Tuesday, October 28, 2008
Obama's Socialist Tax Agenda: Just Like Ronald Reagan, Teddy Roosevelt and Dwight D. Eisenhower. The Right Wing Really Has Gone Off The Reservation.
"I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective: a graduated inheritance tax increasing rapidly with the size of the estate.”
- Theodore Roosevelt
“Every dollar spent by the government must be paid for either by taxes or by more borrowing with greater debt. The only way to make more tax cuts now is to have bigger and bigger deficits and to borrow more and more money. Either we or our children will have to bear the burden of this debt. This is one kind of chicken that always comes home to roost. An unwise tax cutter, my fellow citizens, is no real friend of the taxpayer."
- Dwight D. Eisenhower
In 1986, Reagan signed legislation greatly increasing the earned income tax credit, a credit for low-income workers that reduces the impact of payroll taxes in order to boost take-home pay above poverty levels. When the credit is more than the amount of federal income taxes owed by an individual, that person receives a tax “refund.”
“It's the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress.”
- Ronald Reagan
COOPER: It's certainly a question the McCain campaign has kind of been hammering at, portraying Obama as a socialist. You hear that on -- on the Palin campaign as well.
Is it working?
GERGEN: They may be making some modest progress with it, Anderson. We did see some evidence of McCain coming up a point or two here and there. I don't think it's anywhere near close enough to win an election. And more importantly, I don't think the Democrats have really answered it appropriately.
You know, Teddy Roosevelt, a Republican, was very much an advocate of what's called progressive taxation. Ad that is the rich pay more than the poor in terms of taxes.
Now, one of the most effective popular programs we've had in the last three decades. It's called the earned income tax credit. It's a program whereby, if you're a working person, a working couple and you're below the poverty line, the government will actually give you money. That's a redistributed program. It's a program which takes money from the upper classes and gives it to the lower -- to the working poor.
Now who started that program? The earned income tax credit? Ronald Reagan. It was one of the -- it was an achievement of the Reagan administration that Bill Clinton then built on.
So I think that these arguments are -- you know, some of them get so carried away that they don't recognize the realities of what we've been going through in public policy and the big arguments about why the wealth over the last 30 years has been redistributed. It's been redistributed upwards.