Remember how the Forbes on Fox show was so upset that 47% of American households pay no federal income tax? That was so 2010 ago! Now, in the wake of Republicans' advances in the midterm elections, the Forbes on Fox folks began talking up “across-the-board” tax cuts. It was all in the name of “help(ing) the struggling middle class.” But we know who will really be helped. Then, when the subject of wage hikes arose, let’s just say the panel was a lot less enthusiastic.
In August, 2012, the Center for American Progress issued a report showing that tax cuts, or supply-side economics, showed slower investment, productivity, job creation, slower wage growth and overall growth than when taxes were higher.
But those results were completely ignored by the panel. Every member endorsed the tax cuts except the somewhat liberal Rick Ungar. He endorsed the plan if done in conjunction with wage hikes. But that earned loud protests from the rest of that “middle-class loving” group.
Host David Asman highlighted median household income going down under President Obama. "All of their (middle class) costs are going up and their after-tax income is going down." But he later revealed who he's really looking out for when he said, "There are a lot of people who are making 200,000, live in New York City, who say they're middle class too."
Steve Forbes: “It worked in American history when you do it across the board. I’d like to go all the way and have the flat tax.” He said it would “get the economy moving. …Slashing tax rates across the board with a sound dollar, America will come roaring back.”
Elizabeth MacDonald, said about across-the-board cuts: “Yeah, it’s the way to do it. …Only the Pyongyang wing of the Democratic party would think that tax hikes create jobs. … There was a boom economy every time there we’ve had a tax cut.”
John Tamny: “The only way to (raise median household income) is across-the-board tax cuts.”
Mike Ozanian: “What I really like about across-the-board tax cuts, it helps small businesses. From 1980 to 2010, the number of small businesses where income was not taxed at the business level but taxed at the individual level tripled. Those businesses generated 50% of all pass-through income affected by the top 2 rates. So if you cut all tax rates, you’re gonna really going help business creation.”
Ungar said, “How about if we do that across-the-board tax cut, but at the same time, business agrees to take that money and raise what they pay their employees which is still lagging so badly?”
Asman gave an angry, “Uhhhhhh.” He and MacDonald thought there should be “no deals.”
Watch it below.