| | |  Editorials | Opinions | March 2009 
Is the US Headed for Socialism?
 Paul Crist - democratsabroad.org
This is ridiculous. The media has been obsessing about President Obama's plan to roll back the Bush tax cuts for the wealthiest Americans — from 35% to 39.6% — even asking if that makes him a socialist. (1)
But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.
Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!
Shocking, right?
And for all the whining about rolling back Bush's irresponsible tax cuts, the truth is that Obama's plan cuts taxes for 95% of working Americans. Further, it closes huge tax loopholes for oil companies, hedge funds and corporations that ship jobs overseas so that we can invest in the priorities that will get our economy back on track. (2)
I saw a great chart in The Washington Monthly (3) that shows just how absurd Republican complaints about Obama's budget are. Check it out and pass it on.
Want to support a fairer, more progressive tax system? Donate to MoveOn.org. They are entirely funded by their 5 million members – no corporate contributions, no big checks from CEOs.
Sources
1. "A Socialist? Obama Calls Back to Insist No," - The International Herald Tribune, March 8, 2009
2. "Tax Cuts," - The New York Times, February 26, 2009
3. "Soaking the Rich (Redux)" - The Washington Monthly, March 8, 2009
Paul Crist, originally from Washington, DC, now lives, works, and writes in Puerto Vallarta, Mexico. He holds an MA in International Economics from Johns Hopkins University, School of Advanced International Studies, and is the Editor of the Democrats Abroad Mexico National Newsletter. He can be reached at editor(at)mexicodemocrats.org.
For more information about the Costa Banderas Chapter of Democrats Abroad, click HERE. |
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