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Wednesday, September 28, 2016

WATCH: Joe Conason Discusses Tax Cuts On ‘PoliticsNation’

National Memo Editor-in-Chief Joe Conason appeared on MSNBC’s “PoliticsNation” last night alongside host Al Sharpton and The Washington Post’s Nia-Malika Henderson to discuss President Obama’s announcement that he will push to extend Bush tax cuts for those earning less than $250,000 a year, while letting the wealthiest Americans’ tax cuts expire. While Sharpton recalled the Clinton era, when the former president raised taxes on the wealthy to nearly 40 percent — which created 20.8 million private sector jobs — Conason noted that Sharpton left something out: “When President Clinton came into office, we had what was then considered a huge deficit,” and after Clinton proposed a tax increase, “The Republicans screamed, as you recall. Not one Republican vote…they all said… this will cause a recession, depression, worse. And we know what actually happened.” What happened wasn’t a recession or a depression, but instead, a historic economic surplus.

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On the contrary, the Bush era brought about a tax cut to 35 percent, a loss of 663,000 jobs, and a national debt of $4.9 trillion. Romney and the Republicans are proposing even more extensive tax cuts for the wealthy — haven’t they learned from history? 

  • dtgraham

    I don’t get that. You’d think the 90’s happened 60 years ago instead of less than 20. Go back and have a look at all of the Republican predictions of doom and destruction that were supposed to happen with the Clinton tax hike. Not a single one of them did and there was nothing but positive economic and fiscal news for the rest of that decade. They are making those exact same arguments today, word for word, on the expiration of the Bush tax cuts. Do they think videotape doesn’t exist? They need to be hit over the head repeatedly with recent past precedent.

    Clinton inherited a nasty recession (19991 was bad) and those tax hikes should have killed or damaged the coming tech boom, supposedly. GHW Bush’s 1990 tax increase didn’t cause a downturn any more than Clinton’s caused an upturn any more than W’s tax cuts caused a slowdown in job creation. Economies are much more complex than that.