Tuesday, August 01, 2006

Liberals Don't Understand Taxation

I get sick of hearing how liberals complain that wealthy people get higher tax cuts than the working class. Granted, it ticks me off to lose 1/5 of my checks to the government, but when you are making a whole bunch more than I do, and then have to pay 40% or more to the government, you have a right to be upset.

Liberals want you to believe that the poor pay all the taxes, the rich keep all of their money, and then give it all to the Republican Party, so they can get more tax cuts. But in true liberal fashion, that is just about as far away from the truth as possible.
I reported on this earlier, a while after Rush Limbaugh initially broke the story. Remember the tired line, "The rich tax cuts could buy a BMW, and the poor's tax cuts could buy a muffler?" Well, the New York Times tried to play that line in 2004, conspicuously right before the elections, but they forgot to tell you that the family who saved over $70,000 probably paid 5 to 10 times that to the government anyways, because the weaalthiest 1% of people pay for over 34% of the entire tax revenue teh federal government recieves. And further more, the average tax rate for the whole country, including the rich, is 11.90%, and the lower 50% pay a mere 10.45% of their income solely towards taxes. The top 1% however pay on AVERAGE, pay 24.31% That is not including Social Security, Medicare, and the others.

Let me put it this way:
The top 1% of wealthiest people make $1.2 million per year, and pay OVER $290,000 to the federal government for taxes only. No telling how much they pay towards Social Security, Medicare, and all of that jazz ON TOP OF THAT.

And now, NYT has had to choke down their words from 2004 when they said that,
"According to White House figures, the government is likely to finish its fiscal year on Sept. 30 with a deficit of $296 billion, about $127 billion less than initially forecast. The projected deficit decline helps Mr. Bush make a case that the tax cuts his administration pushed through Congress in 2001 and 2003 should be made permanent.
... The White House said today that tax receipts in this fiscal year will total $2.4 trillion, $119 billion higher than expected, mainly because of a jump in corporate tax payments. Those are up 19 percent for the fiscal year, compared with an 11 percent increase in overall tax collections. A rise in tax collections on executive bonuses and stock-market profits also contributed to the improved flow of revenue."

Tax revanue increased over 11%, despite the fact that tax rates are down about 10%

The fact is that the rich pay a grossly larger proportion of taxes than the poor, and the top 5% of tax payers make up almost 55% of the federal taxes brought in each year. On top of that Republicans are the party of UNWEALTHY CONTRIBUTORS.
Look at this:
Contribution of $200-999: Republicans - $68 million, Democrats - $44 million
Contribution of $1000-9,999: Republicans - $317 million, Democrats - $307 million
Contribution of $10,000-99,999: Republicans - $111 million, Democrats - $140 million
Contribution of $100,000+: Republicans - $34 million, Democrats - $72 million
Contribution over $1 million: Republicans - $3 million, Democrats - $36 million
Overall campaign contributions:
Republicans: $384 million
Democrats: $350 million

Who do you think is in the pockets of the wealthy now?