for the fast 32 years
americans have been living ally
it's a lie that helps out rich people in its crews working people
and its ally that needs to be called out the people promoting the sly most to
them rich people themselves have been some
good promoting the slide the pretty much everyone believes
it's even assertiveness fact without contradiction in the mainstream media
you can find it on Wikipedia but it's a lie
the lie is that raising income taxes on rich people and hugely profitable
companies hurts economies need it leads to unemployment
the truth is
the raising income taxes on rich people in hugely profitable companies actually
helps
economies and causes companies to hire more and more people does laurin
unemployment what makes this
this live particularly relevant right now is that the French Constitutional
Court their court that decides what's constitutional what's not
has just agreed with the new socialist government that it is totally
constitutional legal to raise the very top income tax rates on very wealthy
individuals and hugely profitable corporations
to 50 percent effectively 75 percent when you add in
their other taxes like because what they're calling a bar fight other funds
health care and retirement things
this alive the tax increases like the one the French Constitutional Court just
approved raise unemployment
and the tax cuts reduce unemployment is widely believed because like so many big
lies
it has a small church German truth at its center
the German truth
is that when people who spend near
nearly all are all other income every year basically poor people and working
class people
have a little bit more money in their pockets
they spend that spending increases economic activity
there's more demand for goods and services and to meet that demand
employers hire more workers
to think that if you cut the taxes on poor and low wage people that have more
money which they'd spend it would stimulate the economy
and that's true except for one thing which is the German ally the rich people
use to get everybody to think the tax cuts for rich people help economies and
here's the lie
why would be true that if you cut income taxes for the poor
and lower and working people so that they had more money in their pockets
that would stimulate the economy
it's impossible why is it impossible
as is rich as rush limbaugh I Mitt Romney point out as often as possible
the bottom forty percent 47 percent american workers make so little money
they don't pay income taxes
is no tax to cut so when republicans talk about tax cuts
they're not talking about tax cuts for working people so what about cutting
taxes
on rich people wouldn't that give them more money to spend or even invest which
would stimulate economic growth
I mean that's the core above the tax religion at limbaugh who has a reported
four hundred million dollar contract
ann Romney was reported to have paid no taxes for years and hundreds of millions
dollars in income
cut rich people's taxes they say and the good times roll roll
at the thing that makes this a lot I
is that rich people behave differently from poor and working class people
on the extra money from tax cuts they don't spend it
after all a pretty much everything water need instead as we learned about Mitt
Romney in 2012
they open bank accounts in the Cayman Islands in Switzerland
and stash their money for future generations
or they'll buy an american company likes inside a and moving to China where they
can get cheaper labor and pollute all they want
or since they got the money relatively easily and don't worry so much about
losing it
after all the basic needs are already covered big gamble with it
they call it investing in real estate and the market
but we just gambling and nine others a course translates into american jobs
and history backs this up in 1922 and republican warren harding drop the top
tax rate from 73 percent down 25 percent
he kicked off a gambling real estate in stock market bubble burst in 29
1929 president roosevelt fix that by raising that operate on the over rich
back up over ninety percent
which led to over 40 years have stability
and prosperity rich people left their money in their companies
and they typically only took 30 times what their employees
did as pay economy boomed in the middle class prospered
then reagan came along any drop the top tax rate down to 28 percent leading
within a year
to the worst recession since the Great Depression followed by the savings and
loan crisis
bill clinton took the top income tax rate back up to 39 percent presto the
economy boomed but then Bush junior came into office
cut it back down and we got another crash in lots of unemployment
it's a simple point effect four times since 1913 we've had big tax cuts on the
rich
to lead to major crashes while the other two lead to stagnation for working
people
all however made the rich a lot richer
but what happens when taxes go up
as author Larry by NAR points out quote since 1950 we have had five tax
increases on the rich
four or five times unemployment went down whether it's got better
things got better for working people
the flip side is buying our points out is that since nineteen fifty we've had
ten
cuts to the top marginal tax rate six at a ten times unemployment has gone up in
other words it's gotten worse
tax cuts for the rich in other words screw working people at least 60 percent
of the time
and never help working people
when ronald reagan came into office taxes on rich people were over seventy
percent and the American middle class was the strongest
it ever been in history ever since the reagan tax cuts however we've been
lurching from bobbled a bottle
economic crisis the economic crisis
now the friendship figure it out
if you want a stable economy you on a strong middle class
you need to tax the rich
that's why their version the Supreme Court just OK to big new tax on the
wealthiest people in France
countries in Scandinavia attacks in their billionaires millionaires for half
a century
and doing so is work great for places like Sweden and Denmark
and the history much of the 20th century shows that taxing the rich works right
here in America
to
so comes down to one really simple
thing
if you wanna économie that works the doesn't depend on rich people gambling
with money in the stock market is that's
you know when you see our stock market went up I was I was in London on
dunno
what's been Friday I ride there Friday morning I flew over Thursday night
and I was watching and I got there like
8 o'clock in the mornings on them check in my hotel and I'm watching
in Mosman CNBC was my hand and they were it was like the end bel
Ryan missus get this is going to be they end the end of the year the and the last
full week in the year whatever we'll see whether
where though it were the dollar's going to and is going to end up or down route
up 1.38 percent in our points rather
is a and and it ended down like 310 supper
percent or something but you know there is all this excitement and you know
these two women in these two guys they're like oh my god in
you know it's a 10 all-time highs this year it's over 13,000
you know that gambling that's rich people that's not the economy that's
first
the hike market
I mean literally pay no attention to the man behind the curtain it's not the
stock market accounts
if you really wanna économie that works we need to do one
simple thing actually is a number things we should do obviously
you know but that i've talked about on many occasions but the first thing we
need to do
is ignore the Republican lies and wall back the reagan tax cuts
not the Bush tax cuts at the worry about
it's the reagan tax cuts Reagan took us from 74 percent down to 28 percent
we need to go back to 74 percent cab now new high
you know the average the average person making under million dollars a year
would never
even see that it would be meaningless toward
but with stabilizer
this is the Thom Hartmann program and
we need politicians who have the courage is Bernie Sanders and some this program
to say it's time to roll back the
reagan experts