Crush Liberalism

Debunking the “tax cuts for the rich” myth once and for all

Economic ignorance offends me greatly, whether the ignorance is willful or not.  Her Highness has been talking about how the income tax system is “out of whack” and benefits the rich.  How quaint, coming from the woman who donated her hubby’s used underwear (God knows what kinds of stains were in those things!) to charity just to reduce her tax burden by a couple of bucks!

Anywho, the woman may not let facts get in the way of her Marxist claptrap, but here they are anyway (courtesy of Neal Boortz).

Despite what Hillary may want you to believe … and what most voters will believe to be true … a recent report shows that the tax burden on the wealthy has increased more than their incomes. The National Center for Policy Analysis says that Bush tax cuts actually made the tax code more progressive. It concludes that every major tax change over the past two decades has increased the share of taxes paid by the wealthiest Americans (AKA the evil rich).

Michael D. Stroup, a Stephen F. Austin University economist who authored the NCPA report says, “It is politically popular to say that tax cuts benefit the wealthy … The accusation does not match the reality.”

Now if you are a regular reader of Nealz Nuze, you’ve read statistics similar to these already. But how about a little refresher, just for the sake of angering Hillary Clinton.

• The top 1 percent of income earners pay more than one in every three dollars the IRS collects in taxes. From 1986 to 2004, the total share of the income tax burden paid by the top 1 percent of earners grew from 25.8 percent to 36.9 percent, while the total share of the tax burden paid by the bottom half of earners fell from 6.5 percent to only 3.3 percent.
   
• During the same period, the percentage of income the top 1 percent of tax filers paid in federal income taxes rose from 18.3 percent to 19.6 percent. By contrast, the percentage of income the bottom fifth of tax filers paid in federal income taxes dropped from 0.4 percent to zero.
   
• The income share of the top 1 percent rose 7.7 percentage points, from 11.3 percent to 19 percent, while their income tax burden rose even more, by 11 percentage points, from 26 percent to 37 percent.

If you bring the figures forward from 2004 you’ll find that the total income share of the top 1% has fallen somewhat, while the percentage of taxes they pay has risen.

Hillary knows the truth here. She also knows two other things: (1) About 99% of Americans have no awareness at all of these figures; and (2) The leftist media isn’t about to rat her out on this. So she continues to lie, and it continues to work.

There.  That dead horse is officially beaten.

January 22, 2008 - Posted by crushliberalism | economic ignorance, Hillary, socialism, taxes