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10 Inconvenient Truths for Tax Day

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JenniferMaxwell
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0 posted 04-15-2010 01:42 PM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

“With Tax Day again upon us, two story lines will predictably dominate the media coverage on April 15th. In their perpetual war on taxes, conservatives will claim that rates are too high even as those Americans who receive tax credits get "welfare." Meanwhile, frothing-at-the-mouth Tea Partiers will protest about being "Taxed Enough Already."
Sadly, the numbers tell a different tale. After a decade of the Bush tax cuts, it's clear that only one side is fighting - and winning - the class war. As for the Tea Baggers, they aren't merely, as Jon Stewart suggested last year, "confusing tyranny with losing." They are confused about so much more.

Here, then, are 10 Inconvenient Truths for Tax Day:

Over 95% of Working Households Got Tax Cuts
Only 2% of Tea Baggers Know Obama Cut Their Taxes...
...and 52% of Tea Partiers Think Their Taxes are Fair...
...and Think the Federal Tax Level is Over Double What It Is
1% of Families Earned 24% of All Income...
...and 57% of All Capital Income
400 Richest Taxpayers Saw Incomes Double, Tax Rates Halved
Only 1 in 500 Families Pay the Estate Tax
Corporate Taxes Have Plummeted as a Share of GDP
The U.S. Loses $345 Billion a Year to Tax Evasion and Fraud”

http://www.perrspectives.com/blog/archives/001830.htm
JenniferMaxwell
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1 posted 04-15-2010 04:50 PM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

From the above linked article.

"1. Over 95% of Working Households Got Tax Cuts
As promised, President Obama delivered tax relief to over 95% of working American households. But you don't have to take the White House's word for it. As Nate Silver, Citizens for Tax Justice and others also documented, "President Obama Cut Taxes for 98% of Working Families in 2009."

As it turns out, the $160 billion in tax cuts provided to families and businesses this year by the Recovery Act also produced an average IRS refund of over $3,000, a 10% jump from last year."
JenniferMaxwell
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2 posted 04-15-2010 07:16 PM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

From the article linked in opening post

2. Only 2% of Tea Baggers Know Obama Cut Their Taxes...

"Sadly, furious Tea Partiers seem to be unaware that they are beneficiaries of "no taxation with representation." A CBS poll in February found that only 12%o of respondents thought that the Obama administration had already lowered taxes, while 53% believed they remained unchanged. But among the boiling Tea Baggers, the cognitive dysfunction was almost total:

Of people who support the grassroots, "Tea Party" movement, only 2 percent think taxes have been decreased, 46 percent say taxes are the same, and a whopping 44 percent say they believe taxes have gone up."

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3 posted 04-15-2010 11:41 PM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

On April 1, 2009, the Federal government (Obama) instituted a $25. tax on Roll-Your-Own loose tobacco. A one lb. bag went from $12.99 per bag to $37.99 per bag. Nothing like putting the screws to the little folks down on the economic food chain, people who have had to resort to rolling their own because of the exhorbitant rise in ready made cigarettes, mostly due to federal and state taxation. The ready made smokes were also hit again, I think with an additional 60 cents per pack.

"If you make less than $250,000 (some speeches it was $200,000) you will not see a tax increase, of any kind, not one single dime." Barack Obama

$25.00 is quite a few dimes.

Come January 1, 2011, the Bush tax cuts will expire, since the Dems and Obama refused to make them permanent. That will be an effective tax increase of 3%. Add to that the talk about adding a 60 cent tax to every gallon of gasoline and the Value Added Tax (Federal Sales Tax).

Maybe those Tea Party folks who participated in the poll didn't see their taxes go down. The stimulus tax cuts were restricted by income...I think somewhere between annual incomes of $12,000 and $158,000. I heard on the news about a new study done on Tea Party participants that was just released that found that they are slightly above the general population in education and income.
JenniferMaxwell
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4 posted 04-16-2010 01:23 AM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

"Over 443,000 Americans (over 18 percent of all deaths) die because of smoking each year. Secondhand smoke kills about 50,000 of them."

JenniferMaxwell
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5 posted 04-16-2010 01:25 AM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

3. ...And 52% of Tea Partiers Think Their Taxes are Fair...

"Tea Party confusion over the taxes they claim to detest manifests itself in myriad other ways. On the eve of their final Tea Party Express rallies this week in Boston and Washington, CBS asked Americans, "Is the income tax you will pay this year fair?" 62% of respondents overall said yes. Again, among the denizens of Tea Bag Nation:

Yet while some say the Tea Party stands for "Taxed Enough Already," most Tea Party supporters - 52 percent - say their taxes are fair, the poll shows. Just under one in five Americans say they support the Tea Party movement.
However, those most active in the Tea Party are less satisfied with the amount of income taxes they will pay. Fifty-five percent of Tea Party activists - those who have attended a rally or donated money - (about 4 percent of Americans overall) say their income taxes are unfair.
Why the sudden reasonableness from the Birthers, Birchers, Deathers and Deniers of the Tea Party? For one, as the Tax Policy Center detailed, income tax revenue as a percentage of gross domestic product (GDP) has been roughly unchanged for 50 years, hovering at around 8%. And as the Center on Budget and Policy Priorities recently showed:

Middle-income Americans are now paying federal taxes at or near historically low levels, according to the latest available data. That's true whether it comes to their federal income taxes or their total federal taxes."
http://www.perrspectives.com/blog/archives/001830.htm
JenniferMaxwell
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6 posted 04-16-2010 09:12 AM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

4. ...and Think the Federal Tax Level is Over Double What It Is
To put this discussion of federal taxes and spending in context, it is also important to note that the Tea Party supporters can't. As former Reagan Treasury official Bruce Bartlett wrote last month, "For an antitax group, they don't know much about taxes."


"Among other findings in a survey of the assembled DC Tea Baggers on March 16:

Tuesday's Tea Party crowd, however, thought that federal taxes were almost three times as high as they actually are. The average response was 42% of GDP and the median 40%. The highest figure recorded in all of American history was half those figures: 20.9% at the peak of World War II in 1944."

http://www.perrspectives.com/blog/archives/001830.htm
Denise
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7 posted 04-16-2010 09:58 AM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

When you can't refute the truth presented, just change the subject.

The point wasn't the health risks of smoking, Jennifer. It was the federal tax increase, and an especially exorbitant one at that, mostly on those at the lower end of the economic scale, just 2 1/2 months after the innauguration by the guy who promised not to raise taxes, of any kind, not by a single dime, on those making less than $200,000/$250,000. Turns out he lied. And you can't defend it our refute it, so you change the subject.

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8 posted 04-16-2010 10:24 AM       View Profile for Ron   Email Ron   Edit/Delete Message      Find Poems   Click to visit Ron's Home Page   View IP for Ron

Think of it as a fine, Denise, because you can be sure that's the way the legislators think of it. It's a deterrent. And as fines go, this one ain't so bad.

'Cause, of course, it's a purely voluntary fine. You only pay it if you choose to do so.
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9 posted 04-16-2010 11:50 AM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

I don't think that's what they think, Ron. I think that's only their justification. Funny how they only seem to care about our health when they need to fill the coffers somehow. This last tax was desgined to earmark more money for the Federal Government's portion of the SChip program.

I also don't think the government has any business taxing adults engaging in legal activities as a behavioral deterrent.
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10 posted 04-16-2010 01:38 PM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

"5. 1% of Families Earned 24% of All Income...
While all eyes have been on the supposed Tea Party movement, the United States has reached levels of income inequality not seen since 1929.

As the New York Times reported in August, "for most of the last 30 years, the incomes of the richest have risen rapidly." The Times' stunning chart neatly summarizes the massive upward redistribution:

Share of income for the top 1%: In 2007, 24% of income went to the 1.5 million families who earned more than $400,000.
Share of income for the bottom 90%: In 2007, 50% of income went to the 135 million families who earned less than $110,000.
(Only the steep Bush Recession led to the rise of the super rich hitting, as the Times put it, "a sobering wall.)

As the Center for American Progress noted, the Bush tax cuts delivered a third of their total benefits to the wealthiest 1% of Americans. And to be sure, their payday was staggering. The Center on Budget and Policy Priorities detailed that by 2007, millionaires on average pocketed $120,000 from the Bush tax cuts of 2001 and 2003. Those in the top 1% stashed an extra $45,000 a year. As a result, millionaires saw their after-tax incomes rise by 7.6%, while the gains for the middle quintile and bottom 20% of Americans were a paltry 2.3% and 0.4%, respectively. (Other CBPP studies demonstrated that the Bush tax cuts accounted for half of the mushrooming deficits during his tenure in the White House and will continue to do so over the next decade.)
http://www.perrspectives.com/blog/archives/001830.htm
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11 posted 04-16-2010 02:07 PM       View Profile for Ron   Email Ron   Edit/Delete Message      Find Poems   Click to visit Ron's Home Page   View IP for Ron

quote:
I also don't think the government has any business taxing adults engaging in legal activities as a behavioral deterrent.

That logic has to work in both directions, Denise. It means you're also not in favor of tax credits to encourage socially constructive behaviors?

The two, after all, are just different sides of the same coin.
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12 posted 04-16-2010 03:20 PM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

No, I'm not in favor of tax credits to encourage 'constructive' behavior either.  I don't believe that the government should take away money because of behavior that is legal, nor give people money for what the government considers constructive behavior. I think the government needs to stay out of the behavior business, as long as the behavior is legal.
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13 posted 04-16-2010 07:08 PM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

THANK YOU, Mr. President!
http://www.youtube.com/watch?v=_d6-Dg_bmYA&feature=player_embedded
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14 posted 04-16-2010 07:45 PM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

The truth about taxes:
http://www.youtube.com/watch?v=pAl16Jjt9Hs&feature=player_embedded
Ringo
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15 posted 04-17-2010 08:25 AM       View Profile for Ringo   Email Ringo   Edit/Delete Message      Find Poems  View IP for Ringo

TEN MORE INCONVENIENT TRUTHS FOR TAX DAY
10) President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals. http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html

9)If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President's budget would double the national debt over the next decade. http://www.heritage.org/Research/Reports/2010/03/Obama-Budget-Raises-Taxes-and-Doubles-the-National-Debt

8)
More than 130 economists at respected institutions including N.C. State University warned President Obama that the new health care law would make it even harder to put people back to work.  http://www.charlotteobserver.com/2010/04/02/1350534/president-obamas-new-health-care.html#ixzz0lMDsXO1X

7)The health care law that Obama signed on March 23, 2010, raises taxes on some things regardless of income. http://www.politifact.com/truth-o-meter/promises/promise/515/no-family-making-less-250000-will-see-any-form-tax/

6) On September 18, 2007, when Obama laid out his tax fairness plan for the middle class, he proposed adjusting the capital gains rate "to something closer to--but no greater than--the rates Ronald Reagan set in 1986."
The problem is that the capital gains rate has dropped since the days of Ronald Reagan. Stated less rhetorically and more straightforwardly, Obama was proposing to RAISE the long-term capital gains tax from 15 percent to 28 percent, nearly doubling it.
Obama Nation, by Jerome Corsi, p.244 Aug 1, 2008

5) As many as a dozen taxes in the new health care law violate President Barack Obama’s campaign pledge not to raise taxes on families earning less than $250,000 and on individuals earning less than $200,000. http://cnsnews.com/news/article/63313

4) Obama’s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP) http://www.examiner.com/x-17299-Hernando-County-Political-Buzz-Examiner~y2010m2d8-Will-President-Obamas-new-tax-plan-help-or-hurt-your-wallet
(And, yet we keep spending more than we are taking in?)

3)
Also under consideration is a plan to extend Medicare payroll taxes to investment income -- a move that could mollify labor leaders unhappy with a proposed tax on gold-plated health care plans, but could hurt seniors who rely on investments after they retire. http://www.washingtonexaminer.com/politics/Obama_s-new-tax-target_-Investments-8764692-81585187.html#ixzz0lMJNIeiO

2) Grappling to contain record deficits, President Barack Obama is seeking to end a middle-class tax break he once said would be permanent. http://thehill.com/homenews/administration/79161-presidents-budget-seeks-an-end-to-tax-break-for-the-middle-class

1) The largest increase in tobacco taxes took effect despite Obama's promise not to raise taxes of any kind on families earning under $250,000 or individuals under $200,000. This is one tax that disproportionately affects the poor, who are more likely to smoke than the rich. http://www.breitbart.com/article.php?id=D979POSG0&show_article=1

Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally worn out, shouting, "WHAT A RIDE

Ron
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16 posted 04-17-2010 11:28 AM       View Profile for Ron   Email Ron   Edit/Delete Message      Find Poems   Click to visit Ron's Home Page   View IP for Ron

quote:
No, I'm not in favor of tax credits to encourage 'constructive' behavior either.

So the government, in your opinion, shouldn't give tax breaks to business in hopes of encouraging job growth, Denise? Homeowners shouldn't be allowed to deduct mortgage interest from gross income? Families shouldn't be given deductions for they children feed and clothe?

All of those, after all, are examples of government using its influence to affect individual behavior. And, of course, there are many more. One might even argue that the threat of prison exists solely to persuade citizens not to rob or steal?
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17 posted 04-17-2010 11:47 AM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

LOL, only the government is authorized to rob and steal! It's called the Tax Code!

I am in favor of a flat tax to pay for essential services that the Constitution grants the Federal government and nothing more, Ron. And I think that it should be tied to consumption and not income.

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18 posted 04-17-2010 12:01 PM       View Profile for Grinch   Email Grinch   Edit/Delete Message      Find Poems  View IP for Grinch


quote:
am in favor of a flat tax to pay for essential services that the Constitution grants the Federal government and nothing more.


Sounds like an idea worth discussing.

How much would the tax need to be to match the revenue currently collected through graduated income tax Denise?

quote:
I think that it should be tied to consumption and not income


What effect would that have on consumer spending and the economy? After the cost of living increase and the subsequent rise in the poverty level how much will the spending on government benefit payments need to increase?

.
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19 posted 04-17-2010 12:19 PM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

I think this article explains it well:
http://www.fairtax.org/site/News2?page=NewsArticle&id=10497&news_iv_ctrl=1501
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20 posted 04-17-2010 12:49 PM       View Profile for Grinch   Email Grinch   Edit/Delete Message      Find Poems  View IP for Grinch


Actually it doesn’t Denise.

Can you explain how it would work?

.
Denise
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21 posted 04-17-2010 06:46 PM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

Here are links containing more detailed information about the Fair Tax, Grinch:
http://www.fairtax.org/site/PageServer?pagename=about_main
http://www.fairtax.org/site/PageServer?pagename=about_fairtax_four#regressive
http://www.fairtax.org/site/News2?page=NewsArticle&id=9321&news_iv_ctrl=1521

http://www.fairtax.org/site/PageServer?pagename=about_faq
 
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