CNN Hosts Team Up to Peddle Liberal Line on Tax Cuts
CNN's Christine Romans and Ali Velshi tried to argue that no evidence exists linking tax cuts to job creation while interviewing Sen. Pat Toomey (R-Pa.) Wednesday, on America's deficit problem. The financial gurus challenged Toomey's conservative point that tax hikes should be off the table as a revenue increase, because they would hurt the economy. “So, where is the evidence that not cutting taxes creates jobs?” Ali Velshi asked. “We haven't seen it.” [Video below the break.] “We've been cutting taxes for 10 years,” Romans strangely argued, as if each year since the 2001 Bush tax cuts the federal government has been granting additional cuts. “And we haven't seen the job creation,” Velshi added. However, Senator Toomey responded that small businesses would be affected by a tax hike, as well as risk-taking and investment. “Well, let's remember that after cutting taxes in 2003, we did have a tremendous job creation,” Toomey pointed out. “The unemployment rate dropped to below 5 percent and as recently as 2007, our federal deficit under the current tax regime was only 1.2 percent of GDP, a tiny fraction of where it is now.” Romans also referenced 2009 IRS statistics reporting that only 3 percent of taxpayers earn an income of over $200,000 per year. She implied that few Americans would be “affected by tax increases.”
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on August 11, 2011. Filed under