Publish to Newswire
Add an EventFrom the Open-Publishing Calendar
From the Open-Publishing Newswire
Indybay Feature
More Tax Cuts for U.S. Corporations and Wealthiest Individuals, Really?!?!
Ever wonder why it is conservatives always represent that further tax cuts would help America, our economy and the job market? After reading this piece and applying common sense, the reasons will become clear.
April 18, 2011
More Tax Cuts for U.S. Corporations and Wealthiest Individuals, Really?!?!
On Friday, Republicans and Tea Party activists who control the U.S. House of Representatives passed a bill reducing the maximum Federal Income Tax on wealthiest Corporations and top U.S. income earners by a whopping 29%!! This reduction of the top tax rate from 35% to 25%, according to the Wall Street Journal, will cost the Federal Government $2 trillion in lost revenue over the next decade.
From 1992 to 2007, thanks to the Bush-era Tax Cuts, the highest individual wage earners have already seen their average tax rate drop from 26% to 17%. This means the wealthiest earners in the U.S. already pay 1/3 less in taxes than they did in 1992. During the same period, though, the average tax rate for all taxpayers went from 9.9% to 9.3%, a reduction of only 6%, or 1/17th.
Another way of saying this, since 1992 and solely because of Congressional tax cuts, the wealthy have seen their take-home incomes increase by over 12%, while the average American’s take-home pay only increased a meager 0.5%. This means take home pay for the wealthy increased 24 times, or 2400% more than the average Americans due to the tax code.
And now Republicans and Tea Party activists want to cut taxes another 29% for the top earners in our Country…really? Something’s just not right here.
Conservatives continue clinging to the failed model of trickle-down-economics, claiming lower taxes on the rich expands the economy and creates jobs. It’s just not true! The Clinton administration added over 21-million private sector jobs when the top individual tax rate was 39.6%. When Bush left office, after cutting the top individual tax rate to 35%, there were actually 673,000 less private sector jobs than on the day of his inauguration.
So why more tax cuts for the wealthy? A simple probe into the personal finances of Congress tells the rest of the story. In 2009 median wealth of a Congressional representative was $911,510, up a whopping 16% from the year before (the worst year for Wall Street since the Great Depression). And, with nearly 50 times, or 5000% more millionaires in Congress than in the general population, it’s not hard to see why Congress is protecting the interests of millionaires (aka their self interests) at any cost.
In the words of the honorable Bob Dole, “poor people don't make campaign contributions. You might get a different result if there were a 'Poor PAC'.”
Sincerely,
Christopher A. Roesner
San Francisco, CA
More Tax Cuts for U.S. Corporations and Wealthiest Individuals, Really?!?!
On Friday, Republicans and Tea Party activists who control the U.S. House of Representatives passed a bill reducing the maximum Federal Income Tax on wealthiest Corporations and top U.S. income earners by a whopping 29%!! This reduction of the top tax rate from 35% to 25%, according to the Wall Street Journal, will cost the Federal Government $2 trillion in lost revenue over the next decade.
From 1992 to 2007, thanks to the Bush-era Tax Cuts, the highest individual wage earners have already seen their average tax rate drop from 26% to 17%. This means the wealthiest earners in the U.S. already pay 1/3 less in taxes than they did in 1992. During the same period, though, the average tax rate for all taxpayers went from 9.9% to 9.3%, a reduction of only 6%, or 1/17th.
Another way of saying this, since 1992 and solely because of Congressional tax cuts, the wealthy have seen their take-home incomes increase by over 12%, while the average American’s take-home pay only increased a meager 0.5%. This means take home pay for the wealthy increased 24 times, or 2400% more than the average Americans due to the tax code.
And now Republicans and Tea Party activists want to cut taxes another 29% for the top earners in our Country…really? Something’s just not right here.
Conservatives continue clinging to the failed model of trickle-down-economics, claiming lower taxes on the rich expands the economy and creates jobs. It’s just not true! The Clinton administration added over 21-million private sector jobs when the top individual tax rate was 39.6%. When Bush left office, after cutting the top individual tax rate to 35%, there were actually 673,000 less private sector jobs than on the day of his inauguration.
So why more tax cuts for the wealthy? A simple probe into the personal finances of Congress tells the rest of the story. In 2009 median wealth of a Congressional representative was $911,510, up a whopping 16% from the year before (the worst year for Wall Street since the Great Depression). And, with nearly 50 times, or 5000% more millionaires in Congress than in the general population, it’s not hard to see why Congress is protecting the interests of millionaires (aka their self interests) at any cost.
In the words of the honorable Bob Dole, “poor people don't make campaign contributions. You might get a different result if there were a 'Poor PAC'.”
Sincerely,
Christopher A. Roesner
San Francisco, CA
Add Your Comments
We are 100% volunteer and depend on your participation to sustain our efforts!
Donate
$210.00 donated
in the past month
Get Involved
If you'd like to help with maintaining or developing the website, contact us.
Publish
Publish your stories and upcoming events on Indybay.
Topics
More
Search Indybay's Archives
Advanced Search
►
▼
IMC Network