tag:blogger.com,1999:blog-7334477150153572969.post3355710924012921108..comments2023-11-02T08:34:01.133-04:00Comments on SAM Online: Presidential Policy and The EconomyChris Meehanhttp://www.blogger.com/profile/07829393951782496677noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7334477150153572969.post-58929732171846186582007-08-01T22:38:00.000-04:002007-08-01T22:38:00.000-04:00Yes it is true, those who earn the most income sho...Yes it is true, those who earn the most income shoulder the burden of the Federal Income taxes, I don’t think anyone needs convincing of that. Here is the thing and I am referring to Bush’s tax cuts which began in 2001 by giving the highest portion of the cut to the top one percent. By 2010 the total tax benefit for the top 1% over that 10 year period is estimated to be 715 billion. The total amount of the tax benefit to all income groups is 1.9 trillion. It is important to note that these tax cuts are unfunded. You can go ahead and say these tax cuts are on borrowed money. <BR/><BR/>“If you’re going to lower taxes, you shouldn’t be borrowing essentially the tax cut. That over the long run is not a stable fiscal situation.” - Alan Greenspan<BR/><BR/> These tax cuts, along with the war in Iraq and the money owed to social security is what has ballooned the national debt from 4.5 trillion (the debt in 2000) to 9 Trillion. These tax cuts on borrowed money do not last forever. They have to be reclaimed at some point in the form of spending cuts or future tax increases. If these tax cuts were to be repaid in 2010, the total cost of the tax cuts would be 2.4 and 2.6 trillion. The added debt burden to the lower income families out weighs the minimal tax cuts they have received. The top 1% on the other hand, who received massive tax cuts, are the only ones who will net a positive difference of tax cut less burden of debt. <BR/><BR/>The tax cuts have had significant effects to the tax system, none of which are positive. If tax cuts are to be put in place and you believe they should go to those who pay the most taxes, fine, but tax cuts should be based on surplus’, they should not be issued on borrowed money and should not burden other income groups or future generations. The tax code has evolved recently to sneak around the graduated income tax. Anyone who claims that recent tax law seeks to add greater burden to the higher income group is grossly mistaken.DEFhttps://www.blogger.com/profile/18347275147217283601noreply@blogger.comtag:blogger.com,1999:blog-7334477150153572969.post-23152661588787531092007-08-01T16:47:00.000-04:002007-08-01T16:47:00.000-04:00Oh good Lord. When the Founders said "...all men ...Oh good Lord. When the Founders said "...all men are created equal" they were talking about and most decidely meant white, male, mostly protestant property owners. <BR/><BR/>Unless the United States has turned into Cuba recently the tax code has evolved to charge those who earn the most the most in taxes. Why in all this bloviating didn't anyone mention the millions of Americans taken entirely off the federal tax rolls altogether by tax cuts presented by Kennedy, Reagan and Bush? So many millions that you liberals who won't be happy until those of us who earn an income have no income needed to create an earned income tax credit specifically for those who pay NO taxes.<BR/><BR/>The top 50% of income earners in this country pay 95% of the country's income taxes. The lower 50% of income earners pay 5% of the taxes. I pay 10 times the income taxes of 99% of the lower income earners and yet the police don't come to my house 10 times as fast, the water in my tap isn't 10 times as cold and my street not plowed 10 times as quickly.<BR/><BR/>I pay my fair share because that's the way the system has to work but it won't work if you believe that beating me up over my income, my income taxes or my miniscule tax break equals devastation to society and everyone in it. If you really believe that then you're likely not working for a living yet and certainly don't pay much in taxes.<BR/><BR/>Pandering to the masses who don't realize who really pays the bills in this country is what liberals do. Start telling the truth. 32.4% of tax filers have exactly zero tax liability - yes 42 million people who filed a federal tax return out of 131 million had ZERO liability - another 15 million people didn't have to file a return at all. <BR/><BR/>The richest 1 percent has average income of $1,259,700 and forks over 31.1 percent of its income to the federal government. The poorest fifth of the population, with average annual income of $15,400, pays only 4.5 percent of its income in federal taxes. The middle fifth, with income of $56,200, pays 13.9 percent. And the top fifth, with income of $207,200, pays 25.1 percent.<BR/><BR/>Give it up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7334477150153572969.post-87242991778658116482007-07-29T07:08:00.000-04:002007-07-29T07:08:00.000-04:00great postgreat postAnonymousnoreply@blogger.com