Tuesday, November 8, 2011

Poverty is up and guess what? Corporate taxes are down

Corporate and business taxes were much higher in the 1950s and 1960s than they are today, yet the economy flourished and net worth and income of working people grew at unprecedented rates, and as a result, other than disadvantaged minorities and the chronically unemployed, far fewer people needed assistance, when LBJ undertook his "War on Poverty" in the mid-1960s, But then he engaged in a criminal war in Vietnam and attempted to have both "Guns and Butter", after which Nixon and the Reagan, and the Bushes systematically lowered taxes on the corporations and the wealthy and deregulating banks and other leading industries, all to the detriment of the people and the planet, all the while increasing the burdens on those who could least afford it. The "trickle-down" notion that lower taxes on the wealthy will grow the economy to the benefit of the workers and the impoverished is a blatant lie that is disproved by a simple comparison of the economy and tax structure today with that of the 1950s and early 1960s.

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