Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Contact Us | Home RSS
 
 
 

When it comes to the value of the Bush tax cuts, Obama is ignoring the truth

August 2, 2008
Times-Republican

Taxes.

People have gone to prison for paying too little tax and have fought wars because they felt they were taxed too much.

Let's face it; nobody really likes to pay And so, it is no big surprise that we're hearing a lot of political rhetoric now suggesting there are two different kinds of people in the country rich and poor and that the rich half should start paying its fair share of the tax bill.

You are probably asking yourself who are the rich people and why aren't they paying more The answer depends on your definition of the word 'rich.'

In 2007, the top 50 percent of all wage earners those people making above $49,133 - earned 88 percent of all the income and paid slightly more than 97 percent of all taxes collected.

The bottom 50 percent those making less than $49,133 - received 12 percent of the income and paid less than 3 percent of the But what's even more interesting, the richer you are, you pay an even higher percentage of the taxes collected.

Fact Box

Who pay's the nation's tax bill?

Income Rank, Income Range, % Income Earned, % Taxes Paid

Top 1%, $388,806 +, 22%, 40%

Top 10%, 108,904 +, 47%, 71%

Top 25%, $67,333 +, 68%, 86%

Top 50%, $49,133 +, 88%, 97%

Bottom 50%, under $49,133, 12%, 3%

For example, people who are in the top 10 percent of all wage earners those earning $108,904 or more, paid 71 percent of every tax dollar collected but accounted for about 47 percent of the total wages earned.

Senator Barrack Obama gives speeches stating the 'rich' should pay more taxes and the Bush tax cuts should be ended while those in the lower income brackets should pay less taxes. Obama fails to point out he must consider most of the people listening to be rich since they already pay 97 percent of the taxes collected.

Obama ignores the truth about the Bush tax cuts. When a comparison is made to the taxes paid under the old system to those paid after the Bush tax cuts, the rich are actually paying a higher proportion of income taxes. Total taxes paid by the wealthiest 1 percent rose 80 percent from $132 billion to $236 billion during the first year of the Bush tax cuts.

Just how much more than 97 percent of the nation's tax bill does Obama and the Democrats expect the 'rich' to pay?

 
 

 

I am looking for: