Monday, August 13, 2012

turn of the screw(ed)

"I can make a firm pledge. Under my plan no family making less than $250,000 a year will see any form of tax increase." - Barack Obama (2008)

he lied...

as a matter of fact, when you think about it (assuming, of course, you think), the tax increase hits the poor much heavier than the rich.
and here's the proof:
Income up to:Marginal Tax Rate 2012Tax PaidEffective Tax Rate2013 Marginal2013 Tax Paid2013 EffectiveDifference Paid
example: $500,00035.0%$151,76130.4%39.6%$167,92233.6%$16,161

"For they all cast in from the surplus that they had, but this one has cast in from her want, everything that she had; she cast in all her possessions." - Jesus (Mark 12:44)
the problem is simple... the poor need what little money they have... the rich can spare a dime... this is the basis for much of the liberal's arguments... tax the rich; they can afford it... unfortunately, it doesn't work that way in real life... there aren't enough rich people to siphon off.

in 2009 (which is the data i have handy... i'd look up 2011, but i'm being lazy), there were about 140.5 million tax returns in the US... 4 million tax returns (that's 2.8% of all returns) from earners of $200,000 or more... from those under that magic number, there were 136.5 million tax returns (or 97.2%).

of the income tax collected from the 2.8% of rich folk, the IRS collected $434 billion... from the other 97.2% of the poor folk, the IRS collected $432 billion... literally half of all of the taxes collected came from those bastard 2.8% rich people who aren't paying their fair share.

a good liberal will reference Mark 12:44 in an effort to squeeze more money from the rich... the problem is the rich are the ones investing in retirement accounts, investing in businesses, and hiring people... they pay salaries of everyone (economically) below them... they put the most into Social Security (which should make any good Marxist happy)... every tax on the rich is also a tax on the poor... it creates more unemployed workers... it takes money out of investment funds... it means less goes into Social Security.

and for God's sake, stop extending the Bush Era Tax Cuts... it's just less money going into Social Security... 2% every year is being withheld from Social Security because of this... end those, and cut 2% from tax payers over $200,000... they'll invest it... they'll hire people... they'll save Social Security... we'll help the poor, create jobs, and become a profitable nation again.

this is not rocket science... it's economics.

United States: 2013 Federal Income Tax Update
23 May 2012
Article by James N. Phillips and Timothy C. Smith of Godfrey & Kahn S.C.

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