Mr. Sensitive

October 18, 2012

CNBC Lies About Taxes

Filed under: Uncategorized — lbej @ 11:55

I stopped watching CNBC with sound–too much deception buttressed by snark–but I still love the beautiful ticker.  Even muted, they got me today when they showed–breaking news!–a blurb stating that President Obama refuses to sign a tax bill that does not increase taxes for higher-income earners.  So what?  Here’s what (with my emphasis added):

President Obama refuses to sign a tax bill that does not increase taxes for higher-income earners.

That is a lie.

The truth is that if Congress and the President do not act, the Bush-era tax cuts will expire at the end of the year and rates will revert to Clinton-era levels.  The unemployment rate when Bush took office in January 2001–after years of supposedly suffocating taxes–was 4.2%.  After a decade of bottom-basement tax rates, the unemployment rate is 7.8%.  However damning that comparison is, it’s beside the point.  The problem is that CNBC is lying.  The President does, in fact, refuse to sign a bill that gives the wealthy a new tax cut after the current one expires.  The Republicans–and CNBC–like to pretend that not cutting taxes is the same as raising them.  It’s not.  Bush and his captive, post-9/11 Congress cut taxes, justifying it with a traditional, supply-side economic argument: if the wealthy have more money to invest, they’ll invest it in America, creating employment for Americans.  Instead, they invested it in China and banked the profits.  Now they want a separate, new tax cut, but they’ve got no justification this time other than greed.  So they’re couching the Democrats’ refusal to give them want they want–a new tax cut--in lies about tax hikes.  Obama doesn’t want the tax bill he’ll sign to say anything whatsoever about taxes for the wealthy–it doesn’t have to.  Shame on CNBC for helping the Republicans lie about that fact.



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