Texas Rainmaker
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August 14th, 2004 5:01 am
The Democrats’ Deficit of Truth

I don’t know a nice way to say it, but the repeated attacks by the Left with respect to tax cuts and “the wealthiest 1 percent” are pure and utter bullshit. Take a look at this example, and feel free to check my math:

2001 Tax Rates
$0 - $27,050 � 15%
$27,051 � $65,550 � 28%
$65,551 - $136,750 � 31%
$136,751 - $297,350 � 36%
over $297,351 � 39.6%

2003 Tax Rates
$0 - $7,000 � 10%
$7,001 - $28,400 � 15%
$28,401 - $68,800 � 25%
$68,801 - $143,500 � 28%
$143,501 - $311,950 � 33%
over $311,951 � 35%

Let�s take a look at five taxpayers under both plans.

Taxpayer 1 � makes $10,000 per year
Taxpayer 2 � makes $40,000 per year
Taxpayer 3 � makes $80,000 per year
Taxpayer 4 � makes $200,000 per year
Taxpayer 5 � makes $500,000 per year

Under the old rates, here is what each would pay in taxes:

Taxpayer 1 � $1,500
Taxpayer 2 � $7,683.22
Taxpayer 3 � $19,316.41
Taxpayer 4 � $59,678.55
Taxpayer 5 � $174,973.55

Under the new rates, here is what each would pay in taxes:

Taxpayer 1 � $1,149.85 - a reduction of 23.34%
Taxpayer 2 � $6,809.60 - a reduction of 11.37%
Taxpayer 3 � $17,145.32 - a reduction of 11.24%
Taxpayer 4 � $53,569.99 - a reduction of 10.24%

Taxpayer 5 � $156,330.64 - a reduction of 10.65%

So here�s the truth about the figures above: The lower income earners got more of a reduction percentage-wise.

This is the basic truth. Sure it takes some work to figure it out (some of us more than others), work most Americans are unwilling or unable to do. But a simple look at the numbers shows the REAL TRUTH. The highest income earners pay the largest share of the tax burden, and in fact, got the smallest percentage tax cut benefit under the new tax rates implemented by the Bush administration.

And THAT�S what the CBO report really said today. As the Joint Economic Committee reports,

�A new Congressional Budget Office (CBO) report produced at the request of Congressional Democrats confirms that tax cuts since 2001 increased the share of federal income taxes paid by the highest earners while decreasing the tax share of lower- and middle-income groups. The CBO analysis, Effective Tax Rates Under Current Law, 2001 to 2014, shows that the income tax remains highly progressive, with the top 5 percent of earners paying more than half of all federal income taxes.�

But the Democrats will continue to prey on the uninformed masses who neither have the ability nor the desire to dig into the numbers and look at reality. Today, John Kerry said, “Over the last four years, the burden of taxes has shifted from the wealthy to the middle class. The middle class is paying more taxes.�

Mr. Kerry, me and my simple math just proved you to be a liar.


Order yours today!

Posted by TexasRainmaker |
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