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-   -   Bush's tax cuts donít work; rich pay record high, below the median pay record low! (http://www.thewarpath.net/parking-lot/24004-bushs-tax-cuts-don-t-work.html)

mlmpetert 07-22-2008 06:10 PM

Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
Im not sure if the source is trust worthy but..

[url=http://www.wsj.com/article/SB121659695380368965.html?mod=psp_mostpop]Their Fair Share - WSJ.com[/url]

The nearby chart shows that the top 1% of taxpayers, those who earn above $388,806, paid 40% of all income taxes in 2006, the highest share in at least 40 years. The top 10% in income, those earning more than $108,904, paid 71%. Barack Obama says he's going to cut taxes for those at the bottom, but that's also going to be a challenge because Americans with an income below the median paid a record low 2.9% of all income taxes, while the top 50% paid 97.1%. Perhaps he thinks half the country should pay all the taxes to support the other half.

firstdown 07-22-2008 06:30 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
You cut the tax rate on the wealthy and they make even more money because they can bring home a larger % but they also end up paying more in taxes.

jsarno 07-22-2008 07:31 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote]"Mr. Obama proposes to close this deficit by raising tax rates on the rich to their highest levels since the late 1970s."[/quote]

Yet another reason not to vote for him. I just can't wrap my mind around that being "fair".

dmek25 07-22-2008 08:10 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=jsarno;458564][B]Yet another reason not to vote for him[/B]. I just can't wrap my mind around that being "fair".[/quote]
OK, ill bite. what are some of the other reasons? then ill try to match yours, with reasons of my own, on why people should not vote for old man McCain

Slingin Sammy 33 07-22-2008 10:01 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=dmek25;458572]OK, ill bite. what are some of the other reasons? then ill try to match yours, with reasons of my own, on why people should not vote for old man McCain[/quote]
Didn't you see the cover of the New Yorker, isn't that enough! :laughing- [B]J/K![/B]
(That was an incredibly stupid move and in bad taste on their part)

Slingin Sammy 33 07-22-2008 10:03 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=mlmpetert;458542]Im not sure if the source is trust worthy but..

[URL="http://www.wsj.com/article/SB121659695380368965.html?mod=psp_mostpop"]Their Fair Share - WSJ.com[/URL]

[/quote]
The Wall Street Journal is a very credible source. The lean a bit to the right, but their information is spot-on.

Schneed10 07-22-2008 10:14 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=mlmpetert;458542]Im not sure if the source is trust worthy but..

[URL="http://www.wsj.com/article/SB121659695380368965.html?mod=psp_mostpop"]Their Fair Share - WSJ.com[/URL]

The nearby chart shows that the top 1% of taxpayers, those who earn above $388,806, paid 40% of all income taxes in 2006, the highest share in at least 40 years. The top 10% in income, those earning more than $108,904, paid 71%. Barack Obama says he's going to cut taxes for those at the bottom, but that's also going to be a challenge because Americans with an income below the median paid a record low 2.9% of all income taxes, while the top 50% paid 97.1%. Perhaps he thinks half the country should pay all the taxes to support the other half.[/quote]

One of the most credible sources in all of jouralism. Their analysts are top notch, when they publish numbers, they're right.

mlmpetert 07-22-2008 11:38 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
Yeah sorry was being completely sarcastic with my title for this thread and my "knock" on one of the most credible news sorces. I remeber reading something hear a while back about the amt and someone callled one of the sorces into question.

GTripp0012 07-23-2008 05:51 AM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
I don't see how Obama can actually carry through any of his idealistic campaign promises. I'm not that worried about him being elected, because I think that if/when he takes office, it will become clear to him that these dreams of 'equality' he has are just pipe dreams, and that even as president, he'll be pretty powerless to make such dramatic changes to the system.

But if he did have that kind of power, boy should we all fear his idealistic nature.

firstdown 07-23-2008 10:04 AM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=jsarno;458564]Yet another reason not to vote for him. I just can't wrap my mind around that being "fair".[/quote]
The funny thing is that the article demonstrated how cutting taxes actual increases the amount of taxes paid to the federal goverment. From eveything I have read this has been true anytime that taxes hve been cut. Its only lip service so the lower class can get that warm fuzzy feeling that they are sticking it to the mean old rich people.

steveo395 07-23-2008 12:55 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=firstdown;458653]The funny thing is that the article demonstrated how cutting taxes actual increases the amount of taxes paid to the federal goverment. From eveything I have read this has been true anytime that taxes hve been cut. Its only lip service so the lower class can get that warm fuzzy feeling that they are sticking it to the mean old rich people.[/quote]
And yet Obama still wants to raise taxes on the rich.

Daseal 07-23-2008 01:12 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
I feel so bad for the rich. They will only be able to afford a new Bentley every other year now.

firstdown 07-23-2008 01:28 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=Daseal;458693]I feel so bad for the rich. They will only be able to afford a new Bentley every other year now.[/quote]
Class envy?

Daseal 07-23-2008 01:46 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
Not at all. I'm actually in favor of a flat percentage tax. But people that make the most money in this country should do more to support it. Most of the people that whine about the rich being over-taxed aren't anywhere close to that bracket, and they play more when the ultra-rich get savings.

firstdown 07-23-2008 01:54 PM

Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!
 
[quote=Daseal;458702]Not at all. I'm actually in favor of a flat percentage tax. But people that make the most money in this country should do more to support it. Most of the people that whine about the rich being over-taxed aren't anywhere close to that bracket, and they play more when the ultra-rich get savings.[/quote]
Well what facts do you have that supports that the rich gets ultra savings? Anything I have ever seen is that they are a small % of the tax payers but pay a much greater % of all the taxes collected. Like the top 1% pays 40% of all the taxes collected. That does not sound like ultra savings to me. I don't whine about it and your right I'm not in their bracket but I do think they pay more than their share as it is and that article even pointed out that raising their taxes will not increase tax revenue as Obama thinks it will.


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