On Politics, We Can Always See the Whites of Their Eyes.
Pelosi: I am going to raise your taxes
by: Clyde Middleton posted: 2009-01-18 09:56:00
Viewed 1023 times. 3 Comments.
Subtitled: Understanding the revenue impact of Bush's tax cuts.
Obama first foreign-policy crisis looks like it is going to be the foreign nature of having people with power equal to his telling how it is going to be.
This town appears to be big enough for two queens: "House Speaker Nancy Pelosi wants Congress to consider repealing President George W. Bush's tax cuts well before they expire in 2010, in contrast to what President-elect Barack Obama is proposing. / In an interview aired Sunday, Pelosi said, "I don't want them to wait two years to expire because they have to prove their worth to me."
Earn their "worth" to you, dear? Get over yourself.
The qualified argument seems to be raising taxes on those making over $250,000 - Pelosi says yes, Bambi says no. It's a stupid argument, one bereft of an understanding of macroeconomics. Let's look at the Evil W Tax Cuts.
The main aspects of Bush's 2001 tax cuts, which are set to expire in 2010 are:
- A reduction of individual income tax rates from 15, 28, 31, 36, and 39.6 percent to 10, 15, 25, 28, 33, and 35 percent;
- An increase in the child tax credit from $500 to $1,000;
- A phased-in reduction in estate taxes, and a one-year repeal in 2010;
- A big expansion of tax-favored retirement savings plans.
Let's toss some real data in here, since all the libs can do is demonize Bush's efforts. Who pays personal income taxes? Here's the year before Bush took office (2000), the first year of his reductions (2001), and the latest available data (2006):
| Year | Income Top 1% | Percent of Fed'l Income Tax Top 1% | Income Bottom 50% | % Tax Bottom 50% |
| 2000 | $313,469 | 37.42% | <$27,682 | 3.91% |
| 2001 | $292,913 | 33.89% | <$28,528 | 3.97% |
| 2006 | $328,049 | 39.89% | <$31,987 | 2.99% |
What do we learn? The income tax burden shifted to those making the most money. Did it do it immediately? No, of course not. He understood that we are moving a multi-trillion dollar economy. You put the structure in place and the economy moves towards it. The top level earned more money in the end result - and paid more income tax as a result.
Dems look for quick, feel-good changes. In the long term, they always fail.
Let's add to these data the actual dollars paid by these groups (see Table 4 - Billion $$):
| Year | Total Income Tax Paid | Paid by Top 1% | Paid by Bottom 50% |
| 2000 | $981 | $367 | $38 |
| 2001 | $888 | $301 | $35 |
| 2006 | $1,024 | $408 | $31 |
We learn that the bottom 50% received an immediate tax cut in dollars, and that it continued in their favor throughout the term.
What about average tax rates within these groups and for these years? See Table 8:
| Year | Average Tax Rate (% AGI) Total | Average Top 1% | Average Bottom 50% |
| 2000 | 15.26% | 27.45% | 4.60% |
| 2001 | 14.23% | 27.50% | 4.09% |
| 2006 | 12.60% | 22.79% | 3.01% |
Average tax rates decreased and tax revenue increased. The average tax rate of the Top 1% reduced by a tad less than 17%. The rate for the Bottom 50% reduced by over 34%.
Reduced tax rates - increased income. What part of this is so hard to understand?
Related Articles
- Tamar Yonah: Communist In The White House?
- GOP Talkers on EPA?s Backdoor National Energy Tax
- Hoyer on tax increases: 'But if you're going to buy, you need to pay'
- Patriot Room Radio #53: Agnostic Barry bail. Again.
Links to this post
Trackback url: http://patriotroom.com/article/pelosi-i-am-going-to-raise-your-taxes/trackback
Comments 3
dems on gun control: that's both funny and chilling ...
The Constitution was written to give the people mastery of the government; that has now shifted, and gun control is the last nail in the coffin on a free democracy.
Thanks for this post Clyde. Has anybody sent it to Nazi Nancy?
Have an opinion?
blog advertising is good for you
blog advertising is good for you
Publius' Newsstand
-
House votes overwhelmingly to investigate Pelos...
The House voted Thursday to open an ethics investigation into what and when House Democratic leaders knew of allegations of sexual harassment against former Rep. Eric Massa (D-N.Y.). The House overwhelmingly backed a privileged resolution offered by GOP Leader John Boehner (Ohio) that will have the Ethics Committee look into what House Speaker Nancy Pelosi (D-Calif.), House Majority Leader Steny Hoyer (D-Md.), and other Democratic leaders and staffers knew about allegations of sexual harassment against Massa, and when they became aware of the situation. The Republican resolution came amid reports that members of Pelosi's staff had been allegedly been notified of the situation in Massa's office as early as last year.Views: 66 Comments: 0
-
House GOP votes to ban all earmarks
This would be called leading while in the minority. The Dems only ban some earmarks. GOP bans 'em all.House Republicans approved a conference-wide moratorium on earmarks on Thursday one day after a House committee enacted a ban on for-profit earmarks. The Republican's moratorium is more extensive than the House Appropriations Committee's ban in that it applies to all earmarks for all members of their caucus. "For millions of Americans, the earmark process in Congress has become a symbol of a broken Washington," they said. "We believe the time has come for House Republicans to adopt an immediate, unilateral moratorium on all earmarks."
Views: 49 Comments: 1
-
Gallup: Record number of people believe Global ...
There is lots of good stuff in this poll. Support for the Warmists is dropping off a cliff (or off a melting glacier, if you prefer).Gallup's annual update on Americans' attitudes toward the environment shows a public that over the last two years has become less worried about the threat of global warming, less convinced that its effects are already happening, and more likely to believe that scientists themselves are uncertain about its occurrence. In response to one key question, 48% of Americans now believe that the seriousness of global warming is generally exaggerated, up from 41% in 2009 and 31% in 1997, when Gallup first asked the question.
That increase to 48% is fully 7 points higher than last year, which was also a record high.Views: 74 Comments: 0
-
Dem Rep Holden (PA) - No
The good part is the breadth of his No - read on: Holden, D-17, voted against the health care reform bill last year. However, another vote will likely be held soon, as the House appears set to pass the Senate's version of the bill. Johnson and others believe Holden is likely having "his arm twisted" by Democratic leaders eager to turn his "no" vote to a "yes" vote the second time around. However, in a telephone interview Wednesday night, Holden said his position will not change. "I will not vote for the Senate bill," Holden said. "It makes significant cuts to Medicare and Medicaid ... and the restrictions on (federal funding for) abortion are not as strong."Views: 58 Comments: 0
-
VA set to outlaw individual mandates - 34 more ...
The Virginia General Assembly has given final approval to a bill that would make it illegal for the government to require individuals to purchase health insurance, a measure intended to conflict with Democratic efforts to reform health care in Washington. Thirty-four other states are weighing similar legislation to block the individual mandate, which is an element of bills that have passed both the U.S. Senate and House of Representatives. But Virginia is the first state to complete legislative action on such a bill.Views: 79 Comments: 2
-
0-3 Obama says a "yes" vote worth a presidentia...
These people stop at nothing to buy what they want: "At the same time, Obama intends to lobby wavering House Democrats to vote for a Senate version of the legislation and to support the subsequent reconciliation process, which Republicans have characterized as an unjustified use of majority power. Among the rewards Obama is ready to offer, White House officials said, are election-year visits to competitive congressional districts, where a presidential appearance can bring in hundreds of thousands of dollars in campaign funds."Views: 60 Comments: 1
-
NYT won't report on the anti-Israel funders beh...
Typical. Shameful. FTA: The story being ignored is the Im Tirtzu campaign to expose the New Israel Fund?s connection to the defamatory Goldstone Report via its funding of groups that spurred the creation of and then contributed harsh commentary about Israel to the UN document. Originally founded as a student organization to counter anti-Zionist activity on campus, Im Tirtzu publicized revelations about the NIF-Goldstone ties in provocative ads across the country. The campaign began in January and has already prompted moves in the Knesset to intensify oversight of foreign political entities financing groups in Israel.Views: 53 Comments: 0
-
Presbyterian Church elders are poised to defame...
Speechless: A special committee of the U.S. Presbyterian Church is set to release a report on the Middle East that embraces parts of a manifesto by Christian Palestinians who call for an end to Israel as a Jewish state. ... "The phrase 'the right of Israel to exist' is a source of pain for some members of our study committee who are in solidarity with Palestinians, who feel that the creation of the state of Israel has denied them their inalienable human rights." The committee says the U.S. ought to employ "the strategic use of influence and the withholding of financial and military aid in order to enforce Israel's compliance with international law and peacemaking efforts." No similar tactics are recommended against Hamas, which fires rockets at Israeli homes and schools. Not against Iran, which pursues nukes and dreams of erasing Israel. Not against Hizbullah.Views: 49 Comments: 0
-
Blind, anti-Semites: European Parliament backs ...
Go pound sand, Europe. May you live long enough to regret this day. FTA: In a move likely to worsen EU ties with Israel, the European Parliament urged its 27-member states Wednesday to monitor the Israeli and Palestinian probes into alleged war crimes in Gaza. The parliament also called on Israel to immediately open border crossings with the Gaza Strip, saying its blockade is worsening the humanitarian crisis there.Views: 35 Comments: 0
-
May as well do it ourselves: Shell stops gas sa...
Barry can't seem to pull the trigger. May as well do it ourselves. How sad to expose private companies to unilateral action like this - complete abrogation of leadership. FTA: Royal Dutch Shell has stopped selling gasoline to Iran, the company confirmed Wednesday, adding to a list of oil giants that have stopped sales after a threat of future U.S. sanctions. Royal Dutch Shell (RDS) said it had no official announcement beyond the confirmation, but according to someone with knowledge of the situation the company ceased gas sales to Iran sometime in 2009. "Shell is currently not selling gasoline to Iran," a Shell spokesman said, but he would not comment on whether the decision was related to talk of possible U.S. sanctions on Iranian gasoline imports.Views: 52 Comments: 1
Get Your PR Button!
More Articles By Clyde Middleton
- Video: Dems tell the truth about HC bill
on 2010-03-11 with 65 views - Sestak wasn't the only one offered a job - in violation of federal law
on 2010-03-11 with 118 views - Source doc: CBO Scoring of 12/24 Senate HC bill - released 3/11/10
on 2010-03-11 with 327 views - Dem Rep Holden (PA) - No
on 2010-03-11 with 58 views - VA set to outlaw individual mandates - 34 more states considering
on 2010-03-11 with 79 views - 0-3 Obama says a "yes" vote worth a presidential fundraiser. Wow.
on 2010-03-11 with 60 views - NYT won't report on the anti-Israel funders behind the Goldstone Report
on 2010-03-11 with 53 views - Presbyterian Church elders are poised to defame Israel
on 2010-03-11 with 49 views - Blind, anti-Semites: European Parliament backs UN report on Gaza war
on 2010-03-11 with 35 views - May as well do it ourselves: Shell stops gas sales to Iran
on 2010-03-11 with 52 views
Democrats, raise taxes, fund socialism and gun control. Up to you to figure out why gun control is so important to Democrats.