The Tax Issue Still Resonates A good article.
"One reason offered for the alleged decline of tax cuts as a potent issue is that since 2000, tax cuts have taken 13 million filers off of the income tax rolls. Today, one-third of all filers have no federal income tax liability and nearly 40% of all federal income taxes are now paid by the top 1% of taxpayers (60% by the top 5%). The fewer people who are paying taxes, the fewer people who care about tax cuts, or so goes the reasoning."
"While Mr. Obama claims his tax increases will pay for "tax cuts," much of his increases are actually earmarked for a massive new spending program that will send tax "rebate" checks to 45.6 million filers who have no income tax liability. These filers will get a check of up to $500 a person or $1,000 a couple even though they do not pay federal income taxes."
"Mr. Obama wants to raise the top marginal rate by nearly a fifth to about 40%. With Medicare taxes and his proposed increases in Social Security taxes on the wealthy added in, this would result in over 50 cents out of every additional $1 earned in the top income brackets going to government"
Friday, October 3, 2008
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This sounds more like brainwashing than "common sense", it is obvious to anyone paying attention that Obama will CUT taxes for everyone making less than 250K, and will cut much more than McCain, whose tax cuts for the middleclass are a joke. Under Obama's plan people who do not currently pay income taxes (yet who pay all sorts of other "hidden" taxes like inflation, dollar devaluation, sales and inflation taxes on food, gas and clothing, high interest on loans, etc)will get a tax break finally. The rich and corporations who do not pay taxes or very little because of the myriad of "loopholes" , especially oil corporations, investment banks, and military contractors will have to pay their fair share of taxes in the future and perhaps have to pay even back taxes under Obama, but not under McCain. Anyone with the slightest understanding of economics understands that Obama's plan will stimulate economic growth, by taking the money "stolen" by the rich and their loopholes over the last 7 years and investing it in the middleclass where it belongs and is most productive, it was their money to begin with.
Your statistics are wrong because they do not include hidden taxes only income taxes and do not include loopholes and corruption for the very rich.
To truly understand who is paying what, in our economy, we need a lot more information that is currently denied to the independent media by the lobbies who now control the Executive branch, Congress and much of the Judiciary and as for the corporate owned media, even if they had the info they wouldn't share it obviously.
With Obama and the "new" Democratic party at least there is some hope they will stop the bleeding of our economy by the puppet Repubulicans and their masters profiting off the privatized war and oil industries, whereas McCain's or the Republican's plan will further destroy the economy to the point of no return if it is not already too late.
Nobel prize winning Economist Stiglitz at Princeton lays this all out clearly in detail in his recent books. He demonstrates how the invasion of Iraq for example has cost our economy already 3 trillion in taxes dollars and may cost up to 7 trillion or more. Republicans have squandered and waisted the wealth of this country on war, corruption, not taxing pollution, etc...Democrats have not been much of an opposition party because the people remained for the most part apathetic until the current crisis, now that the people have awoken maybe now we'll get a real opposition party to the party that works for the extremely wealthy both foreign and domestic who are raping America's wealth that the middleclass built after WWII.
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