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On September 19, 2011, economist Richard Wolff headlined his Guardian op-ed "The truth about 'class war' in America," saying:
"Republicans claim (Obama's) millionaire tax is 'class war.' The reality is that the super-rich won the war" long ago.
Tax hike fear-mongering claims:
(1) raising them "amount(s) to un-American 'class warfare,' pitting" ordinary Americans against corporations and super-rich elites; and
(2) tax hikes negatively affect productive investment and job creation.
Evidence proves otherwise. Post-WW II, every personal income dollar raised was matched by $1.50 on business profits. Now it's 25 cents.
Ordinary households bear today's burden. Social justice are four-letter words. Corporations pay increasingly less. Nominally from 1989 - 2007, they paid 24.7% of profits. Since 2010, they averaged 12.4%. In reality, many pay much less.
Obama/Boehner's grand bargain assures new cuts. Obama's on record favoring lower corporate taxes. Expect nominal reductions from today top 35% rate to 28%. What's paid, of course, is much less.
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