"The only people who’d have to pay substantially more taxes under Obama’s proposal are those earning far in excess of $250,000. They aren’t small businesses. Nor are they in the vast middle class, whose purchases account for most consumer spending. They’re the fattest of corpulent felines. And their spending will not be affected if their official tax rate rises from the Bush 35 percent to the Bill Clinton 39.6 percent.
In fact, most of these wealthy people’s income is unearned — capital gains and dividends that are now taxed at only 15 percent. If the Bush tax cuts expire on schedule, the capital gains rate would return to the same 20 percent it was under Bill Clinton.
But what’s so bad about the Clinton tax rates anyway? I don’t remember the economy suffering under Bill Clinton. I was in Clinton’s Cabinet, so perhaps my memory is self-serving. But as I recall, the economy generated 22 million net new jobs during those years. Unemployment fell dramatically, and almost everyone’s income grew. Poverty dropped as the economy soared.
In fact, the Clinton years generated the strongest and best economy we’ve had in anyone’s memory."
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Reich: Lies about tax hikes - Framingham, MA - The MetroWest Daily News