Post Tax Day, Obama jokes about re-thinking position on taxing wealthy – CBS News Video

Since the 1920s two platform staples of the Democrats has been “to close the tax loopholes,” and raise taxes on the wealthy.

Democrats have controlled the House of Representative 63 years of the last 77 years and the Senate 58 years of the last 77 years. The only loopholes that exist do so by their choice. During the

  • Eisenhower term in office the top marginal personal income tax rate was 91.25%.
  • President Kennedy cut the rate an average per year to 79.4%. Federal income tax revenue increased 55.81%.
  • Gross Domestic Product increased 56.35%
  • During the Carter term in office the top marginal personal income tax rate was 79.00%.
  • President Reagan cut the rate an average per year to 65.41%. Federal income tax revenue increased 65.41%.
  • Gross Domestic Product increased 68.72%.
  • During the Clinton term in office the top marginal personal income tax rate was 39.60%.
  • President Bush cut the rate an average per year to 35.46%.
  •  Federal income tax revenue increased 34.55%.
  • Gross Domestic Product increased 34.16%
  • During periods of low taxes the wealthy invest in U.S. corporations providing capital for business growth, expansion, improvements of infrastructure and job creation. During periods of high taxes they focus on protecting their wealth by moving their money to tax shelters which deprives corporation of capital for growth and eliminates jobs.

via Post Tax Day, Obama jokes about re-thinking position on taxing wealthy – CBS News Video.

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