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Willisms

« Wednesday Caption Contest (THURSDAY EDITION): Part 159. | WILLisms.com | Wednesday Caption Contest: Part 160. »

Trivia Tidbit Of The Day: Part 510 - Soaking The Rich.

What Tax Cut For The Rich?-

Some important data to consider this election year:

taxesandincomes.gif
According to the negative (Obama) view, when Bush's tax cuts took effect, the share of income taxes paid by the wealthiest Americans should have declined. The rich, in this scenario, benefited from the senseless giveaway, putting a greater and greater proportion of the tax burden on the poor. Under the positive view, by contrast, the share of income taxes paid by the wealthiest Americans might increase even when you cut their tax rates, since they will work harder and reduce their efforts to avoid taxes.

The nearby chart suggests that recent movements in the tax data are inconsistent with the negative Obama perspective.

The blue line indicates the share of income taxes paid by the top 10 percent of taxpayers. The pink line indicates the share of income taxes paid by the bottom 90 percent. In 2006, the top 10 percent of earners paid fully 70.8 percent of taxes. That is significantly above the 2000 peak of 67.3, before the Bush tax cut.

This economy needs a shot in the arm. We need tax relief, not socialism. We need to reward and promote wealth and productivity, not penalize it.

We need to keep Obama far from the White House, and we need to knock Pelosi and Reid from their perches.

-------------------------------------

Previous Trivia Tidbit: Obama Will Raise Taxes.

Posted by Will Franklin · 3 September 2008 06:52 PM

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