b.m.4.l
According to the Minnesota Business Partnership's 2007 Tax Incidence Study, Minnesota must attract 449 new households earning $53,000 to $67,000 a year to replace the taxes paid by one household in the top 1%."
The highest ever Federal Tax receipts were in 2007, under the G.W. Bush tax rates.
When the dems try rebutting by asking “Then why are we in the mess we’re in?”
Tell them “SPENDING!!!!!”
Accompanied by a disastrous policy of lending to unqualified borrowers.
A policy Bush tried to overturn several times in his first term!
TARP, the bailouts of SELECT banks and businesses, QE1 and QE2 have only made matters worse.
Obamacare and a failed energy policy make it clear that Americans must throw out the anti-American in the White House, and once again DECLARE OUR INDEPENDENCE!
I’m posting here so I can find these stats easily.
The far left fringe doesn’t care about tax revenue, it’s all about punishing those who produce -
GIBSON: All right. You have, however, said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, “I certainly would not go above what existed under Bill Clinton,” which was 28 percent . . . But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent.
OBAMA: Right.
GIBSON: And George Bush has taken it down to 15 percent.
OBAMA: Right.
GIBSON: And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down.
So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.
We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year — $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That’s not fair.
And what I want is not oppressive taxation. I want businesses to thrive, and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair . . .
Reform of the tax laws is necessary. What must be stopped is the concept that taxes exist in order to effectuate some policy OTHER than the raising of revenue to pay for the necessary functions of government. Taxes are not to punish the rich, prevent the purchase of arms and ammunition etc. etc. etc. Taxes are imposed solely to raise revenue and even that purpose can be onerous to the middle class.
This reminds me of a rancher’s saying: You can shear a sheep every year, but you can skin it only once.
I’m sure Pelosi will be exempt from any tax increase. You just have to know the right folks.
Too big to fail.
Too rich to tax.
“Soaking” of course being a euphemism for outright theft.
D’Rats-—the great Dividers through their leftist class warfare playbook dribble. A far cry from Reagans quote, “A rising tide floats all boats”. No matter how many times its been proven that raising taxes is a Loser the moron, lunatic Dems keep returning to it ad nauseum.
Don’t forget the stats (also posted sometime on NR) that show the government has NEVER been able to tax so much as 22% of GDP, no matter what the tax rates have been. IIRC, federal revenue was just above 21% for one economic quarter in WWII. It’s ridiculous to ever have a tax rate over 20%.
Besides, why would we want the government to suck up that much of the economy?
Simple.
Tax them till they quite producing
Tax them until they start hiding their profits in safe havens.
Tax them until they move to where they are appreciated.
Tax them until the government collapses and John Galt, Hank Rearden et al can once again start producing without political leaches claiming their profits.