Liberal’s attempt to create class warfare by accusing Republicans of enacting tax policies that favor the upper class and shift the tax burden on poor. Nothing is further from the truth.
Congress, as per the Constitution, enacts all tax laws. The President can recommend or request tax law, but only the Congress can enact or rescind any tax.
George W. Bush was elected in 2000. The last year for which the IRS has provided data is 2005. So let us compare 1999 data with that of 2005:
Top 1% of wage earners (adjusted gross income of $365,000 or higher)
In 1999, they paid 31% of all federal income taxes.
In 2005, they paid 36% of all federal income taxes.
Top 5% of wage earners (adjusted gross income of $145,000 or higher)
In 1999, they paid 50% of all federal income taxes.
In 2005, they paid 60% of all federal income taxes.
Top 10% of wage earners (adjusted gross income of $103,000 or higher) paid 70% of all federal income taxes in 2005.
Those wage earners that had an adjusted gross income of $30,000 or less paid 3% of all income taxes. Approximately 44% (122,000,000) of all Americans paid no income taxes at all.
Clearly, the ”Bush Tax Cuts”, as Congress likes to call them, did not shift the tax burden to the poor.
What the tax cuts did do was grow the economy, which caused the rich to pay more taxes and increased the total real income to the government. In fact, federal income more than doubled.
Subscribe to:
Post Comments (Atom)
3 comments:
Try to convince the masses on this one. The Democrats have been distorting this one for so long that no one believes the truth.
I heard a woman explain that the tax system is unfair. She said that too many rich people don't pay enough taxes. She thought that every taxpayer should have to pay 15%.
I'm certain that the rich would be very happy to do just that.
It shows how misinformed the general public is about taxes.
Imagine that, the rich pay most of the taxes and generally get none of the benefits.
Post a Comment