No really. That’s what he said. That’s why I included the video to make sure you knew I wasn’t making this stuff up. Unbelievable.
From yesterday’s MSNBC interview with Andrea Mitchell, Cummings is asked if he believes raising taxes on the wealthy will hurt the economy more. Cummings responds by saying 91% of small business won’t be hurt (I am not sure where that comes from. I searched. I believe it probably some CBO score, but I don’t buy it because I ran a small business and we came damn close. We had 4 employees).
Then he makes some unintelligible remarks about business expanding even if taxes are higher because they always do. Even Christina Romer and her husband disagree with that one. And finally the money line. Help!
Let me clear up a few things on fair share.
Top earners are the target for new tax increases, but the U.S. tax system is already highly progressive. The top 1 percent of income earners paid 40 percent of all federal income taxes in 2007, while the bottom 50 percent paid only 3 percent. More than one-third of U.S. earners paid no federal income tax at all.
And here’s a visual from Heritage if you need one.
Go read the whole thing. It’s sourced. But enough of this wealthy stuff. What’s in it for meeeeeeeeeeeeeeeee? a yacht? A mortgage deal? A condo in the Dominican? Maybe a limo I don’t need to declare as income? How about a vacation in Spain or a private jet? Hmmmm?