WILSON’S LOCAL PRINT AND DIGITAL COMMUNITY INSTITUTION SINCE 1896

Cutting taxes on the rich won’t bring growth

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In a recent letter to the Times, a conservative asked a litany of questions such as: How do lower corporate and personal income taxes hurt Americans? This is followed by a group of like questions that suggest Lying Donald achieved today’s economy through his initiatives alone.

It’s true, numbers and facts don’t lie. For example, President Obama’s administration created 1.084 million jobs in his last six months, and Trump 1.074 million in his first six months.

Let’s review what this professed “stable genius,” this narcissistic liar, considers his crowning achievement of the year, the Tax Cuts and Jobs Act. Let’s look at the past results of tax cuts:

• Ronald Reagan — Cut personal income tax rate from 70 percent to 28 percent, raised lower income tax rate from 12 to 15 percent, corporate tax cut from 46 to 40 percent, raised taxes seven times during his administration and deregulated the banking industry, leading to the savings and loan crisis. Failed to stimulate growth due to his inability to control dederal spending as it tripled the deficit from $998 billion to $2.857 trillion.

• George H.W. Bush — Contributed $1.2 trillion to the deficit partly for an unfunded war to keep Saudi oil flowing through the Straits of Hormuz and keep the Carlisle Group happy.

• William J. Clinton — Oversaw a robust economy, raising taxes on high incomers and corporations. Four percent unemployment, GDP at 4.2 percent and created 22.7 million jobs. Reduced the debt to deficit from $298 billion to a surplus of $128 billion.

• George W. Bush — Cut taxes in 2001 and 2003 to dispose of surplus, allowed Corporate America to return offshore profits at 5.25 percent, some $312 billion that went to pay for dividends and corporate CEO bonuses, not jobs. Too-big-to-fail Wall Street banks failed, received a $700 billion bailout of taxpayers’ money. Lost 8.635 million jobs between 2008-09, 10.6 percent unemployment, deficit at $11.3 trillion and the deepest recession since the Great Depression.

• Barack H. Obama — Numbers don’t lie. The Obama administration brought our economy out of the doldrums of a great recession perpetrated by Bush and the Republican Congress and returned our country into a place of respect in the world. He reduced our troop levels in two illegal war zones in the Middle East, and promoted the health of our planet, all the while reducing the rate of growth of debt to deficit over his last two years in office.

William T. “Nick” Smith

Wilson

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