Filed under: Economy, Liberalism, Politics | Tags: Bad Ideas, Democrat Demagogues, Taxes
During the presidential election campaign, some voters were startled to hear for the first time that at least a third of Americans pay no income taxes whatsoever.
The Tax Foundation notes that in 2006, 45,600,000 tax filers paid no income tax at all. Under today’s law, in 2009 47.000,000 (representing probably 96 million individuals) will pay no income tax.
The Foundation maintains that under Obama’s plan 63,000,000 filers will pay no taxes or 44% of all returns. So pretty close to 1/2 of Americans will pay the taxes for the other half as well as themselves.
Obama said repeatedly that 95% of Americans would get a tax cut under his plan. Economist Alan Reynolds, when asked where they got that figure, said simply “They made it up.”
In 2006, IRS figures show that the top 10% of all filers ($109,000 and over) paid 71% of all taxes.
I’m inclined to think that everyone should pay some taxes, and participate in our society. No matter how compassionate you feel towards those who make less in our society, it is not healthy for only a handful of people to pay the taxes for the rest of us.
Now a new report from the OECD that our taxes are the most progressive in the world — we already collect the most from the wealthiest 10% and extract the most compared to their share of the country’s income.
Will Obama continue with his plans to tax the top earners still more? Most economists are suggesting that the current crisis is not a time to raise taxes — any taxes. Yet he seems to be determined to go after those he categorizes as “the rich.”
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Once we realize that the liberal approach to taxation has nothing to do with promoting a healthy economy, we will be able to tackle the real problem. While they claim this is the way to a growing economy, their real agenda is to bring down the rich (using their definition of the term “rich” of course).
In the liberal mind, there is something fundamentally flawed with a system that allows some to succeed while others do not. Even if the ones that succeed work harder and risk more for that success. To them it’s OK if the overall economy is worse, so long as “the rich no longer keep getting richer.”
Of course, we should all take note that those who are so interested in the well being of those less fortunate, have enough wealth stashed away to weather any sort of economic downturn–even a depression.
Comment by Demosthenes November 17, 2008 @ 9:29 amOh, the liberal mind! It somehow left out the part that considers ‘consequences’ and thinking about how things will affect the country. That part is just wrapped in a little pink cloud best describes as ‘rosy future’. It will be good, we’re sure of it. Unfortunately it also left out the “learn from history part”.
Comment by The Elephant's Child November 17, 2008 @ 1:59 pm