“No Man’s life liberty or property is safe while the legislature is in session”.

- attributed to NY State Judge Gideon Tucker

Tuesday, June 29, 2010

Hillary's Unintended Support for Supply-Side Economics

Steve Forbes wrote a priceless editorial in the Wall Street Journal on Monday lambasting Hillary Clinton for her misguided support of Brazil's tax policies.

Quoting Hillary as saying regarding the US,

"The rich are not paying their fair share,"

Forbes went on to cite her extolling Brazil's tax-to-GDP rate.

Unfortunately for Hill, as Forbes pointed out, that doesn't mean Brazil has high tax rates on the rich. Quite the contrary, it's a textbook example of Reaganomics. The highest Brazilian rate is,

"a mere 27.5%, far below our top federal rate of 35%, which, given the complexity of our tax code, is actually closer to 38%."

This would be funny, if it weren't so sad as a commentary on the economic illiteracy of our current leaders and administration.

I'd love to hear Hillary's rebuttal when someone pointed out Forbes' editorial and asked her about her closet endorsement of low tax rates.

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