A Quote by Juan Williams
President Obama's proposal to raise the top rate to 39 percent is equal to the rate under President Clinton in the 1990s when Wall Street reached record high levels and the economy produced lots of jobs.
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President Lyndon Johnson's administration was known for his War on Poverty. President Obama's will become notable for his War on Prosperity. We're speaking, of course, of Obama's plans to hike income taxes on the most wealthy 2 or 3 percent of the nation. He's not just raising the top rate to 39.6 percent; he's also disallowing about one-third of top earner's deductions, whether for state and local taxes, charitable contributions or mortgage interest. This is an effective hike in their taxes by an average of about 20 percent.
This is part of the president's problem. Where's Barack Obama been when the crime rate and the murder rate in Chicago has gone up in 18 percent? Where has he been when the murder rate in New York is up 11 percent? Instead he and liberals like Bill de Blasio and Rahm Emanuel and others, what they're doing is not supporting the police departments, not making sure that they're being supported, and they're letting them do their jobs. And so we have criminals who have easy access to guns.
When you tax capital gains income, you don't help the economy, you hurt the economy, which is why President Kennedy, President Reagan, President Clinton and President Bush all believed we should have a lower rate for capital gains.
We don't hear our president [Barack Obama] talking about the need for high-quality jobs for everybody, giving it priority, not just giving a speech in Detroit. That's fine, but speaking to Tim Geithner, speaking to Larry Summers. When are you going to make jobs, jobs, jobs a priority rather than Wall Street, Wall Street, Wall Street a priority? That's what I'm concerned about.
We've seen tremendous progress in many ways under President [Barack] Obama. I mean, if we think about where the economy was when he got in - you know, we were losing more than 700,000 jobs a month. The unemployment rate was skyrocketing. And now it's at under 5 percent, so there is a lot of progress that has happened.
I want to reform the tax code so that it's simple, fair, and asks the wealthiest households to pay higher taxes on incomes over $250,000 - the same rate we had when Bill Clinton was president; the same rate we had when our economy created nearly 23 million new jobs, the biggest surplus in history, and a lot of millionaires to boot.
We got two examples in recent history from this country. One in the '80s under President Reagan. One under President Clinton and the Democratic-controlled Congress in the '90s. We had nearly 5 percent growth rate in each of those decades. We can do it again for sure.
Does anybody has President Obama's phone number? 'Cause I have figure out why the unemployment rate in the United States is so high. Because Zack Ryder's doing all the jobs.
President Clinton and President Obama played a round of golf over the weekend. President Clinton asked Obama what his handicap was, and Obama said, 'Joe Biden.'
President Obama always gives lip service to lowering the corporate tax rate, but he never specifies a particular rate or an overall plan.
Well, our economy is very strong and growing. We have created 5.4 million new jobs in the last 3 years. Our unemployment rate is better than the average unemployment rate of the 1960s, 1970s, 1980s, and 1990s.
Look at what's happening between Main Street and Wall Street. The stock market index is up 136 percent from the bottom. Middle class jobs lost during the correction: six million. Middle class jobs recovered: one million. So therefore we're up 16 percent on the jobs that were lost. These are only born-again jobs. We don't really have any new jobs, and there's a massive speculative frenzy going on in Wall Street that is disconnected from the real economy.
The income tax only taxed the Rockefellers, the Morgans and the Vanderbilts. It was aimed at the top 4 percent, and the top rate then in 1913, was 7 percent. Woodrow Wilson had a big ceremony and said, "I'm delighted to be president at the creation of this popular new tax."
The Chinese economy is growing at the rate of 9 percent; the Indian economy growing at the rate of 8 percent - enormous I think opportunities for two-way flow of trade, technology and investment.
I think President Barack Obama is going to be treated very, very well by history in terms of his ability to save the economy. And that's certainly true in rural areas. The unemployment rate is substantially reduced, the poverty rate is down, and in large part because of the investments that were made during the Recovery Act and thereafter, historic investments.
In Greece, the unemployment rate has risen to 22%. The solution to the problem was to raise taxes on the rich, according to the Greek president Barack Obama-opolis.
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