that is exactly what they are doing–acting childish, and not doing their job, and having the gall to suggest that Obama should not do anything other than deal with the fiscal crisis, while in fact, he has to deal with multitudes of issues all of the time, unlike them, who take many holiday breaks and vacations!

Obama has taken fewer vacations or holiday breaks than George W. Bush or Ronald Reagan, both infamous for constant vacations and holiday breaks, sometimes leaving the impression that they were away from their responsibilities more than they were on the job!

Mr. President, use Governor Dayton of Minnesota as a model, and give the Republicans “hell” as Harry Truman used to do, and you will win the battle of public opinion as Bill Clinton did in 1995!