Folks I’ve prepared tax returns since the late 1980’s and worked as a CPA for small businesses both larger and smaller than Louisiana Representative John Flemming’s fast food empire. Back in the 1990s when tax rates were higher 6 figures folks like John absolutely paid more in taxes. Our budget was balanced and the economy was booming.
It is not that Republicans like Fleming are clueless that is scary as plenty of politicians are dumber than posts, even those that manage to run their own businesses. It is that politicians like Fleming are willing to take uncalculated and indeed reckless chances with the economy just so they won’t have to pay more for the mess they created that scares me.
Balancing the book isn’t hard folks. All it takes is a bit of will and a willingness to not touch the koolaid. Indeed Ezra Klein of the WaPo documented back in May that lower taxes on the wealthy like Fleming do not create jobs and in fact I would argue the incentive to hire someone is actually greater when marginal tax rates are higher all things being equal. My own experience is I’ve been one person down in my small business since late 2009 and I won’t hire until I see signs of true economic growth which would give me the opportunity to profit from the labor.
Or put another way, if the GOP koolaid drinker position had any merit, unemployment would already be low considering how low rates have been since 2001. Instead the wealthy have gotten wealthier while 1 american in 6 has slipped into poverty induced by unbridled greed.