The Clinton Tax Myth

Thursday evening in the House of Representatives, House Democratic Leader Steny Hoyer gave a forceful speech regarding the "Obama-Republican Tax Deal."  He pointed out that in 1993, we raised taxes on the top earners in the country and gained 22 million jobs in the following years.  Mr. Hoyer suggested -- as many Democrats do, including Clinton himself -- that raising taxes on the rich actually propelled our economy in the nineties, just as -- in the words of Dems -- cutting taxes in 2001 hurt the economy.I feel the pain of Democrats in losing a decade-old talking point, but it is more accurate to say that the economy in the 1990s continued growing strong despite the tax increases!  In fact, the economy was strong enough before Congress voted on the tax bill that it was able to digest the tax increases which were signed August 10, 1993.  Let's look at the numbers as to how things were following the downturn of two decades ago.The economy was out of...(Read Full Article)