On every occasion the issue of taxes arises, Republicans insists that wealthy people are paying high taxes and raising rates would lead to a recession. Of course, wealthy folk presently enjoy the LOWEST tax rate in over 70 years and WE HAVE A RECESSION. The silly season is upon America when Republicans claim raising the top rate from 36% to 39% would lead to economic calamity. These same Republicans cite the name of Ronal Reagan under whom there was a higher top tax rate.
Finally, a Democratic senator has accepted their dare. Senator Patty Murray of Washington, made clear to her Republican opponents the time has come to draw a line in the sand of decency. “If we cannot get a good deal, a balanced deal, that calls on the wealthy to pay their fair share, then I will absolutely continue this debate into 2013 rather than lock in on a long term deal this year that throws middle class families under the bus.”
The top tax rate under the presidency of Communist President Dwight Eisenhower, a Republican, was 90% and we had boom times!!