If you go to the Holy Bible of the Republican Party, one of the first commandments is: thou shalt not raise tax rates. It seems pretty straightforward, but Republicans have a habit of being seduced into taking a bite out of that forbidden apple.
The most famous case was George HW Bush who had pledged not to raise tax rates in 1988 (“read my lips: no new taxes”), but was seduced two years later by Democrats, and he became a “one termer” as a result.
For the next three decades, very few Republicans ever voted for a tax increase, let alone committing the mortal sin of raising tax rates.
Now, we hear some GOP senators flirting with raising the corporate tax rate to 25% from 21% today.
As we reported yesterday, Republican leaders in the House are considering adding a “millionaire surtax” that would raise the top tax rate back up to 40%, from 37% today.
WHY? This won’t raise revenues, but it will reduce business creation, jobs and federal revenues.
The left’s riff that the rich don’t pay their fair share is preposterous. The top 1% pay 40% of the income tax.