No, they'll just seize 70 million people's property and auction it off, along with all their cash so they can't buy it back. 70 million homeless taxpayers. 70 million people suddenly dependent on government largesse to have a roof over their heads. The Democrats would KILL to have that kind of voting bloc.
70 million people suddenly dependent on government largesse to have a roof over their heads. The Democrats would KILL to have that kind of voting bloc.
Lets see http://www.cbo.gov/showdoc.cfm?index=1545&from=4&sequence=0:
| Table 1. Preliminary Estimates of Effective Tax Rates by Income Category, 1977-1995 and Projected for 1999 |
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| Income Category | 1977 | 1979 | 1981 | 1983 | 1985 | 1987 | 1989 | 1991 | 1993 | 1995 | Projected 1999 |
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| Effective Individual Federal Income Tax Rate (In percent of gross income) | |||||||||||
| Lowest Quintile | -0.6 | -0.8 | -0.2 | -0.5 | -0.2 | -1.3 | -1.9 | -2.9 | -3.4 | -5.6 | -6.8 |
| Second Quintile | 3.6 | 3.9 | 4.6 | 3.5 | 3.9 | 3.2 | 3.3 | 2.7 | 1.8 | 1.8 | 0.9 |
| Middle Quintile | 7.1 | 7.5 | 8.3 | 6.8 | 6.8 | 6.1 | 6.5 | 6.3 | 5.9 | 6.1 | 5.4 |
| Fourth Quintile | 9.7 | 10.4 | 11.3 | 9.5 | 9.3 | 8.7 | 8.9 | 8.7 | 8.5 | 8.7 | 8.4 |
| Highest Quintile | 15.8 | 16.3 | 17.1 | 14.5 | 14.3 | 15.1 | 15.1 | 14.8 | 15.5 | 16.2 | 16.1 |
| All Families | 11.1 | 11.6 | 12.6 | 10.7 | 10.7 | 10.8 | 10.9 | 10.5 | 10.9 | 11.3 | 11.1 |
| Top 10 Percent | 17.6 | 18.0 | 18.7 | 15.9 | 15.6 | 16.9 | 16.6 | 16.3 | 17.4 | 18.2 | 18.0 |
| Top 5 Percent | 19.3 | 19.7 | 20.0 | 17.1 | 16.8 | 18.5 | 18.0 | 17.6 | 19.3 | 20.0 | 19.6 |
| Top 1 Percent | 23.1 | 22.6 | 22.0 | 19.3 | 18.7 | 20.9 | 19.7 | 19.9 | 22.8 | 23.4 | 22.2 |
30% of 270 million people = 81 million folks
70% of the public clamors for more from government looking for the top 40% of income earners/producers to foot the bill.
Walter Williams, World Net Daily, 10-25-2000
According to the most recent U.S. Treasury Department figures, in 1997 the top 1 percent of income-earners (those with income of $250,000 and higher) paid 33 percent of all federal income taxes. The top 5 percent of income-earners ($108,000 and over) paid 52 percent, and the top 50 percent ($36,000 and over) paid 96 percent of income taxes. Guess what the bottom 50 percent of income earners paid?
If you're among those who pay little or no federal income taxes, what do you care about tax cuts? Moreover, if you think tax cuts pose a threat to government handout programs, you might be openly hostile and support Al Gore's silly "risky scheme" talk. So many Americans paying little or no federal taxes makes for a natural spending constituency. It's like me in the restaurant: What do I care about extravagance if you're footing the bill?
Kind of looks like they might have that lil ole constituency in the bag already!