I was going to confine this post to the comments section of my last post. It's a reply to my constant rightwing blatherer and childhood friend Jim and one of his many unsubstantiated comments (he thinks giving citations to other rightwing blatherers is the same as being factual), this time about how the corporate tax rates in this country will make us like Japan (no what's made us have any similarities with Japan's economic collapse and less than robust recovery over the last ten years, is that both were the result of a housing bubble, only Japan's was confined to Japan's own economy, especially the banks, whereas ours being based on undecipherable formulas packaged as "hedges" against a failure that was actually inevitable and then sold throughout the world, has caused an economic collapse EVERYWHERE!).
I realize it's a waste of time to argue with Jim since he's a rightwing ideologue and cannot see beyond their propaganda obviously from his comments. But it becomes so tiresome to have him repeat the lies of his rightwing cheerleaders ala Rush/Hannity/et. al. that I dropped my original idea for a post and just copied the comment I was about to add to the last post here.
Here's Jim's "comment"—"The US 35% Corporate tax rate is the highest after the Japanese, in the world. The Japanese have been in a twenty year slump. JFK, Reagan and George W. proved that the best way to raise tax revenues is to cut the rates."
Oy. Where to start with all the fallacies and distortions in just those few words. Okay, here's the facts Jim. Most countries IN THE WORLD Jimbo, have corporate taxes in the 35% range, a vast majority (interestingly the "socialist" ones Jim's always denigrating ala Sweden Norway et. al. are mostly much lower).
And of the few who aren't in the same range as the USA's 15 to 38% (yes, some corporations pay as low as 15% here Jim, legally) they have graduated income taxes that go way above the USA's 35% (which may be where Jim got that figure for us, mistaking personal income tax for corporate, but that's been a rightwing ploy for decades, confusing corporations with individuals and even getting the law to agree).
For instance Spain's corporate taxes range from 25 to 30% but their individual income taxes go up to 42% or Belgium's 34% corporate tax rate is balanced by individual taxes that can go as high as 50%! Canada, who's corporate rate can go to 35.5% interestingly only goes as high as 29% in income tax rates (and still gives free healthcare!). France is another country that has a corporate rate close to 35% (it's 34%) but income taxes can go as high as 50%.
India, actually is closest to our figures, so I guess their phenomenal growth rate proves Jim's point—NOT!
As for Japan, Jim has that wrong as well. Their corporate rate is 30% but personal income taxes can go as high as 40%.
All this, of course, as any basic economics course should teach (but most MBA programs in this country are run by rightwing defenders of the so-called "free market"—which of course is an ideal that could never be actually carried out in reality (much like "communism" and "socialism" etc.)—and therefore deregulation (leading to the current worldwide economic collapse brought on by the philosophy taught in most of our business schools, but notice no big leftwing outcry to rid college campuses of these rightwing MBA professors whose teachings are a central part of the root cause of WORLDWIDE FINANCIAL RUIN! Nope, just the rightwing outcry to rid campuses of leftie professors who want to promote the idea of equality of the races and sexes and genders and gender preferences and the idea that government can do some good, the dirty villains!)
At any rate, anyone with an ounce of intelligence and any history of following markets and reading about economic realities, not theories, will know that these tax rate figures are useless indicators of anything unless joined with a slew of other statistics and facts including things as seemingly unrelated as geography, climate, consumption percentages, even religion and politics.
That's why we're so lucky to have someone with as nuanced an intelligence and perspective as Obama leading us through the current mess—created by simplistic ideological (rightwing) theories that in reality have proven completely disastrous—and with a useful personal history, having experienced all the dominant religions firsthand, most of the dominant geographical and climate variants and economic and power extremes personally—from Hawaii to Chicago, Indonesia to Harvard, welfare kid to millionaire author, community organizer among the most deprived to "leader of the free world" or "the world's only super power" etc.
Obama, fortunately, knows much much more than Jim or his rightwing cheerleaders have even a clue about, thank God.
[Oh, and PS Jim, taxes increased under presidents who raised tax rates or let them settle back to previous rates (and vice versa), as well, remember the Clinton presidency?]