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"Read my lips: no more taxes."
Those iconic words were uttered by then-presidential candidate George H. W. Bush at the 1988 Republican National Convention.
This week on #30Issues, we're asking: who should pay how much in taxes?
But before we get into what your taxes might look like under a Trump presidency, it helps to understand where the federal income tax came from. Listen to the first 9 minutes of the segment below to hear a whirlwind tour of American politicians and the promises they've made (and broken) in the name of taxes.
And while you're at it, go ahead and listen to the rest of that segment too. Joseph Thorndike, director of the Tax History Project at Tax Analysts, breaks down the history of taxes in a pretty palatable way.
Busting The 2 Big Tax Myths
Here are the two main myths, as Joseph Thorndike sees them:
High taxes will kill growth. There's plenty of evidence to show that's not true, says Thorndike, pointing to periods of high taxation and economic growth in the 1950s and 1990s.
Tax rates don't affect growth. Well, that's not really true either.
Thorndike says: "The truth lies somewhere in the middle...At the end of the day, tax rates do matter to growth, but lots of other things matter more, so we shouldn't fetishize them."
Twitter Chatter
@BrianLehrer Nice radio montage! FDR after Pearl Harbor: "sacrifice." W after 9/11: "Go shopping. Treat yourself."
— Rob Gunther (@RobGunther) April 21, 2016
@BrianLehrer I thought this was going to be the most boring segment ever, but it's very interesting!
— Eileen (@brooklyneileen) April 21, 2016
@brianlehrer House elections are largely auctions for access to change the tax code. How do we change that?
— Jack Jackson (@jack_jackson) April 21, 2016
Great @jthorndike interview by @BrianLehrer: taxes increase when they must, not when they should (mostly).
— clintwallace (@clintwallace) April 21, 2016
@BrianLehrer There should be a marginal tax for the top 1% around 70%-80% because everyone knows loopholes reduce it by half or more.
— edward brewington (@edbrewington3) April 22, 2016
Just Stop and Think About This For a Second
Take the most extreme tax proposals by the presidential candidates. Donald Trump wants to slash taxes by about $11 trillion. Bernie Sanders could increase taxes by $14 trilli...