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The last time the top income tax rate was 39%, the United States enjoyed a booming economy, rising incomes, low unemployment and expanding budget surpluses.
Unfortunately, that simple truth has been ignored by Republican propagandists.
By letting the 2001 Bush tax cuts expire, the income tax rate for families making over $250,000 a year ($200,000 for individuals) would return to a top tier of 39.6% from its current 35%.
Reversing the 2003 reduction to 15%, the capital gains tax rate would return to its Clinton-era level of 20%.
During that Clinton era, the rich - and just about everyone else - did quite well indeed.
The Clinton years brought the longest economic expansion since World War II, producing 22 million jobs and bequeathing an unemployment rate of 4.2% to George Bush.
While the national debt tripled under Republicans Ronald Reagan and doubled under George W. Bush, Bill Clinton balanced the budget in 1998 and produced a $236 billion surplus in 2000.
The investor class profited handsomely, as the S&P 500 grew 15.2% annually during Clinton's tenure in the White House, the highest of any modern president.
In contrast, the S&P tumbled 5.6% per year under George W. Bush.
http://www.perrspectives.com/blog/archives/001411.htm
Unfortunately, that simple truth has been ignored by Republican propagandists.
By letting the 2001 Bush tax cuts expire, the income tax rate for families making over $250,000 a year ($200,000 for individuals) would return to a top tier of 39.6% from its current 35%.
Reversing the 2003 reduction to 15%, the capital gains tax rate would return to its Clinton-era level of 20%.
During that Clinton era, the rich - and just about everyone else - did quite well indeed.
The Clinton years brought the longest economic expansion since World War II, producing 22 million jobs and bequeathing an unemployment rate of 4.2% to George Bush.
While the national debt tripled under Republicans Ronald Reagan and doubled under George W. Bush, Bill Clinton balanced the budget in 1998 and produced a $236 billion surplus in 2000.
The investor class profited handsomely, as the S&P 500 grew 15.2% annually during Clinton's tenure in the White House, the highest of any modern president.
In contrast, the S&P tumbled 5.6% per year under George W. Bush.
http://www.perrspectives.com/blog/archives/001411.htm