Members of the Democrat Congress are dusting off their handy rubber stamps (or unwrapping new ones, inscribed with the new Presidential motto, "Vero Possumus") in preparation for the round of tax hikes their assumed President-in-Waiting is promising to send down the pipe next Spring in the name of "making the rich pay their fair share."
Not to let real facts get in the way of their red-headed stepsibling KnownFacts™, but the latest tax data from the IRS have been released and, as a Wall Street Journal editorial says today, "it's going to be hard for the rich to pay any more than they already do."
According to the National Center for Policy Analysis, which released a summary of new tax information this morning, "The new IRS data show that the 2003 Bush tax cuts caused what may be the biggest increase in tax payments by the rich in American history."
According to the IRS data, the top 1 percent of taxpayers paid 40 percent of all income taxes in 2006, the highest share in at least 40 years.
Further, the top 10 percent of income-earners paid 71 percent, and the top 50 percent in income paid 97.1 percent.
On the other end of the spectrum, Americans with an income below the median paid a record-low 2.9 percent of all income taxes. So much for the fabled unbearable tax burden on the lower-middle and lower classes, from whom the "rich," who refuse to "pay their fair share," are so wantonly stealing.
More very revealing information is available to the open-minded below the fold.
According to the WSJ, "We also know from income mobility data that a very large percentage in the top 1 percent are "new rich," not inheritors of fortunes." So much for the rich getting richer, the poor getting poorer, and the lines between "class" in America becoming impenetrable ceilings and floors.
"But the most amazing part of this story," continue the WSJ's editors, "is the leap in the number of Americans who declared adjusted gross income of more than $1 million from 2003 to 2006"
According to the IRS data, the number of millionaires in the U.S. nearly doubled in the three years after the Bush tax cuts, from 181,000 to 354,000. The Left might call this the "rich getting richer," but the economically honest would more likely refer to this as the hard-working getting over the hump and creating more wealth for themselves and for others.
Unfortunately for the newly (and already) "rich," another result of Bush tax policy was a doubling in the amount of taxes paid by millionaire households, from $136 billion in 2003 to $274 billion in 2006 -- an increase in tax payments that, according to the WSJ, explain the very rapid reduction in the budget deficit to 1.9 percent of gross domestic product (GDP) in 2006 from 3.5 percent in 2003."
As we've known for quite some time now, "the idea that [the Bush tax cuts have] been a giveaway to the rich is a figment of the left's imagination," the WSJ editorial concludes. "No President has ever plied more money from the rich than George W. Bush did with his 2003 tax cuts."
I'm thankful for the sacrifice that all of our soldiers have made,especially those that made the ultamate sacrifice.I trust John McCain because he has sacrificed so much for our country already.I feel thatwe can trust him as our commander in chief.He will not keep our troops there one day longer than he has to,but he will finish the job so he can bring our troops home with honor,and so our dead soldiers have not died in vain.We should not disgrace our dead soldiers by not finishing the job at hand.
We have to get past Obama and what the media is doing. John McCain is better then that. As a Army Veteran I am scared to death of Obama. We have to start bringing out facts on him. According to his speach earlier today he is already president, he is the most cocky unamerican, I have ever heard. We have to stop reacting to Obama and start taking the lead on the issues. As an American Military Veteran I was embarrased when Obama started talking, he was fumbling his words, he has no idea what he is talking about. Obama could careless about the Military and what the Military leaders advise. IT IS TIME FOR JOHN MCCAIN TO REALLY SHOW HIS LEADERSHIP. Obama needs to be put in his place. MSNBC just said that Obama has more trust in what Iraq says then our military leaders. Barrack Hussein Obama is for Barrack Hussein Obama. One thing that John McCain needs to make clear is that we do not advertise withdraw due to national security to the troops. This is one issue Obama doesn't understand. Obama wants to give an exact date and we can't. McCain needs to take advantage of Obama's stupidity. I would die for this country. What would Obama do? I would protect the American people no matter what. What would Obama do. I have never been more embarrassed about a politician then I am now with Obama. He is the most UnAmerican Arogent JackAss, who has ever run for President. He knows nothing about the UNITED STATES OF AMERICA and our MILITARY.
The more money made, the more taxes paid......trickle down
Whats Obama gonna do now?
During the Bush years it has been difficult to work those overtime hours because the tax rate is so high. Poor Bush has been getting smeared by Pelosi on National telvision when we all know that it is her House and Reids Senate that are causing the problems. They spend the day discussing steriods in baseball while there is a mortgage crises going on. What idiots.
My wife is a Filipino. In order for her to come to the USA there were many, many costly federal requirements we had to abide by. She had to have a physical to be submitted to INS to prove she was healthy. She has had her fingerprints done twice and the last was at a $600.00 cost. This is not to mention all of the other filing fees we've incurred. The news shows that there are more Hispanic births than any other race. Here, every Hispanic is pregnant or has 2/3 little children. If the parents are illegal why are their kids not illegal? If 14 million citizens decided not to pay their taxes what would happen to them? I’ll tell you. The Gov. would seize their house, bank account, vehicles and any other asset they have to pay their debt. Why? They broke Gov. laws. So, why are all the illegal’s able to break Gov. Laws without any consequences but if a citizen does they are treated as criminals. Why does the Gov. require my wife to be physically fit and not the illegal’s? Now this all cover health Obama wants to have. Will my tax $’s be paying for the illegal’s as well as all the others who are too lazy to get a job? My suggestion is to take al the illegal’s back to their own country with their children and use our troops to guard our borders and build an electric wall. Take all the people on welfare and give them the jobs the illegal’s had. Also, anyone on welfares would have to pass a drug test showing negative before they received and assistance.
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