So how many showed up there to protest the tax rates Bush set in anyway?
The Congressional Budget Office has produced a new set of statistics showing who pays what taxes in America. The lyin' left has seized on these statistics to say that the CBO figures show that the George Bush tax cuts shifted a good bit of the tax burden from the rich to the middle class.
Not so fast. Just in case you run across some of these news stories, and in case you actually believe that the federal income tax burden has been shifted from the rich to the middle class, there's something you need to know.
The media wanted to take these CBO numbers and report them in a way that would make the Bush tax cuts look bad. It's all part of the template. If you can spin a story so that it looks favorable to Obama or Kerry or Al Gore, and bad for Bush ... do it. How do you monkey with the CBO figures to accomplish this? Simple ... you include Social Security and Medicare taxes in your equation. The Bush tax cuts cut income tax rates, not Social Security or Medicare rates. The only fair way to report on how these tax cuts affected the various income levels would be to cite income tax rates only. Guess what? If you only include numbers from who is paying what federal income taxes you will find that the rich are paying a higher percentage of income taxes collected by the federal government now than they were before the tax cuts!!! Now those of you educated in government schools may think that it's impossible to cut tax rates on the rich and then have them pay an even higher percentage of the taxes. Try to think outside the government school box. It has been proven time and time again that when you lower tax rates on the rich ... when you allow the rich to keep a higher percentage of the money that they work for and earn ... they will work even harder to earn even more! As they work harder they end up paying more income taxes than before, even though their actual tax rate is lower.
It's simple. Reward the rich for their efforts, and they'll work even harder. The harder they work, the more taxes they pay. Now, after the tax cuts, they're shouldering an even higher percentage of the burden then before. This is a message the media doesn't want to convey, because it's a message that supports Bush's tax cuts. That's why they're playing with the numbers.
They couldn't have been protesting Obama, he gave tax cuts.
Barack Obama is well on his way to taxing the dog squeeze out of the achievers, the business owners, the wealthy - the people who create the jobs in this country. Starting in 2011, over the next 10 years, Obama is proposing almost $1 trillion in tax increases. And you wealth-envy types can rest your pretty little heads .. he is going to increase taxes on those evil rich people you so love to hate.
Jake Tapper frome ABC News has the breakdown...
1) On households making more than $250,000:
$338 billion from turning back the Bush tax cuts.
$179 billlion by reducing the limits on itemized deductions
$118 billion by increasing capital gains taxes
Total: $636 billion/10 years
2) On evil businesses:
$17 billion comes from bringing back the Superfund taxes
$24 billion fromtreating tax carried-interest as income
$5 billion by codifying "economic substance doctrine"
$61 billion from repeal of the LIFO accounting practice
$210 billion from international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion from excise tax increases on Gulf of Mexico oil and gas
$3.4 billion from repealing the expensing of tangible drilling costs
$62 million from repealing the deductions for tertiary injectants
$49 million from repealing passive loss exceptions for working interests in oil and natural gas properties
13 billion by repealing manufacturing tax deductions for oil and natural gas companies
$1 billion by increasing to 7 years geological and geophysical amortization period for independent producers
$882 million through eliminating advanced earned income tax credit
Total: $353 billion/10 years
There are people who actually believe that Obama is going to succeed in his quest to return economic prosperity to our country through taxation. There are also people who believe that wet streets cause rain. These people are commonly called "idiots."
