Fred Thompson: Once Again, He Knows Not His Ass From A Hole In The Ground
I could spend my time destroying Fred Thompson's simplistic and downright silly tax cut arguments published in that house of economic rectitude, The Wall Street Journal. But thankfully I don't have to.
Barbara of Mahablog did it for me, regarding Thompson's repeating myths about Coolidge and Reagan's tax cuts (smart move associating yourself with the guy whose tax cuts for-the-rich helped lead us right into the land speculation that smoothed the way for The Great Depression, Fred).
Barbara was also kind enough to point to an article written by historian David Greenberg in 2004, which clearly shows the difference between Kennedy's Keynesian "demand-side tax cuts" and the supply-side hokum Republicans have dirty dreams about. Notice how marginal rates on those making over $400,000 per year in Kennedy's day were 91%.
So, um, that example sucked too, Fred.
Why not have a tax rate of even 70% for those making over $10 million per annum today (I know it would be tough for poor Republican CEOs to live on that)? Because Haliburton would declare war on the U.S. from their new home in the Middle East.