No joke – the Republican party has killed the job creators! There will be no more job creators until taxes are increased on the super rich.
Finally the puzzle has an answer. For thirty years the GOP (Group of Puppets) have reduced taxes whenever possible. They also fostered support for two wars that were totally unfunded by tax revenue and purchased votes with unfunded medicare giveaways to insurance companies for medicare advantage plans and pharmaceutical companies with the prescription plan.
The result of these actions are the super rich have had their taxes greatly reduced and the government has a huge deficit it must finance.
In 1982 the top income tax rate was 50%. In 1991, the capital gains tax rate was 28%. These rates worked for all of America.
The rich were willing to “risk” their capital on new ventures here in the United States at the 50% and 28% rates because the government was a bigger “partner” since expenses and losses would reduce their taxes by 50 cents for every dollar in an “at risk” venture. Now the government “partner” only reduces their taxes by 35 cents for every dollar of expense. The super rich are no longer interested in these odds – especially now that they can just manipulate select stocks for profit and pay a 15% tax.
For the gamblers, the capital gains tax rate in 2010 was 15%, almost half of the 1991 rate. I say gamblers because stock is only sold once by a company (to create jobs) and most of the income from capital gains comes from “trading” existing stock as the market price fluctuates. The rich could keep 72% of their long term winners in 1991 and in 2010 keep 85% of their winnings.
The result of the Republican tax cuts made capital gain gambling much more attractive while making “at risk”, “job creating” much more expensive.
Until we return to the 50% tax rate and the 28% capital gains tax rate there will be no interest in “job creating” by the super rich. And the super rich have proven this theory to be quite true over the last decade.