Simple adjustments to tax policy, recklessly opposed by ideologically driven "principled" Republicans, could turn things around. Funny thing, Republicans won't give it a try. What are they afraid of?
Economically, America was never strong than in the 50's and 60's, when tax rates were above 90%. Did it end up penalizing success? Did the wealthy drop out, give up their businesses and walk away with their money? Did innovation stop cold? Kinda disproves the lunacy pushed by right wingers.
Back in the 50's, 60's and 70's, we were told that if we didn't try hard enough, there was always somebody behind us that would gladly take our place. That's still true today, but doesn't fit into the corporate takeover theme pushed by conservatives.
Here are some simple adjustments that could be enacted if we just gave them a try:
Citizen Action of Wisconsin and Economic Policy Institute held a media conference call to show how fair tax policy can promote growth in Wisconsin. While economic policy based on tax cuts for the wealthy is an article of faith for many elected officials, a new study shows such policies actually undercut job growth.
Figures from the Economic Policy Institute make the case that closing tax loopholes and ending tax breaks for the wealthy would raise revenue that could be used for job creating investments in Wisconsin producing 76,956 new jobs.
Citizen Action of Wisconsin Executive Director Robert Kraig said the national study is especially relevant in Wisconsin, which has bought heavily into corporate tax breaks as a core strategy only to continue to lag behind its neighbors in job development. “Not only is a tax system rigged for the largest multinational corporations unfair, it takes money out of the economy and depresses economic activity,” Kraig said.
By pairing job creation policies with permanent tax changes, deficits would be reduced substantially over the medium and long term.