Posted on 10/15/2003 10:23:51 AM PDT by bigsky
The repeal of the Bush tax cuts has been a common mantra from the Democratic Party, especially from the nine liberals running for president. Some are calling for a full repeal of all tax relief, while others are hoping to see large portions of the relief reversed, particularly that which benefits higher income earners. Just this week, Sen. Joe Lieberman proposed to hike taxes on the wealthy to levels even higher than before the passage of the tax cuts.
The truth is they opposed the tax relief from the beginning – well-before it was ever passed.
If the hopes of repealing the Bush tax relief as harbored by so many Democrats were to come to pass, Americans would be forced to return to their record tax burden.
Lest anyone forget, here is some of what Americans faced at the end of the Clinton years, before the Bush tax cuts.
FEDERAL TAX BURDEN
In 2000, federal revenues were at their highest level ever – over $2 trillion – and at the highest rate as a percentage of GDP – 20.6 percent – since World War II when the rate was 20.9 percent. (Source: Economic Report of the President, January 2001)
FEDERAL TAX BURDEN PER PERSON
From 1939 to 2000, federal taxes per capita, adjusted for inflation, rose from less than $600 to more than $7,000 – a 1,100 percent increase. (Source: Economic Report of the President, January 2001)
IMPACT ON THE MEDIAN-INCOME FAMILY
The National Taxpayers Union has noted that in 1955 a family of four had total income, after tax, of 82 cents for every dollar earned. In 1998, the after tax income was at a meager 61 cents for every dollar. (Source: National Taxpayers Union – Amount of Tax Per $1 of Median Family Income)
--1955--
*Federal Tax=15 cents
*State & Local Tax=3 cents
*After Tax Income=82 cents
--1998--
*Federal Tax=26 cents
*State & Local Tax=13 cents
*After Tax Income=61cents
TAX BITE IN AN EIGHT-HOUR WORK DAY, 2000
In 2000, the typical worker, starting at 9:00am, would work until 10:52am just to pay his federal taxes, and another 50 minutes until 11:42am to pay his state and local taxes. (Source: The Tax Foundation)
--Minutes in an 8-Hour Day--
*Federal Taxes: 112 minutes
*State & Local Taxes: 50 minutes
*Housing: 79 minutes
*Health: 55 minutes
*Food & Tobacco: 44 minutes
*Transportation: 34 minutes
*Recreation: 27 minutes
*Clothing: 19 minutes
*Savings: 8 minutes
*All Other: 51 minutes
TAX FREEDOM DAY, 2000
According to the Tax Foundation, Americans spent the first 124 days of 2000 working for the government. Individual income taxes made up the largest portion by claiming 50 days of the year from workers' earnings.
--124 Days Spent Working for the Government--
*Individual Income Taxes: 50 days
*Social Insurance Taxes (Social Security, Medicare, etc): 30 days
*Sales and Excise Taxes: 16 days
*Corporate Income Taxes: 12 days
*Property Taxes: 10 days
*Other Business Taxes: 3 days
*All Other Taxes: 3 days
This is the type of tax burden Democrats support when they demonize the Bush tax cuts and advocate for their repeal. And it is the type of burden to which we will return if Democrats are left to their own devices.
To those who have donated, thank you very much.
To those who wish they could, but aren't in a position to right now, thanks for your wishes, and may finances improve for you.
To those who don't want to donate for whatever reason, I hope you will reconsider.
And to those who have been meaning to but haven't, there is no time like the present.
As the wise men Bartles and James once said, thank you for your support!
Wasn't this current president the one who raised the minimum amt of income up to 30,000 before any taxes be paid?
If the government continues to punish the productive, they will no longer produce - not a very good formula for remaining an economic superpower, is it? More importantly, it is immoral. We need a flat tax.
How does a flat income tax fix anything? The only proposals out for a "flat" tax, exempt the bottom 20% from paying any income tax. Seems to me you still have the same problem, some pay, some don't and IRS still around to flog who ever it figures might be holding out.
The real alternative is to get rid of the income tax and assure that everyone is exposed to the tax burden with one single rate, through the retail register on purchase instead of only ripping off the productive.
- It is fairer to tax people on what they extract from the economy, as roughly measured by their consumption, than to tax them on what they produce for the economy, as roughly measured by their income.
If people demand large government they should at the least be prepared to participate in providing to cost the for that government.
--1998--
*Federal Tax=26 cents
*State & Local Tax=13 cents
*After Tax Income=61cents
Fed tax hasn't even doubled while state & local has more than quadrupled.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.