Saturday, September 20, 2008

The Myth that Rich not paying enough taxes


I am sick & tired of hearing the mantra,” Tax the rich” as if that’s thee solution to our problems. Yes, it sounds good & pleases the majority, especially those who secretly envy the rich.

Fact: The top 1 percent of income earners pay about 37 percent of all income taxes. That is more than they were paying before the Bush tax cuts and way more than they would have paid had the Bush tax cuts not been enacted. The Treasury Department estimates that had the cuts not gone into effect, the top 1 percent would have paid 31 percent. Thus, the wealthy, while paying lower marginal rates, are paying a greater percentage of the taxes.

Fact: The top 10 percent, by the way, are paying 68 percent under the cuts, while Treasury estimates that they would have paid 63 percent without the cuts.

How about the top 5 percent -- the group particularly targeted for punishment by Obama and Biden? Remember, their plan is to lower taxes for 95 percent.

Fact: The top 5 percent is paying 57 percent of all income taxes. If only 5 percent paying 57 percent is NOT ENOUGH, can you tell me what would be?

Fact: The bottom 50 percent of income earners pay less than 4 percent of all income taxes?

If Obama is going to cut taxes for 95 percent, how much will he have to raise taxes on the other 5 percent just to compensate for the lost revenue from the 95 percent?

But even if Obama could achieve a net revenue increase under his plan, he still must explain how increased revenue would have prevented or alleviated the mortgage crisis. And, Sen. Obama, please don't give us some convoluted nonsense about deficit reductions being a panacea, because no matter how harmful deficits might be, they had nothing to do with this mortgage crisis.

The crisis has largely been caused by reckless liberal do-goodism and corruption, not Bush tax policy.

Don’t fall into the deception of Obama to stoke the fires of class envy to divide and alienate Americans.

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