Contrary to What Republicans Would Have You Believe…Some Folks Understand How Tax Rates Work

WASHINGTON — Congressional Republicans opposition to any tax rate hike on the top two percent of earners shows few signs of letting up as the debate wears on. But the beneficiaries of that opposition, the nations wealthiest executives, have themselves begun opening up to the possibility of a rate hike.

On Tuesday, FedEx Chairman and CEO Fred Smith, an adviser to Sen. John McCain’s presidential campaign, said that the notion that tax hikes on the richest Americans would kill jobs was simply “mythology.”

And on Monday, a gathering of the nations top defense executives took a surprising turn when they endorsed tax rate increases on the wealthy and cuts of up to $150 billion to the Pentagons budget.

Top executives from Northrop Grumman, Pratt & Whitney, TASC and RTI International Metals appeared at the National Press Club at an event organized by the Aerospace Industries Association, the top defense contractor lobbyist.

David Langstaff, CEO of TASC, said that the executives were speaking out because so far leaders of the defense industry were “talking a good game, but are still unwilling to park short-term self-interest.”

After the event, he told a defense reporter for Politico that tax rates need to go up.

“In the near term, [income tax rates] need to go up some,” Langstaff said. “This is a fairness issue — there needs to be recognition that we’re not collecting enough revenue. In the last decade we’ve fought two wars without raising taxes. So I think it does need to go up.”

via Top Two Percent To GOP: Tax Us.

Remember now, as you look at the size of the debt…Republicans cut taxes to pay for two wars…and cut taxes to create jobs…and cut taxes just because.  And now revenue as a % of GDP is at an all time low and debt as a % of GDP is at at all time high….barely 10 years after a Democratic President balanced the budget.

The facts on this issue are so overwhelming….Republican tax theory does not work in the real world.  You’d think after a decade of being proved wrong they would understand this.  You’d think that…unless you are a Republican, in which case “thinking” is the problem.

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