According to John Thune, the following is true:
“It’s just intuitive that, you know, if you’re somebody who’s in business and you get hit with a tax increase, it’s going to be that much harder, I think, to make investments that are going to lead to job creation.”
The problem with this statement: Warren Buffett. You see, Senator Thune, Warren Buffett not only wants a tax increase; but he also wants to make investments leading to job creation at the same time. Outrageous!
While John Thune relies on his intuition – which, let’s face it – is questionable, given that he just endorsed a guy who believes corporations are people; we prefer to rely on things a bit more tangible – they’re called facts.
Fact #1: The Bush administration created about three million jobs (net) over its eight years, a fraction of the 23 million jobs created under President Bill Clinton‘s administration and only slightly better than President George H.W. Bush did in his four years in office.
Fact #2: Since Republicans rededicated themselves to slashing taxes for the wealthy in 1997, the average annual income of the 400 richest Americans has more than tripled, to $345 million – while their share of the tax burden has plunged by 40 percent. Today, a billionaire in the top 400 pays less than 17 percent of his income in taxes – five percentage points less than a bus driver earning $26,000 a year.
Fact #3: Reagan raised taxes 11 times in eight years. Why? From the Gipper himself: “We don’t seek to aid the rich, but those lower- and middle-income families who are most strapped by taxes and the recession.”
So you see, dearest Republican friends, this fight isn’t about you. It’s about hard-working Americans struggling every day to still achieve their American dreams. It’s about moving a country forward, in a direction that honors all people, no matter their stature, creed, or bank account balance.
Most of all, putting this country back to work is about remembering the past; so much so that we dare to surpass its triumphs and never repeat its failings. And yes, Senator Thune, that means we’re going to pass on your intuition.