"Speaking of taxpayers, should tea partiers be ticked off about taxes? Not at all. Taxes are down for most Americans and at a historic 60-year low, partly due to Obama's tax cuts. USA Today, that bastion of left-wing economic thought, reports:Read the whole article to find out how the Prescription Drug Benefit, passed by Bush and the Republican Congress, will cost us more than the bailout, the stimulus and Obamacare....combined. Where is the outrage from the Tea Party there?If Obama could get his way, he would indeed raise taxes on the wealthiest Americans -- those making over $250,000 a year -- but not on anyone beneath that high level. In fact, one-third of Obama's stimulus package -- which tea partiers decry -- was tax cuts that reached about 98 percent of Americans. Earlier this year, Bruce Bartlett,Federal, state and local income taxes consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8% of income before rising slightly in the first three months of 2010 . . .On average, though, the tax rate paid by all Americans -- rich and poor, combined -- has fallen 26% since the recession began in 2007. That means a $3,400 annual tax savings for a household paying the average national rate and earning the average national household income of $102,000.who was domestic policy adviser for President Ronald Reagan, observed, "Federal taxes are very considerably lower by every measure since Obama became president." Are tea party folks peeved Obama lowered taxes?"
Tuesday, October 26, 2010
Obama HAS ALREADY Lowered Taxes for 98%
That's right, 98% of Americans have lower taxes thanks to President Obama. Hey, the Top 2% should feel good, too, because overall, all taxes are down under Obama, near the lowest levels ever. Huh. Guess you don't learn that on FOX News, but David Corn has a great article for those leaning into the Tea Bag:
