Posted on 09/10/2008 11:15:09 PM PDT by Clairity
Thirty years of Republican tax policy have now completely eliminated federal income taxes on the poor and lower middle-income Americans, and almost eliminated them on middle America.
The latest data from the Congressional Budget Office and the Internal Revenue Service show that the lowest 40 percent of income earners as a group actually receive net payments from the federal income tax system. (They get 3.8 percent of total federal income tax revenues instead of paying any income taxes.) The middle 20 percent of income earners pay 4.4 percent of federal income taxes. Thus the bottom 60 percent of income earners together, on net, pay less than 1 percent of all federal income taxes. (These workers earn 26 percent of national income.)
The data show that the top 1 percent of income earners now pay 40 percent of all federal income taxes, which is almost double their share of the national income. The top 10 percent pay 71 percent of federal income taxes, though they earn just 39 percent of the nation's pretax income.
Obama is calling tax cuts for the middle class is really a slew of refundable federal income tax credits that would primarily go to those who are paying little or no federal income taxes now. Such credits would primarily not reduce tax liability, but instead be checks from the federal government for child care, education, housing, retirement, health care, even outright giveaways. These are not tax cuts. They are new federal spending programs hidden in the tax code.
(Excerpt) Read more at weeklystandard.com ...
Marxism is here.
Newt is right on the money there. Pun intended.
Here’s an idea that will probably never be enacted:
Totally eliminate corporate income taxes. Also, totally elimiate capital gain taxes.
Watch the economy take off like a rocket.
Here’s an idea that will probably never be enacted:
Totally eliminate corporate income taxes. Also, totally elimiate capital gain taxes.
Watch the economy take off like a rocket.
Add to these the estate / "death" taxes for a trinity of entirely counterproductive economic measures undertaken by too many governments on their path to embracing economic socialism.
“If you don’t ask the right questions you may not get the right answers”
I like your tag line. It’s very true. :)
Sounds good to me, add to it eliminating the income tax and substitute it with a retail sales tax.
Eliminate payroll taxes.
Then go through the Federal budget and CUT SPENDING.
Bump for later reading
If you get a “rebate” check for taxes you didn’t pay, it’s not a rebate.
It’s welfare.
Lower rates, don’t give out one-time-use checks to people who had vastly different amounts taken from them.
Thank you.
The corporate income tax is both an income tax (on shareholders) and a resale tax, as it is usually passed on to the consumers to recapture the profit margin, which makes the product or service less competitive against many foreign ones not subject to tax (or artificially imposed tariffs). The capital gains and estate taxes are, in essence, double or triple taxes on previously already taxed net earnings.
All three are unnecessary to begin with and, to boot, unnecessarily complex, which only makes compliance more expensive and time-consuming. Bad deal all the way around - for businesses, consumers and for the government which could get more or same revenue with less effort and expense from much simpler tax structure and code.
The McCain campaign must keep hammering home the connection between taxes and Dems. And they should mention capital gains taxes too. Given that close to seventy percent of Americans have money in stocks, it wouldn’t hurt to put this in an ad. Having learned nothing about the welfare debacle of the sixties and the rise of the government-dependent underclass, Obama urges more of it. Brilliant. (smirk)
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