Boehner: No 'Difference' If Revenue Comes From Middle Class Or Super Rich | ThinkProgress
House Speaker John Boehner (R-OH), who has refused to support raising marginal tax rates on the richest Americans in order to avert the so-called fiscal cliff, told Fox News Sunday that it doesnt matter if the government raises revenue by reducing programs or eliminating tax deductions that also benefit lower and middle class Americans or asks the wealthiest to pay more:
Despite Boehners rhetoric, there is no economic evidence to suggest that taxing income above $250,000 hurts the economy. In fact, business thrived during President Clintons tenure, as the wealthy paid more.
There is a clear difference to where the money comes from, however, and asking higher-income Americans who have benefited the most to pay more is fairer than gutting critical entitlement programs during a slow economic recovery. While middle-class incomes have stagnated, Americas top income bracket has enjoyed a period of exceptionally low tax rates thanks largely to caps on investment income and tax cuts put in place by former president George W. Bush. These super-rich Americans have fared well under President Obama, too; corporate profits are skyrocketing and the total number of millionaires in the US has exploded during his term.
House Speaker John Boehner (R-OH), who has refused to support raising marginal tax rates on the richest Americans in order to avert the so-called fiscal cliff, told Fox News Sunday that it doesnt matter if the government raises revenue by reducing programs or eliminating tax deductions that also benefit lower and middle class Americans or asks the wealthiest to pay more:
Despite Boehners rhetoric, there is no economic evidence to suggest that taxing income above $250,000 hurts the economy. In fact, business thrived during President Clintons tenure, as the wealthy paid more.
There is a clear difference to where the money comes from, however, and asking higher-income Americans who have benefited the most to pay more is fairer than gutting critical entitlement programs during a slow economic recovery. While middle-class incomes have stagnated, Americas top income bracket has enjoyed a period of exceptionally low tax rates thanks largely to caps on investment income and tax cuts put in place by former president George W. Bush. These super-rich Americans have fared well under President Obama, too; corporate profits are skyrocketing and the total number of millionaires in the US has exploded during his term.
