SOMETIMES A video is all you need.
O’DONNELL: Who said this? ‘The tax increase will kill jobs and lead to a recession, and the recession will force people out of work and onto unemployment, and actually increase the deficit.’ That’s Newt Gingrich, in 1993, on the Clinton tax increase, and those of us who were working on the other side of that tax increase, Newt, have been waiting for your apology for 20 years for being completely wrong about that.
GINGRICH: I don’t agree with you.
O’DONNELL: But the economy soared. No one lost a job because of that tax increase.
O’DONNELL: There was no recession, you said there would be a recession. There was no recession.
GINGRICH: The fact is, if you look at all the indicators when I was elected Speaker, virtually all of the economic growth occurs after the Republicans take control. Virtually all of the increase in the stock market, in fact all of the increase in the stock market is after the Republicans take control.
O’DONNELL: You did not reduce the rates, Newt. You said the rates would cause a recession.
GINGRICH: When we balanced the budget, we balanced the budget with a tax cut, not a tax increase. Four consecutive balanced budget with a tax cut, not a tax increase.
O’DONNELL: A tiny tax cut compared to the biggest tax increase in history, which is what Bill Clinton did. You didn’t dismantle it.
That Mr. Gingrich was wrong about the Clinton tax increases is an understatement.
Center for American Progress makes the case again for the top 2% tax rates rising to the 39.6% Clinton rates, as well as capital gains going to 28%, like they were under Ronald Reagan, Newt’s hero and the conservative wing’s mentor. Reagan a man who raised taxes plenty in his two terms, 11 times to be exact and according to his own people, beginning with Bruce Bartlett. Â Additionally from CAP:
- Converting tax deductions to tax credits
- Closing tax loopholes
- Simplifying the tax system by reducing the number of filers who itemize, repealing the Alternative Minimum Tax, and other reforms
Lawrence O’Donnell put Gingrich in his place, even if Newt Gingrich long ago proved he no longer should even be at the table discussing such things. Â That Meet the Press and David Gregory think he does says all you need to know about the Sunday political shows.