The big tax hike of 1936 in the US caused the recession of 1937 — the recession WITHIN the Depression. Altogether, Roosevelt’s policies kept the Depression going for 8 years, where, without those policies, it would have lasted less than a year. The drag of Roosevelt’s tax policies became so obvious that in May 1938 — OVER FDR’s PROTESTS — Republicans & Southern Democrats in Congress forced repeal of the 1936 tax on “undistributed profits,” and cut the corporate tax rate. The recession officially bottomed out the following month. There are SO many examples of lowering taxes bringing about positive economic results, that one has to be 1) unaware of history, 2) aware of history but too stupid to understand simple things, or 3) aware of history, understand it, but prefer to harm the economy in the pursuit of leftist goals rather than to care. Obama, when asked about increasing the capital gains tax — EVEN THOUGH IT WOULD REDUCE REVENUE TO THE GOVERNMENT! — said it should be done anyway, in the interest of fairness. INCREASE THE BURDEN ON EVERYONE, so that the burden would be more similar across the spectrum. He really preferred that we all suffer. Obamas policies have extended our suffering, just as FDRs did in the 1930s. .
Posted on: Sat, 09 Nov 2013 15:36:29 +0000