Seven Republican Presidents Who Raised Taxes On The Wealthy

We are in the season of Republican Presidential candidates and the Republicans in the Congress railing against any rise in taxes on the wealthy, no matter how minor. Instead, we have the reckless, irresponsible proposals of Herman Cain and Rick Perry in recent days, which would LOWER taxes further on the wealthy and starve the government from being able to do anything other than defend the nation and pay the interest on the national debt, a totally insane proposition!

They claim they are following Republican tradition, but they are defying the facts of history.

Seven Republican Presidents raised taxes on the wealthy, and understood the need to do so, and the fairness of it.

Abraham Lincoln created the first federal income tax to finance the Civil War.

William Howard Taft endorsed the 16th Amendment, the federal progressive income tax, which became part of the Constitution at the end of his term in early 1913.

Herbert Hoover raised the top income tax rate from 24 to 63 percent in 1932, in the worst moments of the Great Depression.

Dwight D. Eisenhower argued for and succeeded in a top income tax rate over 90 percent during the 1950s, in order to help promote a balancing of the budget.

Richard Nixon raised the capital gains tax rate from 25 to 35 percent in 1969, and supported the concept of a minimum tax.

Gerald Ford signed legislation raising the minimum tax on the wealthy, and getting rid of some loopholes used by the wealthy to evade taxes.

Ronald Reagan supported the idea of capital gains being taxed as ordinary income, and raising taxes on corporations.

So it is a lie to say that Republicans historically have supported lowering of taxes on the wealthy and corporations.

The only effect of what the GOP promotes today is the DESTRUCTION of the federal government in a time when it is more needed than ever since the worst days of the Great Depression!