Sunday

My Daily Rant


Much Ado
With the constant flow of disinformation and an increasingly aggressive use of class envy to portray Obama’s tax policy as helping out the working man by fleecing the fat cats, I thought it was time to set the record straight. I took the time to research this issue in a non-partisan way. The information I cite is from a non-partisan source (the I.R.S.) The information cited in this post was obtained from reports released by the I.R.S.’s on its website found here: http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html. It is the most current data available and covers income tax returns filed in 2006 for the 2005 tax year. It is available to anyone who wishes to investigate the issue in an intellectually honest manner. A report citing the information and offering in depth analysis can be found here: http://www.taxfoundation.org/news/show/250.html. The gist of the information can be simply stated; A small percentage of the population is already responsible for paying the lion’s share of the taxes. The top 5% of earners are responsible for 36.66% of the total AGI (Adjusted Gross Income) in the United States. The top 1% earn 22.06% of the total AGI. The bottom 50% account for 12.51% of the AGI. I know this is really dry stuff but focus, it gets even dryer. The total income tax paid in after credits was $1.024 trillion. Of that the top 5% paid $615 billion. The bottom 50% accounted for $31 billion. I can’t stand looking at charts and tables anymore so I will cut to the chase; The argument is being made that the rich don’t pay enough and the middle class and poor pay too much. The numbers don’t lie. The top 5% make more, sure, they are also paying more. In fact they are paying almost 20 times more than the bottom 50% of the taxpayers. It is worth noting that these numbers do not include those who earn less than the minimum required for reporting. The idea that we can increase taxes on the rich to cover the massive government spending that Obama is proposing is ludicrous. Even if the government confiscated the income of every tax payer making over $75,000 a year, there would not be enough to cover what he has spent since taking office. The way to fix the problem is not to increase taxes, that will only serve as a disincentive to produce, it is to cut spending by the federal government. Reduce the waste and focus spending on crucial priorities and most important of all, tell the truth. The rich may be getting richer, but it sure looks like they're taking the government with them.

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