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Paul Krugman
@paulkrugman
, 4 tweets, 1 min read Read on Twitter
Republicans don't understand marginal tax rates. On the other hand, they don't know anything about history1/
For what it's worth, here's what happened to federal revenues under Clinton and Bush II 2/
But in a way Walker's confident ignorance -- it really is the Dunning-Kruger party -- is typical: I've noted for a long time how Reaganolatry requires forgetting what happened in the Clinton years. 3/
The legend requires that there not have been a boom under someone who raised taxes on the rich. So it never happened. Either Clinton disappears from history, or the story of his economy gets rewritten. 4/
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More from @paulkrugman see all

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Paul Krugman
@paulkrugman
I've never really understood Clinton Derangement Syndrome, but it's an awesome and terrible thing to behold. People: she's not running. You know she's not running. You're just hyping nothing because it's an opportunity to relive what apparently were the best days of your lives 1/
You know: the days when you piled on a highly qualified candidate out of sheer pettiness, and in so doing delivered the nation into the hands of a man you knew full well was a sociopath -- but hey, you were having fun, and evidently feel no guilt about what you did 2/
And yes, I worry that Kamala Harris or Elizabeth Warren will receive the same treatment. It is, in fact, the biggest single risk we face in 2020. 3/
Read 3 tweets
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Paul Krugman
@paulkrugman
Not the only person saying this, but while it's true that Howard Schultz is saying a lot of stupid things, they're the same stupid things all the Very Serious People were saying in 2010-2011, the era of peak Simpson-Bowles 1/ vox.com/policy-and-pol…
Debt as the biggest problem we face? Check. Both parties equally to blame? Check. The public is disgusted with partisanship and wants a businessman/centrist? Check. (Luckily Bloomberg was smart enough to do some homework before believing his boosters.) 2/
What's distinctive about Schultz is that he seems to have spent all the time since in a stasis pod -- unaware of all the ways, economic and political, in which the Very Serious consensus came crashing down 3/
Read 4 tweets
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Paul Krugman
@paulkrugman
Overall, it won't surprise you, I agree with this defense of economics by Larry Summers. It's really important to realize that most of the bad stuff in recent policy, like austerity, the debt obsession, and tax-cut mysticism, came from non economists 1/ washingtonpost.com/business/2019/…
Some theory has gone wrong; but in the very area where economists get the most grief, macro, basic textbook economics has done very well (and vastly better than the instincts of businessmen and politicians) 2/ nytimes.com/2018/09/16/opi…
But Brad DeLong also has a point: there has been a disturbing willingness of economists to pander to politicians, mainly on the right -- and they don't seem to pay any price for being wrong and (crucially) refusing to acknowledge error 3/ bradford-delong.com/2019/01/yes-th…
Read 4 tweets

Related threads

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Erik Angner
@ErikAngner
Since we’re talking income tax rates, it occurred to me to compare my pay stubs from the US and Sweden, having recently moved from a relative low-tax environment to a relative high-tax one. It’s interesting! /1
I’m comparing two more or less randomly selected monthly pay stubs here, and obviously the results are not going to be representative except maybe for moderately successful mid-career academics with a child. /2
I paid less taxes in the US, where I lived in Virginia: 23% instead of 36%. This is a sizable difference, obviously: keeping 77% of your income is much better than keeping 64%. /3
Read 19 tweets
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Scott Santens
@scottsantens
@AOC For those who don't understand marginal tax rates, if we created a new income bracket of 70% at $10M, and you earned $10,000,001, you would only pay a 70% rate on $1 not the other $10 million. It's a way of encouraging CEOs to give raises to their employees instead of themselves.
@AOC Btw, if you think a marginal tax rate of 70% would cause the rich to work less, you should also realize that the way welfare works is to create marginal tax rates of 70% and even above 100% on those with low incomes. No one faces higher marginal tax rates than welfare recipients.
@AOC People look at those facing a 90% marginal tax rate and call them lazy for not agreeing to work in a job they don't want for 10 cents on the dollar. Work requirements are then proposed. If you want people to work, just stop punishing them for working…

prospectmagazine.co.uk/other/what-peo…
Read 5 tweets
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Leah McElrath 🏳️‍🌈
@leahmcelrath
Listen to what Rollins is actually saying though:

1. @AOC has them SPOOKED by overtly championing pre-Reagan era tax rates.
2. She largely BY HERSELF in ONE interview has SHIFTED THE OVERTON WINDOW on tax rates.
3. In desperation, he attempts to turn other Dem women against her.
Read this thread to understand marginal tax rates a bit more and why the GOP is spooked (hint: it’s on behalf of a much tinier portion than 1% of the population):

We SERIOUSLY need to make the 70% MARGINAL tax rate for income over $10 million a talking point.

Can someone find an even more accessible way of expressing it than I can?

The Overton Window has SHIFTED.

Read 6 tweets
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Adam Corlett
@adamcorlett
Here’s a new report about replacing business rates with a land value tax – an idea that people of all parties have been interested in. d3n8a8pro7vhmx.cloudfront.net/libdems/pages/… Some conclusions... (1/20!)
Why are business rates bad? Well, they’re a tax on physical structures as well as land. So it’s a building tax, a lighting tax, a blast furnace tax, a wind turbine tax, a railway tax, a broadband tax. Tax profits, sure, but it’s mad to tax physical infrastructure each year.
Business rates make lots of investment uneconomical at a time when Britain needs to boost productivity and build new, green infrastructure. Scrapping them would (over time) boost capital stock, productivity and people’s incomes.
Read 21 tweets
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Corey Lynn 🇺🇸
@CoreysDigs
1) 🚨 EMERGENCY BREAKING NEWS 🚨

Haiti is in a state of Emergency! Violent protests & fires happening all over Haiti right now! The news reports repeated story about fuel price spikes causing this. I am reporting in real time from Haiti source.

@POTUS @realDonaldTrump @FoxNews
2) Bear with me, I'm typing as it's coming in. The building of Parliament in Port-au-Prince has just completely burned down. HAITI NEEDS ASSISTANCE NOW! @realDonaldTrump
3) These aren’t just protests. The fuel prices sparked rage in an already uncivilized, lawless place. They are starting fires nationwide. Attacks are happening everywhere at the highest levels!
Read 208 tweets
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Elemi Fuentes 🇫️🇺️🇨️🇰️
@ElemiFuentes
1-The evening of the 22nd of June, Miss #SarahSanders (#WH press secretary) went for dinner with her family to this little place called ‘The Red Hen’. It seems that she was unceremoniously kicked out &harassed some more all the way across the street to the next restaurant
2-It seems somehow this incident has created some sort of mob-mentality wanting to harass Miss Sanders that has gotten to a point in which she now needs protection.

newsmax.com/politics/liber…
cnsnews.com/blog/craig-ban…
3-What kind of person chases somebody down the street based solely on political opinions?
If u ever worked in a restaurant, u learn quickly that u have to deal with a lot of assholes &people you don’t like. You smile, curse them inwardly &hope you’ll never have to see them again
Read 87 tweets

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