This short article is from the National Center for Policy Analysis, a free-market think tank that studies economic, tax & healthcare issues. They do a daily e-mail (free!) that condenses 5-6 articles. It's a good way to keep informed. You can subscribe at http://www.ncpa.org/.
And before the left-wing haters pile on, no, I'm not close to that top 1% tax bracket. My new two-pronged strategy for dealing with my declining IRA (which, strangly, has gone way down since January 20): retire later, die earlier.
THE RICH PAY MORE THAN THEIR "FAIR" SHARE
Many critics have erroneously claimed that the Reagan and Bush tax cuts only benefited the wealthy. The truth is that ever since Reagan, the rich have borne an ever-increasing share of the tax burden while the poor have been removed entirely from the tax rolls, says Investor's Business Daily (IBD).
According to a study by the National Center for Policy Analysis:
From 1986 to 2004, the total share of the income tax burden paid by the top 1 percent of income earners grew by nearly half, from 25.8 percent to 36.9 percent.
Over that same time, the burden of the bottom 50 percent of earners was almost halved from 6.5 percent to 3.3 percent.
The Tax Foundation has noted that in 2000, a year before the first tax cuts under Bush, roughly 30 million tax returns had no income tax liability. Every dollar those earners made they kept.
By 2004, a year after the second round of cuts was passed, 43 million returns had no tax. It estimates that, in all, more than 25 million Americans have been wiped off the federal tax rolls just by President Bush.
Source: Editorial, "Rush Vs. The Party Of Soros," Investor's Business Daily, March 10, 2009.
For text:
http://www.ibdeditorials.com/IBDArticles.aspx?id=321575363666179
For NCPA study:
http://www.ncpa.org/pub/ba606
For more on Taxes:
http://www.ncpa.org/sub/dpd/index.php?Article_Category=20
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Keep up the great work. I enjoyed your article on "I'm tired". The media and politicians have the people of this great Country hypnotized and just can’t believe there is no accountability for their actions. Elected officials not paying taxes – What’s up with that! If that was you or me, we would have a knock on our front door along with a nice fine. Billions of our (and grandchildren) dollars given to the banks to stimulate the economy with no control attached to it – Only to be invested in other Countries! Not to mention all the PORK attached which made it easy for the senate to pass knowing they could shore-up their next election. I’m with Glen Beck and every front page newspaper needs a list of politicians’’ who say one thing and their actions say something different. I guess they are exempt from being accountable! The housing market is something else which gets my blood boiling! Sure the bank wanted to give me more then what I needed to build my house, but reality drove my decision knowing I was responsible to make good on my loan. And now we are told we need to help out the housing market because it is so overinflated due to banks lending too much money to those making bad decisions!!! I’m all for helping those in need, but not those who make bad decisions knowing it was the wrong thing to do. Where is the justice?
ReplyDeleteI spent 24 years defending this great country, and won’t give up now due to a few bad apples. I say it’s time to clean house and bring back the honor, integrity, and courage this country was founded upon.
God Bless America
A friend forwarded me a copy of your, "I'm tired," post and I just wanted to tell you it delighted me. Thanks for say what so very many of us are thinking!
ReplyDeleteJust received a link to your blog from a friend. You've really done a great job. Thanks for taking the time to share this information and your thoughts.
ReplyDeleteSomeone posted your "I'm Tired" entry over on Leverguns.com That was a great post.
ReplyDeleteAs for taxes, I'm tired of the entire tax system in place. As someone who doesn't make more than $45K per year I'm tired of having what is mine taken away without my input and being given to others who don't pay. I'm tired of "the rich" being demonized by the poor. I don't care how much you make as long as you make it honest. I've never worked for someone who made less than me.
I agree with all you had to say about the economy, and how our society has degenerated. I too am very outspoken but my passion is abortion and how we have decimated a complete generation since Roe V Wade. I am sure we have allowed the leader given to us by God to be killed in this manner. I believe we are reaping the fruits of our labors. I am involved in activities to voice our discension with the current economic policies. I am also involved with activities to stand against those who wish to continue killing our Brothers and Sisters, our fellow Citizens our fellow Patriots of these United States of America. Continue the fight brother, there are too many "Good Men" who are doing nothing.
ReplyDeleteMike Valley
(A Catholic)
I was forwarded "I'm Tired" and really enjoyed it. You are right on and I am really glad I have found your blog so I can continue to follow your thoughts.
ReplyDeleteI just read "I'm Tired" and wanted to thank you for putting into words what this country needs to hear. I too am tired but grateful to have a wonderful job and opportunity to work hard to support my family and am proud of putting my son through college even though he graduated with a 4.5 gpa from high school and couldn't get a scholarship and after graduating college he is now serving in the US Navy to serve and protect his country. I too am tired of supporting and providing "opportunity" to illegals and lazy people. Opportunity is earned not a given right.
ReplyDeleteI too am "tired". I feel pretty much the same as you about the state of our society today. The young think that we owe them. Unitl they wear the uniform and serve in our military, the only thing we owe them is a draft card. We should be like Israel, having to serve in the militray for at least two years after high school, before college or a job. We are working our military to the bone two, three and four deployments to OIF or OEF.
ReplyDeleteToday on Fox news I saw where if you got a unemployment check you had to take a drug test before you got paid, should be the same for welfare too. Positive test equals no check!!!
Signed,
Retired USMC Gunny