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Bulls And Bears Show Just Happens To Echo GOP Meme Of "No New Taxes"

Reported by Guest Blogger - July 18, 2011 -

By Brian

Fox News' Bulls and Bears opened its show on Saturday (7/16/11) with a discussion about President Obama's desire to help close the deficit by raising taxes on the wealthiest Americans. Surprise! Surprise! Nearly the entire panel - plus host Brenda Buttner - was in step with Republicans' anti-tax position.

Buttner set the tone by leading the discussion with the following "question" to panelist Tobin Smith. "Tobin, you worried?"

Of course he was. He said, "Sure I am. Look at what's happening in every state that has tried to raise marginal tax rates for the 'rich'." Eighteen out of 18 times… it suppressed taxes. Number two, it suppressed the GDP of those states… and we're trying to do it nationally. That hurts the economy… We're just missing the boat."

Guest Caroline Heldman spoke about President Obama raising taxes on the top 2%. "He's really restoring those rates, and from what we know under President George W. Bush, we had the slowest job growth in 70 years, even though he gave two tax breaks to the wealthy. President Obama extends it, the last two years we've seen stagnant job growth as well… Trickle down economics doesn't work, so I'm glad that President Obama's going after the top 2%."

Regular Eric Bolling wanted to "drop the corporate tax rates, and as Tobin says, when you do that… you grow tax revenue."

Jonas Max Ferris warned, "Economically, either one if done at a large level, which is what's going to be required to get this balanced budget, is going to cause job losses."

Buttner asked Gary B. Smith, "Gary B., tax hikes, higher unemployment or lower?" As if she didn’t know what he’d answer.

Sure enough, Gary B. said, "Absolutely higher, Brenda… In 1990, the government imposed a luxury tax on high end items." He said, "The yacht-building industry alone caused a loss of 7,600 jobs… The limb is going to break... These millionaires and billionaires, who Obama keeps wanting to demagogue, are simply going to stop paying. They're going to stop working… They’re going to hide the income as best they can legally."

Heldman argued, "Wealthy individuals are already hiding income… Capitalism allows people - wealthy individuals - to amass wealth and power, and then use that power to set up rules that benefit them."

Gary B. Smith whined, "How much are the top 1%, the top 5% supposed to contribute at some point? …I'm all for the rich contributing more than their fair share, but I think we're already there and at that point." Comment: He doesn't sound like he wants the rich to pay their fair share, does he?

Bolling said, "We need to lower taxes because that stimulates growth." Apparently, Bolling didn't listen to Caroline's point about taxes and jobs earlier.

Comment: President Clinton created 22 million jobs in 8 years with record surpluses and low inflation by raising the top tax rate. It's one thing for the panelists not to point this out. But what's Buttner's excuse?

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