Showing posts tagged economics
President Obama met with House Republicans today at the White House to discuss ways to move forward on negotiations regarding the nation’s debt ceiling and the budget. During the discussion, talk evidently turned to taxes, and when Obama noted that taxes today are lower than they were under President Reagan, the GOP, according to The Hill, “engaged in a lot of ‘eye-rolling’“:
Republicans attending a White House meeting on Wednesday didn’t take kindly to President Obama telling them tax rates were higher during the Reagan administration. GOP members engaged in a lot of “eye-rolling,” according to a member who was on hand to hear Obama, who invited House Republicans to the White House for discussions on the debt ceiling. […]
“[The President] made a comment like the tax rate is the lightest, even more than (under former President) Reagan,” Rep. Lee Terry (R-Neb.) told The Hill following the meeting. House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) joked that during the meeting, “We learned we had the lowest tax rates in history … lower than Reagan!”
That House Republicans find this preposterous is symptomatic of the hold Reagan mythology has over them. After all, for seven of Reagan’s eight years in office, the top tax rate was higher than the current 35 percent. In six of those years, it was 50 percent or more. And every year that Regan was in office, the bottom tax bracket was higher than the current ten percent.
For a family of four, the “average income tax rate under Reagan in 1983 was 11.06 percent. Under Clinton in 1992, it was 9.18 percent. And under Obama in 2010, it was 4.68 percent.” During Reagan’s time, income tax revenue ranged from 7.8 to 9.4 percent of GDP. Last year, it was 6.2 percent and is not projected to climb back to 9 percent until 2016. In fact, in 2009, Americans paid their lowest taxes in 60 years.
Republicans are very fond of saying that the U.S. has “a spending problem, not a revenue problem.” But the truth is that revenue has plunged due to the recession and to continued misguided tax cuts, and revenue needs to be raised to eventually bring the budget into balance. And Reagan knew that taxes were an important part of the budget equation. After all, he “raised taxes in seven of his eight years in office,” including four times in just two years.
I will be attending this. Today WA State announced it was going to discontinue food stamps for immigrants and refugees. [LINK]
TATE BRITAIN OCCUPIED
.. around 200 of us assembled inside Tate Britain for an act of creative resistance. We staged an hour long teach-in before attempting to enter the Turner Prize room. After it became clear we weren’t going to be able to make it in we staged a sit down protest and life drawing session in the area outside the hall where the Turner Prize ceremony was taking place, and our chanting could be heard clearly throughout the event.
This is the start of a week of creative direct action born from the Long Weekend.
More photos @ Arts Against Cuts
Police Pepper Spray Peaceful Demonstrators.
Battle in Seattle 11 Years Ago Today.
From an article on bike usage and government spending by Dan Bertolet.
The table above shows how the trips break down for the U.S. as a whole. A few quick takeaways:Article makes interesting conclusions read here.
- Cars still dominate, big time;
- Walking is making a dent, but biking, not so much; and
- Transit works much better for commutes than for other trips.