There is an old saying, if you say a lie enough times it becomes the truth. If you were only paying attention to the Democrats and the MSM over the last nearly eight years, you would think that the only people that got a tax cut under the Bush tax proposal were those making seven and six figures yearly. Not only is this a distortion but it is frankly a flat out lie. Yet, this lie has taken on a life of its own and because it has been repeated often enough by both the Democrats and the MSM it has become the truth.
Here is the real truth of the Bush tax cuts. Prior to the Bush tax cuts, the marginal tax rates were, 15, 28, 31, 36, and 39.6%, depending on your income, familial status and other matters. After the Bush tax cuts, those margins were cut to 10, 15, 25, and 33%. Furthermore, the President eliminated the inheritance tax, increased certain child tax credits, and cut other minor taxes. In other words, if you paid anything in federal income taxes, your income tax rate went down. In fact, on a percentage basis, the poorer folks got a much bigger cut than the wealthy (from 15% to 10% compared to 39 to 33).
Now, what the Democrats didn't like about the Bush tax cuts was that he didn't give a cut to those that paid ZERO IN FEDERAL TAXES. President Bush correctly recognized that you can't cut someone's taxes if they already pay zero. That wouldn't be a tax cut but rather a welfare check. Yet, because Bush didn't include those roughly 40% of the population in his tax cuts, his tax cuts have been referred to as "for the rich" ever since. That's despite that Bush's tax cuts would affect those that made as little as $27,000 yearly. As such, if you are a Democrat or in the MSM, if you pay any income tax at all, you must be "rich".
In fact, the Democrats continue to do this...
Here again, Joe Biden claims that millionaires will get about $87 billion in tax breaks. That's true, but there will also be hundreds of billions in tax breaks to those that aren't millioniares. That's because under Bush's tax cuts, each and every person that pays income taxes had their income tax rate cut.
The irony of ironies is that under Barack Obama's plan no one will have their marginal rate cut. Barack Obama will cut people's tax burden through a series of tax credits. On the other hand, he will raise the top two marginal tax brackets to what they were prior to the Bush tax cuts. Since the bottom 40% of the population already pay nothing in federal income taxes, their tax burden will be lowered by the series of tax credits Senator Obama is proposing. This is how Senator Obama claims that Bush cut taxes for the wealthy only while he will focus on the middle class.
This total distortion of reality could only happen because the Democrats repeated over and over "tax cuts for the rich" and the MSM never corrected them.
Here is another thing the DeathStarCrats won't tell you about the Bush tax cuts:
ReplyDeleteHis allowance for a straight line deduction of $250,000 for computers, equipment, furniture, supplies, etc. are the only way I was able to start my business. Without the straight line deduction, I would have had to depreciate my business assets over many years. The money this saved me in income taxes was used to purchase labor to get my company fired up.
And just a news flash for any libtards reading this comment: I don't make $250,000 a year (sorry $150,000 per Joe Biden).
A vote for Obama/Biden is a vote for Joseph Lenin! Are you ready to toss lady liberty for a hammer and sickle? NOT ME!!
you are absolutely correct, they lie about taxes, economic policies, voter fraud, voter suppression, iraq, and pretty much everything else that comes out of their mouths. their ideological allies in the media either don't call them out on it or insinuate they are right. now how do we fix it?
ReplyDeletegreat new video by themouthpeace on biden and his recent interview:
http://www.youtube.com/watch?v=g_f84qX3pBg
I want to better understand the Bush tax cut so I can debate with my liberal friends why it's a good thing. In your post you mentioned that the lower income folks received a bigger tax cut than the rich, 15 - 10 compared 39 to 33. i see the rich getting a decrease of 6% and lower folks only getting 5%...please explain
ReplyDeleteYeah, from 15% tax burden to 10% tax burden that's a 33% reduction in your federal income tax burden. From, 39% to 33%, that's about an 18% reduction in your tax burden.
ReplyDeleteGetting into a debate over who enjoyed more of the tax cuts is exactly the debate that liberals want to have. That debate is entirely a debate of class warfare. It's beside the point. Everyone that paid federal income taxes saw their tax burden reduced. that's what is important. Everyone got their taxes cut. If you saw your tax burden reduced, are you really going to be ticked off because someone else got their reduced as well. Do you begrudge someone else paying less in taxes while you pay less in taxes?
Of course not. But all they hear is the media saying how it's a tax cut for the rich. I have found that the ones who want to get rid of it, haven't taken the time to read the details of the tax cut and if it goes away, their taxes will go up as well. they don't get that. The tax burden helped understand it. thank you
ReplyDelete