The Wall Street Journal gets IRS report out early – that’s the subject of today’s Talking Points memo.
The Wall Street got an early look at IRS data laying who pays what in income taxes. So lets examine how struggling Americans were treated by Bush Tax Policies in 2004 as opposed to Clinton’s Tax Policies in 2000, his last year in office.
Turns out the bottom 50% of tax payers paid a smaller share of taxes in ’04 than they paid in 2000.
Under Clinton (a dangerous place to be) the bottom half paid 3.9 percent of Federal Income Taxes and during the Bush administration only 3.3 percent. That’s the lowest total share they paid in 30 years!
And that’s not making me happy!
With Bush in the Oval Office, the majority of house holds making under $40,000 a year didn’t pay any income taxes, and that is just not right! Everybody should pay their fair share!
Thanks to the Earned Income Tax Credit, most of the poor payroll taxes were off set.
Now, to the top 10% of the wage earners.
In the Bush years, they paid over 57% of all income taxes – up from the Clinton years where they paid some 56%. If you round off the numbers, it looks like this:
The bottom half of tax payers paid 3% of all income taxes –those ingrates.
The top 1% forked over nearly 40% , the top 10%, almost 60%. I am in the top 1%, I’m in the top 60% – and I’m getting the shaft!
Now, Liberals wine about Bush’s tax cuts for the rich, but the rich are paying more than they did under Clinton and the poor are paying less, or nothing at all, which does not make me happy.
The Rich get poorer and the poor get a freebie.
Fairness demands it. Its time to tax the poor!
And that’s the memo.