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View Diary: Take a Hard Line: We Should be Rolling Back the REAGAN Tax Cuts for the Rich, Not Just Bush (54 comments)

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  •  I think 70% is near the balance point (4+ / 0-)

    remember in 1980 the effective rate was 22.3%, so if you did the right thing and invested in the US you got tax breaks and shelters. Dollar wise thats a huge chunk of change to reward good behavior, which was part of New Deal Tax Policy.

    Recessions were shorter and shallower, and every recovery saw job creation, we spent 5% of GDP on infrastructure, not 1.3%. Today that would mean the Government spending 750 billion, and tax policy might incentivize another 200-400 billion being moved to domestic investment. All told that would create between 20 and 27 million jobs.

    Now adays, tax policy favors overseas and market speculation. And thats why after the 1986 Tax Reform Act, (among other things) we see the jobless recovery after recessions (1990, 2000, 2008-) and these recessions are longer and deeper.

    FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

    by Roger Fox on Thu Nov 15, 2012 at 12:08:38 PM PST

    [ Parent ]

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