Patriot Act Extension Fails, Splitting Tea Party Republicans

“The Kennedy tax cuts”

“President Hoover dramatically increased tax rates in the 1930s and President Roosevelt compounded the damage by pushing marginal tax rates to more than 90 percent. Recognizing that high tax rates were hindering the economy, President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent. What happened? Tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent (33 percent after adjusting for inflation).”

“The Reagan tax cuts”

“Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).’

http://www.heritage.org/research/reports/2003/08/the-historical-lessons-of-lower-tax-rates

Well, CBO says rich paid more taxes with Bush tax cuts:

“According to the non-partisan Congressional Budget Office (CBO), the Bush tax cuts actually shifted the total tax burden farther toward the rich so that in 2000-2004, total income tax paid by the top 40% of income-earners grew by 4.6% to 99.1% of the total.”

http://www.americanthinker.com/2010/03/lying_about_bushs_tax_cuts.html

“The Soak-the-Rich Catch-22”

“Since 1978, the U.S. has cut the highest marginal earned-income tax rate to 35% from 50%, the highest capital gains tax rate to 15% from about 50%, and the highest dividend tax rate to 15% from 70%. President Clinton cut the highest marginal tax rate on long-term capital gains from the sale of owner-occupied homes to 0% for almost all home owners. We’ve also cut just about every other income tax rate as well.”

“During this era of ubiquitous tax cuts, income tax receipts from the top 1% of income earners rose to 3.3% of GDP in 2007 (the latest year for which we have data) from 1.5% of GDP in 1978. Income tax receipts from the bottom 95% of income earners fell to 3.2% of GDP from 5.4% of GDP over the same time period. (See the nearby chart).”

http://cliftonchadwick.wordpress.com/2010/08/03/the-soak-the-rich-catch-22/

" According to the non-partisan Congressional Budget Office (CBO), the Bush tax cuts actually shifted the total tax burden farther toward the rich so that in 2000-2004, total income tax paid by the top 40% of income-earners grew by 4.6% to 99.1% of the total."

http://www.americanthinker.com/2010/03/lying_about_bushs_tax_cuts.html

Bill Hedges of MO 10:17AM February 09, 2011

Cheney: "Reagan proved deficits don't matter". Typical Rightist Thinking???

Both sides spend to deficit. So what's with the outrage???

Terry of NC 9:57AM February 09, 2011

Hey, didn't there used to be a big city at the end of the Hudson River where that big smoking hole is? I know, that would be as ridiculous as bunch of clowns flying huge airliners into two skyscrapers and the Pentagon. And the Iranians are just a bunch of energy believers who want to use that super refined uranium for very efficient power plants.

And Privacy -- you guys have to grow up -- the Internet has let everyone on the planet know what you had for dinner last night. Do I like it, no, but I'm not likely to cause a big boom on Broadway, but if was, you sure have the right to know that.

Hey, didn't there used to be a couple of symbolic towers at the mouth of the Hudson?

Tom Mariner of NY 7:32AM February 09, 2011

Once we give up our privacy so that some person can demand my records outside of a warrant and oversight by a judicial gleaming. The National Security Letter (NSL) is a mandate of government to avoid the Constitution - skirting the common sense of privacy. And the worse part is the gullibility of the citizenry thinking if we are 'protected' by giving up or privacy. Who are they but mere people who do not know me or you? Who are they but mere people making conclusions about my reasoning's and my actions by things I may or may not do? The stretching of law to allow those "Wondering" about my life is wrong. The Enabling Act (German: Ermächtigungsgesetz) was passed by Germany's Reichstag and signed by President Paul von Hindenburg on 24 March 1933. It was the second major step, after the Reichstag Fire Decree, through which Chancellor Adolf Hitler legally obtained plenary powers and established his dictatorship.

It amazes me how many citizens are against this yet those same people will never know their privacy was invaded.

Richard Lewis of AR 7:20AM February 09, 2011