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Glen Meakem


Glen Meakem Update

by Glen Meakem
 

December 17-18: Some Tax Cut Facts

This weekend, I talk about the European debt crisis, the U.S. economy, and the failure of Left-wing liberal ideas and policies. Specifically, I look at the historical correlation between economic growth and federal income tax rate cuts. Real experience over the past hundred years has proven over and over again that tax rates affect people's incentive to work, save, and invest. The facts show very clearly that lower tax rates create more economic motivation, which generates more innovation, hard work and economic growth, and produces a greater flow of revenues to the government.Click here to listen.

This was true in the 1920s when top marginal tax rates were cut from 73% to 25%, in the 1980s when top marginal rates were cut from 70% to 28%, and in the 2000s when top marginal rates were cut from 40% to 35% (dividend and capital gains rates were cut to 15%). In every case, real GDP grew to more than 4% per year on average and tax revenues to the Federal government INCREASED! And at the same time, individuals were able to keep more of their hard earned money.

But in spite of history, President Obama and his left-wing "progressive" allies in Congress refuse to embrace these facts. In his "60 minutes" interview, which aired last Sunday, Obama belligerently stated to CBS's Steve Kroft, "You can't lower rates and raise revenue unless you're getting revenue from someplace else. Now either it's coming from middle class families or poor families, or it's coming from folks like you and me that can afford to pay a little more… And that is basic math."

President Obama is just plain wrong. He is operating as if our economy is a fixed pie that must be divided by government. He does not see the economy for what it really is, a dynamic, creative web that grows or shrinks depending upon the choices hundreds of millions of people make every day. But what should we expect form a President who has only worked for government or non-profits, and who has never worked in the private sector?

History shows us the way forward. If we want to generate economic growth, lower unemployment, and insure a better future for our children and grand children, then we must implement low tax rates, cut government spending as a percentage of GDP, and empower entrepreneurs and the free market (not government) to create new jobs.

Glen
Glen Meakem is a successful technology entrepreneur, venture capitalist, and conservative talk radio show host, who offers information and insights on how individuals and our nation can be more successful. Glen's unique perspective has been shaped by his experiences as founder, chairman and CEO of the B2B internet success Freemarkets Inc - which he founded in 1995, took public in 1999, and sold to Ariba in 2004. In 2005, Glen co-founded Meakem Becker Venture Capital, a firm that invests in early stage start up companies. Concerned about the liberal political agenda that has gripped the United States and his home state of Pennsylvania, Glen launched "Glen Meakem on the Weekend" in 2008. Glen served as an officer in the United States Army Reserve and is a veteran of the First Gulf War. He also earned his undergraduate degree from Harvard and his MBA from Harvard Business School. For more information about Glen and his radio program, or to read his blog, please visit http://glenmeakem.com.
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