Reality Check on Taxes from Steve Moore
From today's Wall Street Journal:
"With the House and Senate preparing to vote on extending George W. Bush's investment tax cuts, it's no surprise the cries against "tax giveaways to the rich" grow increasingly shrill. Just yesterday Senate Minority Leader Harry Reid charged that the Bush tax plan "offers next to nothing to average Americans while giving away the store to multi-millionaires" and then fumed that it will "do much more for ExxonMobil board members than it will do for ExxonMobil customers."
Oh really. New IRS data released last month tell a very different story: In the aftermath of the Bush investment tax cuts, the federal income tax burden has substantially shifted onto the backs of the wealthy. Between 2002 and 2004, tax payments by those with adjusted gross incomes (AGI) of more than $200,000 a year, which is roughly 3% of taxpayers, increased by 19.4% -- more than double the 9.3% increase for all other taxpayers.
Between 2001 and 2004 (the most recent data), the percentage of federal income taxes paid by those with $200,000 incomes and above has risen to 46.6% from 40.5%. In other words, out of every 100 Americans, the wealthiest three are now paying close to the same amount in taxes as the other 97 combined. (Emphasis added). The richest income group pays a larger share of the tax burden than at anytime in the last 30 years with the exception of the late 1990s -- right before the artificially inflated high tech bubble burst..."
Enough of the class warfare nonsense.
As my old friend Steve Moore points out, facts are facts.
"With the House and Senate preparing to vote on extending George W. Bush's investment tax cuts, it's no surprise the cries against "tax giveaways to the rich" grow increasingly shrill. Just yesterday Senate Minority Leader Harry Reid charged that the Bush tax plan "offers next to nothing to average Americans while giving away the store to multi-millionaires" and then fumed that it will "do much more for ExxonMobil board members than it will do for ExxonMobil customers."
Oh really. New IRS data released last month tell a very different story: In the aftermath of the Bush investment tax cuts, the federal income tax burden has substantially shifted onto the backs of the wealthy. Between 2002 and 2004, tax payments by those with adjusted gross incomes (AGI) of more than $200,000 a year, which is roughly 3% of taxpayers, increased by 19.4% -- more than double the 9.3% increase for all other taxpayers.
Between 2001 and 2004 (the most recent data), the percentage of federal income taxes paid by those with $200,000 incomes and above has risen to 46.6% from 40.5%. In other words, out of every 100 Americans, the wealthiest three are now paying close to the same amount in taxes as the other 97 combined. (Emphasis added). The richest income group pays a larger share of the tax burden than at anytime in the last 30 years with the exception of the late 1990s -- right before the artificially inflated high tech bubble burst..."
Enough of the class warfare nonsense.
As my old friend Steve Moore points out, facts are facts.
posted by Money Politic$ at 11:46 AM
12 Comments:
Fact is your beloved TAX CUTS are UNAMBIGUOUSLY WORTHLESS without a DROP IN GOVERNMENTAL EXPENDITURES
Spend more time there and less time on TAX cuts and maybe you will get some credibilty.
Larry, of course the rich's percentage of total taxes is rising. They are the only one's whose incomes are going up. Median income has remained flat for 30 years.
Hourly compensation was up at an annual rate of 5.7% in the First Quarter, and 0.5% alone in the month of April. All of those jobs are depleting the available talent pool, which means that employers are paying more to attract and retain workers.
http://www.willisms.com/
The same blog has a great graphic showing MSM's coverage of gasoline prices vs good economy.
sharp said...
Hourly compensation was up at an annual rate of 5.7% in the First Quarter, and 0.5% in the month of April.
I haven't seen those numbers but I would have to question whether they were raw or adjusted numbers.
Regardless, a couple of data points doesn't impact on the argument one way or the other. In fact, adjusted real wages for 2004 and 2005 were negative according to the Dept. of Labor.
http://wwww.bls.gov/news.release/archives/eci_01312006.pdf
More importantly, real wages adjusted for inflation have been flat for decades. That's why it drives me crazy when I see these talking heads on CNBC and Fox saying that the American people just don't get it. They don't come out and say it but you can see the contempt they have for the average American's intellect at least when it comes to its views of the economy.
These guys have so bought into the "Our Business is Business" mantra they can't understand why American's don't jump onto the Republican bandwagon. The fact is most people aren't seeing progress on wages and they are scared because of reduced job security and rising healthcare and college costs.
This is why 64% of them say the economy is not being handled properly and why some might even believe that "tax cuts for the rich" aren't really in their best interests.
This is why 64% of them say the economy is not being handled properly
==============
some of those FACTS never seemed to get mentioned around here-- just the pro-Bush facts
How to fight back:
"Mr. and Mrs. America, do you really want YOUR EMPLOYER to continue to be the declared enemy of our nation's tax policy?"
58% of the increase in the national debt since Bush took office is due to the Bush tax cuts.
It's exactly like taking out a home equity loan to finance a vacation.
Bush and company have put our children and grandchildrens' names on a mortgage to give tax cuts to the rich.
As for "facts are facts" and "numbers are numbers" the reason that the top 3% are paying a higher percentage of income taxes now than they did before the tax cuts is because their share of national income has increased by even more. Don't believe it? Look at CEO compensation.
". . .tax payments by those with adjusted gross incomes (AGI) of more than $200,000 a year, which is roughly 3% of taxpayers, increased by 19.4% -- more than double the 9.3% increase for all other taxpayers."
I'm not pointing out anything so far as "facts are facts" and you twisted them that several others haven't already pointed out.
I just want to rant about the weasle language of the above. Somebody not as bright as those who congregate here or somebody without the leisure time to indulge in this kind of fun (for instance, someone watching a talking head named Kudlow on the tube) might leap to the conclusion that the IRS revenue increase from those making more than $200,000 a year was due to tax RATES going up for the rich, particularly when you claim that the statistic should end "class warfare nonsense."
On the fucking contrary, your own quoted statistic shows why there should and will be class warfare.
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"Larry, of course the rich's percentage of total taxes is rising. They are the only one's whose incomes are going up. Median income has remained flat for 30 years."
That's a flat out lie. See:
http://en.wikipedia.org/wiki/Household_income_in_the_United_States#Household_income_over_time
The left will always try to discredit those who tell the truth, because it doesn't comport to their worldview and agenda.
I really like your blog- have to check on it more often. If you are interested in
web-businesses maybe you should have a look at my blog :)
It's really crazy when you hear the moaning of everyone about taxes. It's like when I hear people say they can't have a kid because it costs too much :)
I knew someone that say the other side of the coin and said, "every time I have a new child, I make more money!"
Stop whining and just make more...oh no..that is too hard to do. I'd rather depend on the government to save me. Realize this whole Fed tax is...uh..I can't say any more...
On a lighter note using web video conferencing to communicate is the way for all of us to keep connected :)
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