A Quote by Questlove
I believe that the only people who really, truly benefit from any of the policies of Republicans are the wealthy. I'm in that 1 percent tax bracket, but I'm not a man of wealth.
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Republicans want to punish work and reward wealth; hence the high payroll tax and the low dividend tax. Said one Bush economic adviser, if we can't help wealthy investors and screw working people, what's the point in being a Republican?
Sixty eight percent of Republicans don't believe in evolution. On the other hand, only five percent of monkeys believe in Republicans.
We certainly could have voted on making the middle-class tax cuts and tax cuts for working families permanent had the Republicans not insisted that the only way they would support those tax breaks is if we also added $700 billion to the deficit to give tax breaks to the wealthiest 2 percent of Americans. That's what was really disturbing.
Donald Trump got himself very far to the left. When he was considering running for president in 2000, he was for a 13 percent wealth tax on wealthy people to retire the national debt.
Legislation to create a new 10 percent tax bracket, reduce the marriage penalty, cut the tax rate on dividends and capital gains, and increase the child tax credit have been essential elements in this economic expansion.
At the same time, Republicans are pushing a $70 billion tax package that will overwhelmingly benefit the most wealthy Americans and actually increases the deficit by $16 billion.
When you consider that a steelworker who's making $40,000 a year has virtually the same tax burden as someone who's making $400,000 a year, you see that there are inequities. This administration has used the tax code to accelerate wealth to the top. Most of the tax breaks have gone to people in the top bracket.
Regarding the Economy & Taxation: America's most successful achievers do pay a higher share of the total tax burden. The top one percent income earners paid 18 percent of the total tax burden in 1981, and paid 25 percent in 1991. The bottom 50 percent of income earners paid only 8 percent of the total tax burden, and paid only 5 percent in 1991. History shows that tax cuts have always resulted in improved economic growth producing more tax revenue in the treasury.
My premise is not to tax to destroy the wealth of the wealthy; it's to increase the wealth of the bottom and the middle class.
I believe that any society that allows the creation of legitimate wealth expects that the wealth be used for its benefit.
Power is not of a man. Wealth does not center in the person of the wealthy. Celebrity is not inherent in any personality. To be celebrated, to be wealthy, to have power requires access to major institutions.
If they understand, which I believe they really are sensing, that the alternative the Republicans have been offering is to repeal what we've done, to go back to Bush policies - and if you asked the public what would you prefer, Bush economic policies or Obama economic policies, they take and prefer Obama economic policies.
Republicans favor tax cuts for the wealthy and corporations, but these had no stimulative effect during the George W. Bush administration, and there is no reason to believe that more of them will have any today. As for the idea that cutting regulations will lead to significant job growth, it's just nonsense. It's just made up.
We already have an annual wealth tax on homes, the major asset of the middle class. It's called the property tax. Why not a small annual tax on the value of stocks and bonds, the major assets of the wealthy?
There are several states that move from Karl Marx-like policies to Adam Smith-like policies and back again in a weekend. So for the states with huge volatility in their income tax policies over time, the differences in growth rates in those periods are really amazingly consistent with tax rates really mattering.
By eliminating the tax breaks and special interest loopholes that primarily benefit the wealthy, our framework ensures that the benefits of tax reform go to the middle class, not the highest earners.
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