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John F. Kennedy Liberal Democrat

John F. Kennedy Liberal Democrat
Source: U.S. Senator John F. Kennedy in 1960

Monday, December 30, 2013

Thom Hartmann: Follow the French on the Millionaire Tax

Source: Thom Hartmann: Follow The French on The Millionaire Tax

You want everyone paying their fair share of taxes at all economic levels. Which is one of the reasons why I’m in favor of what I call the Progressive Consumption Tax. Which would accomplish most of that especially by eliminating all the wasteful tax loopholes in the tax system, including corporate welfare. But you don’t want taxes so high on anyone that it discourages people to be productive and successful. And gets them asking the question, “why should I work hard and be productive when Uncle Sam takes most of the money that I make anyway?”We do not want taxes so high to that point which is what we saw in the late 1950s and early 1960s, with a recession, followed by weak economic and job growth. Similar to what we’ve grown through the last five years. And even though the Great Recession wasn’t a result of taxes being too high, taxes that are too high can play a role in creating recessions with people not having enough money to spend to create strong economic growth. And what we saw as a result in the mid 1960s was a Progressive Democratic president in Lyndon Johnson and a Democratic Congress with Conservative Republican help, is cut taxes across the board for everyone. Which contributed to an economic boom of the mid and late 1960s.