Quote/Unquote

I few months back a friend of mine posted an article on his website in obvious protest of congress passing a $70 billion tax cut.  Claiming that it gave a break to the top earners of the population.  You can read it here.  Well I ran across an article today.  I will copy and paste it below.  It is not my words so I do not want to take credit for it, but it shows you what is really happening.

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Well, it’s time to put a stop to the whining about income inequality and those big huge tax breaks the evil rich have received from George Bush.  The Treasury Department is about to release the numbers for 2004, and as usual the highest achievers are taking it on the chin.

The Democrats, with no small amount of help from Republicans, are making headway on their goal of shifting the entire federal tax burden in this country onto a minority of income earners.  In 2004 the bottom one-half of income earners paid only 3.3% of all federal income taxes.  That’s down from the Clinton years.  In fact, that’s the lowest share paid by the bottom half ever.

According to The Wall Street Journal, the majority of American families with incomes less than $40,000 pay no income taxes at all!  When you factor in the welfare program known as the Earned Income Tax Credit, many of these families are coming close to getting a completely free ride!

OK … but what about the evil rich?

In 2004 the top 1% of all income earners earned about 19% of all income.  So … the rich really are benefiting from Bush’s tax policies, aren’t they?  Just 1% earning 19% of all income?   Sorry to burst your bubble, but that figure was higher in the Clinton years.  During the time Clinton was in office this figure went from 13.8% to nearly 21%.  Funny how you didn’t read a lot of newspaper stories during the Clinton years about growing income inequality, isn’t it?  Now, under bush, the share of total income earned by the wicked rich has fallen!

But what about the income taxes!  Surely George Bush has all but wiped out income taxes for the nasty rich, hasn’t he? 

Nope.

In 2004 the top 1% of income earners — that crowd that earned 19% of all income — paid 36.9% of all income taxes. The top 5% of income earners paid a whopping 57.1% of all income taxes.  That’s an increase under Bush.  So much for “tax cuts for the rich.” 

OK .. well how about the super-rich?  What about the top one-tenth of one percent of income earners?  Lordy, I don’t even know how much you have to earn to be in this crowd.  From 2002 to 2004, with the hated Bush tax cuts firmly in place, the top 0.1% of income earners saw their share of total income taxes paid go from 15.4% to 17.4%.  That’s up a full 2% for those of you who went to government schools.  

OK … that’s income taxes.  But what about capital gains taxes and taxes on dividends?  Bush cut those taxes too, didn’t he?  That’s where the rich are making out like bandits, right?  Well … glad you asked.  Since Bush’s tax cuts the Imperial Federal Government has seen an increase of 79% in capital gains taxes, and 35% for taxes on dividends.

Just remember these figures the next time you see some Democrat whining about income inequality and the need to redistribute income.  It looks like we’re doing quite a bit of redistribution as it is.

Two weeks ago I paid $2.75/gallon for gas.  I wasnt happy to pay it, but hell, I drove my truck, I used the gas so what was I going to do?  Point fingers?  Blame Bush?  Nah, not my style.  I along with all other American’s who have become dependent on foreign oil drove the gas prices up ourselves.  Last week I paid $2.53/gallon.  Hey hey..bonus.  Today I noticed that gas in my area is $2.45/gallon.  Damn thats cheap, I can just go pour it on the ground for that price.  Gas has been on a steady decline for the past few weeks, although you may not know it.  The liberal media can not and will not report this because it may show Bush and his administration in a favorable light.  As if it is Bush’s fault that gas prices are so high.  No no, it is much more important for them to report on Tom Cruise’s new baby.  I’ll admit she is a cute kid.

Now im sure gas prices are not going to continue to go down for long.  They will surely rise again.  But dont worry…when that happens you will be the first to know.  The media wont let you forget it.  Remember, and this is very important, it’s all Bush’s fault.  At least thats what I tell myself everytime I start MY truck that gets 14 miles to the gallon, that I decided to buy, knowing full well its gas mileage.  Why should I be responsible for my own decisions? Thats the federal government’s job, RIGHT?!