Secretary of State Hillary Clinton, making it very clear she was giving her own opinion and not that of the Obama administration, told the Brookings Institution “the rich are not paying their fair share of taxes.”
She pointed out Brazil's successful economy:
"Brazil has the highest tax-to-GDP rate in the Western Hemisphere and guess what – they're growing like crazy. And, the rich are getting richer, but they're pulling people out of poverty.
"There is a certain formula there that used to work for us, until we abandoned it, to our regret in my opinion."
Economics is not my long suit, but I know enough to realize that the Bush administration policy of cutting taxes for the wealthy while this country was engaged in wars on two fronts was not exactly a formula for success.
I do remember phrases like “spillover benefits” and “spillover costs” and apparently when “the rich” – individuals and corporations alike – pay their “fair share,” there are spillover benefits for everyone.
SOURCE: CNN’s Political Ticker
***
Have a great Memorial Day weekend, guys. Take time to remember those who have served – past and present. See you on the flipside.
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demwit
Chronicling the absurd, the obnoxious, the outright lies, the occasional truths and the downright mystical out of the mouths of politicians and pundits.
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- B.J.
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3 comments:
I'm an idiot when it comes to taxes, economics or anything over the number 2. But I understand and agree with the principle here.
Our highest economic growth has been during periods of time when we have had the higher marginal tax rates.
Hillary is one smart cookie, I watched her speak that day. Maybe she can convince the president to listen to some of her ideas!
Have a great weekend BJ! xo
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