Paul Krugman claimed that Bush’s tax cuts were Keynesian economics......that deficits were everything......
Then when a liberal Democrat is president with a liberal Congress...to hell with Baby Boomers and up with deficits and Keynesian economics......
Krugman is a partisan hack, who is exposed as one by a fellow Democrat economist and business writer, Gene Epstein of Barron’s in Epstein’s book “econo-spinning”......though I don’t always agree with him.......he writes convincingly against mania and hype surrounding Krugman and Greenspan...etc.
Krugman isn’t even smart enough to understand that you can’t even have a graduated income tax as long as there’s a corporate income tax.....or that taxes “on the rich” were lower under Clinton than under Reagan...
from 1983-1997...the tip tax rate was 50%, which kicked in at $55,000 taxable income....not to mention a 40% rate and 45% rate below that!
Clinton’s 39.8% rate kicked in at about $250,000 taxable income....
and Reagan raised the gas tax and Social Security tax.
Media and Democrats always want higher taxes and more spending........
these were the Clinton tax rates: 15%, 28%, 31%, 36% and 39.8&—with the 39.8% rate kicking in at about $250,000.
This was the Bush tax rates: 10%, 15%, 26%, 33%, 35%-—with the 35% rate kicking in at about $370,000 taxable income,
I wish the Republicans would get off the Bush/Reagan worship and do it right........back to 2001......
I’d keep all the Clinton rates except would cut the 28% rate to 23%.....increase the standard deduction to state minimum wages and index for inflation.......and simply extend the brackets....as BOTH good politics and economics.
This is how you avoid the “tax cuts for the rich” accusation:
15% rate to $125,000...then 23% rate to $250.000, then 31% rate to $500,000, then the 36% rate to $1 million, and at $1 million taxable income, the highest Clinton rate of 39.8% kicks in.......
You eliminate the corporate income tax to avoid tax shifting.....tax dividends and capital gains as regular income, but index gains for inflation....and cut to zero if held to retirement.....
And we ALREADY HAVE a “partially privatized Social Security”,,,,it’s called 401ks and IRAs.......
mistake correction...from 1983 to 1987 the top tax rate was 50%...not 97 or “tip”