According to the myth, higher profits lead to greater investments and more jobs. In truth, higher profits lead to speculation in foreign currencies and corporations buying back their own stock. In the 50s and 60s when the top tax rate was 90%, job creation and growth occurred.
"In the 1950s and 1960s, tax rates on corporations and the rich were much, much higher than today. Yet, those years had lower unemployment and higher rates of investment and growth than today. Low tax rates on businesses and the rich do not create jobs.
Struggles over taxes always pit business and the rich against the middle-income earners and the poor. Each side seeks to shift the tax burden off of itself and on to the other side. "Class war" in that sense is nothing new. Accusing only one side of waging that war is ignorant at best and dishonest at worst. No one should be fooled. Today, business and the rich are waging class war yet again to avoid even a small, modest reverse in the huge tax cuts they won in that war over the last half-century."
to read Richard Wolff's article published Sept 22, 2011, visit
http://www.truth-out.org/print/6684
to read "The Costs of the Great War on Terror" by Vijay Prashad published Sept 21, 2011, visit
http://www.counterpunch.org/2011/09/21/the-costs-of-the-great-war-on-terror/