{"id":28501,"date":"2012-07-10T00:10:11","date_gmt":"2012-07-10T06:10:11","guid":{"rendered":"http:\/\/hill-kleerup.org\/blog\/2012\/07\/10\/protecting-the-rich-from-taxes.html"},"modified":"2012-07-10T00:10:11","modified_gmt":"2012-07-10T06:10:11","slug":"protecting-the-rich-from-taxes","status":"publish","type":"post","link":"https:\/\/hill-kleerup.org\/blog\/2012\/07\/10\/protecting-the-rich-from-taxes.html","title":{"rendered":"Protecting the rich from taxes"},"content":{"rendered":"<p>Obama and the Dems and Romney and the GOP all agree that the Bush temporary tax cuts on the middle class shouldn&#39;t be allowed to expire just yet. \u00a0(I disagree, but that&#39;s another story.)<\/p>\n<p>The basic difference between the parties is whether the Bush temporary tax cuts cuts on the rich ($250K in income or higher) should be allowed to expire (as they were originally designed to last year). \u00a0Obama says yes, Romney says no.<\/p>\n<p>The GOP argument is that All Jobs Flow Down from the Rich. If you tax the rich, then they in turn have less money to provide jobs to all those eagerly-awaiting <i>hoi polloi<\/i> looking for an honest wage. Calamity ensues.<\/p>\n<p>Except, looking at the historical record, higher incremental tax rates for the most wealthy <i>don&#39;t<\/i> correlate with job or wage growth. They only correlate with wealthy net income growth.<\/p>\n<p style='clear:both;'>\n<p style='margin-bottom:5px;'><strong>Embedded Link<\/strong><\/p>\n<div style='height:120px;width:120px;overflow:hidden;float:left;margin-top:0px;padding-top:0px;margin-right:10px;vertical-align:top;text-align:center;clear:both;'>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img style='max-width:none;' src='https:\/\/images0-focus-opensocial.googleusercontent.com\/gadgets\/proxy?container=focus&#038;gadget=a&#038;resize_h=100&#038;url=http%3A%2F%2Fthinkprogress.org%2Fwp-content%2Fuploads%2F2011%2F09%2Ftaxrichsign.jpg' border='0' \/>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t<a href='http:\/\/thinkprogress.org\/economy\/2012\/07\/09\/512741\/charts-economy-bush-tax-cuts\/'>Why Letting The Bush Tax Cuts For The Rich Expire Will Not Hurt The Economy, In Three Graphs<\/a><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\tPresident Obama is planning to call on Congress today to extend the Bush tax cuts for another year, but only for those making less than $250,000. The Bush tax cut package is scheduled to expire at the&#8230;\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p style='clear:both;'> <strong>Google+:<\/strong> <a href='https:\/\/plus.google.com\/101083456815352083930\/posts\/G7DJS6oXJVf' target='_new'>View post on Google+<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Obama and the Dems and Romney and the GOP all agree that the Bush temporary tax cuts on the middle class shouldn&#39;t be allowed to expire just yet. \u00a0(I disagree, but that&#39;s another story.) The basic difference between the parties is whether the Bush temporary tax cuts cuts on the rich ($250K in income or &hellip; <a href=\"https:\/\/hill-kleerup.org\/blog\/2012\/07\/10\/protecting-the-rich-from-taxes.html\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Protecting the rich from taxes&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[106],"tags":[],"class_list":["post-28501","post","type-post","status-publish","format-standard","hentry","category-plusposts"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":19118,"url":"https:\/\/hill-kleerup.org\/blog\/2010\/11\/04\/unblogged-bits-thu-4-nov-10-2331.html","url_meta":{"origin":28501,"position":0},"title":"Unblogged Bits (Thu.  4-Nov-10 2331)","author":"***Dave","date":"Thu 4-Nov-10 11:31pm","format":false,"excerpt":"Links (most recent first) that caught my eye, but did not warrant full-blown blog entries .... Disregarding mandates - \"Every GOP official popping off this week about how the Senate Democratic majority and the Democratic White House have no choice but to \"listen to the voters\" and give Republicans what\u2026","rel":"","context":"In &quot;Potpourri&quot;","block_context":{"text":"Potpourri","link":"https:\/\/hill-kleerup.org\/blog\/category\/potpourri"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28910,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/08\/13\/the-fiendishly-clever-romney-tax-plan.html","url_meta":{"origin":28501,"position":1},"title":"The Fiendishly Clever Romney Tax Plan","author":"***Dave","date":"Mon 13-Aug-12 8:45am","format":false,"excerpt":"Is fiendishly clever because, aside from some platitudinous generalities, Romney refuses to discuss it. \u00a0\"Cut social programs,\" but not which ones. \"Close tax loopholes,\" but not which ones. \"Reduce taxes,\" but not which ones or by how much. So analysts are forced into guesswork -- and even there, the results\u2026","rel":"","context":"In &quot;~PlusPosts&quot;","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14099,"url":"https:\/\/hill-kleerup.org\/blog\/2009\/03\/11\/zomg-socialism.html","url_meta":{"origin":28501,"position":2},"title":"ZOMG! SOCIALISM!","author":"***Dave","date":"Wed 11-Mar-09 9:03am","format":false,"excerpt":"A pair of good articles over the past few days on the whole \"OBAMA! TAXES! SOCIALISM!\" meme that the Right is passing around. First, over here, we ... ... see a nice chart showing how Obama's evil evil imposition of horrid new tax rates on the rich letting the Bush\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/hill-kleerup.org\/blog\/category\/economy"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30486,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/10\/05\/capping-tax-deductions.html","url_meta":{"origin":28501,"position":3},"title":"Capping tax deductions","author":"***Dave","date":"Fri 5-Oct-12 6:34am","format":false,"excerpt":"Romney's new plan to ostensibly let him lower tax rates while keeping revenues neutral by capping deductions sounds attractive on the face of it. It lets him claim to be revenue neutral (though see below) while not taking any heat for killing any particular sacred cows.But, once again, there are\u2026","rel":"","context":"In &quot;~PlusPosts&quot;","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30434,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/10\/01\/obama-hitler-take-47.html","url_meta":{"origin":28501,"position":4},"title":"Obama = Hitler, Take 47","author":"***Dave","date":"Mon 1-Oct-12 2:14pm","format":false,"excerpt":"Because he's attacking, persecuting, bullying, prosecuting the wealthy just like Hitler did ... I mean, there's all his\u00a0public speeches supporting the poor and the middle class, the recommendations of tax code revision and allowing temporary tax cuts on the rich to lapse, the calls for all people to share in\u2026","rel":"","context":"In &quot;~PlusPosts&quot;","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42565,"url":"https:\/\/hill-kleerup.org\/blog\/2014\/06\/13\/because-why-do-students-need-help-with-loans.html","url_meta":{"origin":28501,"position":5},"title":"Because why do students need help with loans?","author":"***Dave","date":"Fri 13-Jun-14 10:18am","format":false,"excerpt":"I mean, if they're from really rich families, that is.Refinancing a loan is one of those no-brainers that every financial analyst (even the ones on Fox) will tell you to do if the numbers are right. Unfortunately, for federally secured student loans, students can't refi unless the laws get changed.And\u2026","rel":"","context":"In &quot;~PlusPosts&quot;","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/28501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/comments?post=28501"}],"version-history":[{"count":0,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/28501\/revisions"}],"wp:attachment":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/media?parent=28501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/categories?post=28501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/tags?post=28501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}