Summary Tim Dickinson The Party Of The Rich
“The Party of the Rich” by Tim Dickinson appeared in Rolling Stone’s November 24, 2011 issue. Dickinson demonstrated that since 1997, the Republican party feverishly cut taxes on the wealthiest portion of the population and abandoned the poor and middle class population. In the article “The Party of the Rich” Dickinson illustrated that the Republican Party has become the party of the rich since Ronald Reagan was president. Dickinson also suggested that Reagan is an appropriate icon for tax-cutting Republicans and a prime example of a tax-cutting, small expenditure president.
Dickinson illustrated that Reagan closing tax loopholes allow millionaires to pay less in taxes compared to bus drivers. Closing tax loopholes also allowed some millionaires
to find their (the millionaires) ways out of paying taxes, which anger many U.S citizens at that time. People in the economy view Reagan as the father of supply side economics. On the other hand, Reagan implied that taxes are necessary to cure deficits. Reagan suggested that since the country(U.S.) unemployment rates are high, the only way to cure the United States economy is to cut tax loopholes, which allow the millionaires to invested their (the millionaires) money into business that created thousands of jobs for the Americans, which brought the unemployment rate down and the United States economy back up. In the late 1970s, high inflation drove up wages and pushed the middle class into higher tax brackets that Reagan selling the country on an "across-the-board" tax cut that brought the top rate down to 50 percent. It was the birth of what is now known as "Starve the Beast" – a conscious strategy by conservatives to force cuts in federal spending by bankrupting the country.
In 1980s, Reagan announced on his (Reagan) campaign the recipes to fix up the nation’s economic mess that caused by the Great Depression. Reagan proposed to Congress a phased 30% tax cut for the first three years of his Presidency; however, Congress only approved 25% tax cut out of Reagan 30% tax cut for Reagan first term only. As stated earlier, with tax relief for the rich would enable the rich to spend and invest more. This new spending of the rich would stimulate the economy and create new jobs. Reagan believed that a tax cut would ultimately generate even more revenue for the federal government; however, Reagan tax cut have mixed reaction. The Federal Reserve Board believed that tax relief would re-ignite inflation and raise interest rates. For the remainder of Reagan time in office, Reagan repeatedly raised taxes to bring down unwieldy deficits. Today, Reagan may be lionized as a tax abolitionist, says Alan Simpson, a former Republican senator.
Dickinson illustrated that despite creating a great economy, George H.W. Bush tax raise cost Bush his election while Clinton’s tax raises causes Clinton the house of representatives and senate. After George Bush take office, Bush proposed his first form of tax breaks, by killing tax harmonization; however, in 2001 the economy began showing signs of recession which Bush take this opportunity to cut taxes even more. The economy did show sign of improved but the majority credits was given to The Federal Reserve Board for beating the inflation not Bush cutting taxes. Dickinson demonstrated that Bush years exposes the bankruptcy behind the trickle-down theory. Dickinson refer that the GOP handouts during this era coincided with the lowest amounts of growth since World War II and that Dickinson believed that instead of investing in new business opportunities, the wealthy population have a better chance of enriching their fortunes by investing in Washington. Many wealthy companies who received the biggest tax relief actually slashed jobs, instead of creating the jobs that were promised by the Republican party.
Dickinson illustrated that Reagan closing tax loopholes allow millionaires to pay less in taxes compared to bus drivers. Closing tax loopholes also allowed some millionaires
to find their (the millionaires) ways out of paying taxes, which anger many U.S citizens at that time. People in the economy view Reagan as the father of supply side economics. On the other hand, Reagan implied that taxes are necessary to cure deficits. Reagan suggested that since the country(U.S.) unemployment rates are high, the only way to cure the United States economy is to cut tax loopholes, which allow the millionaires to invested their (the millionaires) money into business that created thousands of jobs for the Americans, which brought the unemployment rate down and the United States economy back up. In the late 1970s, high inflation drove up wages and pushed the middle class into higher tax brackets that Reagan selling the country on an "across-the-board" tax cut that brought the top rate down to 50 percent. It was the birth of what is now known as "Starve the Beast" – a conscious strategy by conservatives to force cuts in federal spending by bankrupting the country.
In 1980s, Reagan announced on his (Reagan) campaign the recipes to fix up the nation’s economic mess that caused by the Great Depression. Reagan proposed to Congress a phased 30% tax cut for the first three years of his Presidency; however, Congress only approved 25% tax cut out of Reagan 30% tax cut for Reagan first term only. As stated earlier, with tax relief for the rich would enable the rich to spend and invest more. This new spending of the rich would stimulate the economy and create new jobs. Reagan believed that a tax cut would ultimately generate even more revenue for the federal government; however, Reagan tax cut have mixed reaction. The Federal Reserve Board believed that tax relief would re-ignite inflation and raise interest rates. For the remainder of Reagan time in office, Reagan repeatedly raised taxes to bring down unwieldy deficits. Today, Reagan may be lionized as a tax abolitionist, says Alan Simpson, a former Republican senator.
Dickinson illustrated that despite creating a great economy, George H.W. Bush tax raise cost Bush his election while Clinton’s tax raises causes Clinton the house of representatives and senate. After George Bush take office, Bush proposed his first form of tax breaks, by killing tax harmonization; however, in 2001 the economy began showing signs of recession which Bush take this opportunity to cut taxes even more. The economy did show sign of improved but the majority credits was given to The Federal Reserve Board for beating the inflation not Bush cutting taxes. Dickinson demonstrated that Bush years exposes the bankruptcy behind the trickle-down theory. Dickinson refer that the GOP handouts during this era coincided with the lowest amounts of growth since World War II and that Dickinson believed that instead of investing in new business opportunities, the wealthy population have a better chance of enriching their fortunes by investing in Washington. Many wealthy companies who received the biggest tax relief actually slashed jobs, instead of creating the jobs that were promised by the Republican party.