Myth of Rich Tax Breaks Helping Economy Debunked by Ex-White House and Hill Staff Robert Weiner in 'Truthout'

"MYTHS AND FACTS" REPORT LAYS OUT PRESIDENTIAL ECONOMICS SINCE TRUMAN AND THE FAILURE OF "TRICKLE DOWN"

WASHINGTON, Nov. 21, 2010 /PRNewswire-USNewswire/ -- In a report, "The Great Tax Debate – Myths and facts," printed and featured today in Truthout, one of the country's leading progressive news sources reaching 260,000 readers with one million web hits per month, former Clinton White House staff and House Government Operations Committee spokesman Robert Weiner debunks "the myth of tax breaks helping the economy" and lays out "the failure of trickle down." The report charts presidential economics since Truman.

In the report, Weiner and policy analyst Varun Saxena assert:

"In the lame duck Congress, President Obama and most congressional Democrats want to extend the Bush tax cuts for 98% of Americans, everyone making under $250,000. Republicans want to extend the tax cuts for everybody despite Bush's bill in 2001 to suspend the cuts at the end of 2010 to restore revenue.

"Republicans portray the Bush tax cuts as similar to President John Kennedy's. That is a poor analogy. Kennedy cut the top rate from an exorbitant 91% to 70%. In contrast, Bush cut the top tax rate from a historically low 39.6% to 35%. By increasing enforcement and cracking down on loopholes, including the use of foreign subsidiaries for tax evasion, Kennedy increased government revenue. Republicans are fighting limiting outsourcing and foreign loopholes. Kennedy created 1.2 million jobs per year; Bush was losing 700,000 jobs a month his last year.

"'Trickle down' economics has not worked since Herbert Hoover tried it. Every dollar devoted to the middle class causes the economy to grow three times faster than a dollar for the rich, according to CBO. Millionaires save more of their tax cuts. Middle class families spend them.

"Since 1900, Democratic presidents have produced a 12.3% annual return on the S&P 500, Republicans only 8%. GDP growth since 1930 is 5.4% for Democratic presidents and 1.6% for Republicans.

"Democratic presidents spread wealth around through needed social programs and targeting tax cuts to lower and middle income Americans – stimulating the whole economy. Republicans pump into defense contractors and high income Americans, creating larger deficits and higher interest rates."

Link to report:

http://www.truth-out.org/the-great-tax-cut-debate-myths-and-facts65294

Contact: Bob Weiner/Gavriel Swerling 301-283-0821 or 202-306-1200

SOURCE Robert Weiner Associates