Wow, a Bill O'reilly watcher!!! lol...so obvious man. Barney Frank now? Haha. Financial institutions, AIG especailly took advantage of the subprime rates and did hose the public, and under the Right wings control. You really need to read a bit more and do some research on your own. I'm not going to teach your ass for free and times up. Look it up for yourself and READ more. After EVERY tax cut, there was a recession. There are hundreds of articles written on the subject all over the place, and many many economists that back this then don't.
Reagan Tax Cuts for the Rich (remember, never cut them for the average Amercian, only the top percentage of the Country's wealthiest)
Bush Sr. = Continues Reagan Policy, Had to raise taxes from the Reagan Recession
Bush Jr. = Two Recessions, and now possible the next great Depression.
1920's has HUGE tax cuts that led right into the Great Depression
One huge point here, it's only the top earners that when taxes are cut, the Government NEVER reduces the neccessary spending needed, and enters into deficit spending, which in turn, weakens the dollar and causes all kinds of other problems. Tax cuts are good, but not when they are top heavy and greatly favor the top percentages of society.
You probably read this :
http://www.cato.org/pub_display.php?pub_id=3015
Which is a right wing think tank, and is full of holes that are easily disproved.
BTW, some quick thoughts. My Family was supposed to pay 70% in taxes, but there were always ways to get around that rate back in the day, for one, most people didn't pay themselves over 3.2 million, and kept most of their money in companies and eventually S corps., and offshore accounts. You probably know nothing about any of this if you're an average American or if you're new money. Most people of wealth make their money through investments, not through Payroll or "normal means", and it's something not many people realize or even seperate in their minds. It used to be 90% before that believe it or not, for any income over 3.2 million. No one is advocating that, but that was a much different time. I'm opposed to the Death tax completely, at least for the first 50 million to 100 million dollars. The money has already been taxed and doesn't make sense. Insurance pays out the death tax right now, so there are many interests to keep the death tax, it's a huge money maker not only for the Gov, but for private insurance companies as well. There are so many ways to protect your money, that the average millionare pays a far less percentage then the average working American that really has nothing by comparison. No one I know pays more then 20 to 22 percent, and they all make far more then the median household income, almost all within private investments and through capital gains, which I'm not in favor of raising, but the Country needs to start paying down that 10 trillion of a credit card bill the Conservatives racked up.
One last point, I've never met or known one owner that created a job from getting a tax cut. This talking point is just not true. Even when Business gets a cut, they don't use that money to pay their people more, it's doesn't "trickle down", it resonates upwards and leaves almost always with bigger bonuses for those at the top. I've seen this first hand for decades.