Alternet has the article originally from Truthout A Simple Economic Truth America’s Super Rich Don’t Want Us to Know About.
The lie is that raising income taxes on rich people and hugely profitable companies hurts economies and even leads to unemployment. The truth is that raising income taxes on rich people and hugely profitable companies actually helps economies and causes companies to hire more and more people, thus lowering unemployment.
I was wondering if i could come up with a sampling of posts on my blog that have made a similar point.
Why We Must Raise Taxes on the Rich August 2011, Buffett Mocks Norquist Idea on Taxes Thwarting Investment November 2012, Higher Taxes Hurt Job Creators? That’s Malarkey October 2012, Call Kerry Now: Deficit Panel Seeks to Defer Details on Raising Taxes November 2011, and How the GOP Became the Party of the Rich November 2011.
This last one is where I decided to stop the list. There is The Wall Street Journal article 1993 Deficit Reduction: a Lesson on Tax Policy mentioned in the post Who Raised The Debt Ceiling. Here is one quote from The Wall Street Journal article.
Reality: Raising taxes on the wealthy is much more likely to reduce the deficit and make more money available to proactively solve America’s problems—and save money in the long run. In addition, it may have absolutely no negative effect on economic growth, jobs or wages.
I wonder how many times this has to be said before the big lie loses its effect.