Thread: Wake up about Obama's tax and economic ignorance.

Obama believes that the tax system should be more concerned with "fairness" than with collecting the largest amount of revnues with the least harm to the economy. He claims that the Bush tax cuts favored the rich and that the lower class is overburdened and that we must change that by raising tax rates. This of course is economic ignorance

"
So, out of the blue, the Georgia Public Policy Foundation comes up with a chart that shows the effect of these high marginal tax rates. In 1980 the highest tax rate was 70%, but the top 5% of income earners were only paying 35% of all income taxes. Now the highest rate is 35%, and the top 5% are paying 60% of all income taxes. Here's your chart.

1980 2006

Highest Federal Income Tax Rate 70% 35%
Share of Taxes Paid by Top 5% 37% 60%
Share of Taxes Paid by Top 25% 73% 86%
Share of Taxes Paid by Bottom 50% 7% 3% "

boortz.com: Nealz Nuze Today's Nuze


He is wrong historically, he is wrong factually, he is wrong on principle. So as far as fairness which year is "more fair". If the above figures for 2006 are not fair, what would be.

And finally can any Obama supporters please explain why you support his tax rate increases? It will harm the economy, make any recession deeper and longer and slow any recovery.

So why do you support his tax policy?

Originally Posted by Stinger

Obama believes that the tax system should be more concerned with "fairness" than with collecting the largest amount of revnues with the least harm to the economy. He claims that the Bush tax cuts favored the rich and that the lower class is overburdened and that we must change that by raising tax rates. This of course is economic ignorance

"
So, out of the blue, the Georgia Public Policy Foundation comes up with a chart that shows the effect of these high marginal tax rates. In 1980 the highest tax rate was 70%, but the top 5% of income earners were only paying 35% of all income taxes. Now the highest rate is 35%, and the top 5% are paying 60% of all income taxes. Here's your chart.

1980 2006

Highest Federal Income Tax Rate 70% 35%
Share of Taxes Paid by Top 5% 37% 60%
Share of Taxes Paid by Top 25% 73% 86%
Share of Taxes Paid by Bottom 50% 7% 3% "

boortz.com: Nealz Nuze Today's Nuze


He is wrong historically, he is wrong factually, he is wrong on principle. So as far as fairness which year is "more fair". If the above figures for 2006 are not fair, what would be.

And finally can any Obama supporters please explain why you support his tax rate increases? It will harm the economy, make any recession deeper and longer and slow any recovery.

So why do you support his tax policy?

Let's bump this because I keep reading Obama supporters and leftest in general keep harping the fallacious argument that Bush gave a break to the rich people at the expense of the poor and they support Obama's tax policy.

So how about it Obama supporters to afraid to address the facts as listed above?

Originally Posted by Stinger

Let's bump this because I keep reading Obama supporters and leftest in general keep harping the fallacious argument that Bush gave a break to the rich people at the expense of the poor and they support Obama's tax policy.

So how about it Obama supporters to afraid to address the facts as listed above?

Arguing about Obama, McCain and Bush's tax plans is like comparing three turds in the same toilet. They're shaped differently, but they're all stinky.

Originally Posted by Bluegrass

Arguing about Obama, McCain and Bush's tax plans is like .........

ie, you can't address the issue...................figured as much.

Try again, address the specific questions I asked, if you dare.

Originally Posted by Stinger

ie, you can't address the issue...................figured as much.

Try again, address the specific questions I asked, if you dare.

You addressed those questions to Obama supporters. I don't support Obama. I don't have to explain his tax proposal.

"Tax the rich" is a slogan that appeals to those who aren't rich.

It doesn't appeal as much to the hard working middle class.

Originally Posted by Stinger

Obama believes that the tax system should be more concerned with "fairness" than with collecting the largest amount of revnues with the least harm to the economy. He claims that the Bush tax cuts favored the rich and that the lower class is overburdened and that we must change that by raising tax rates. This of course is economic ignorance

"
So, out of the blue, the Georgia Public Policy Foundation comes up with a chart that shows the effect of these high marginal tax rates. In 1980 the highest tax rate was 70%, but the top 5% of income earners were only paying 35% of all income taxes. Now the highest rate is 35%, and the top 5% are paying 60% of all income taxes. Here's your chart.

1980 2006

Highest Federal Income Tax Rate 70% 35%
Share of Taxes Paid by Top 5% 37% 60%
Share of Taxes Paid by Top 25% 73% 86%
Share of Taxes Paid by Bottom 50% 7% 3% "

boortz.com: Nealz Nuze Today's Nuze


He is wrong historically, he is wrong factually, he is wrong on principle. So as far as fairness which year is "more fair". If the above figures for 2006 are not fair, what would be.

And finally can any Obama supporters please explain why you support his tax rate increases? It will harm the economy, make any recession deeper and longer and slow any recovery.

So why do you support his tax policy?

Good post.

What if Obama supporters have already voted? Then this thread would almost be effective.

Originally Posted by Stinger

Obama believes that the tax system should be more concerned with "fairness" than with collecting the largest amount of revnues with the least harm to the economy. He claims that the Bush tax cuts favored the rich and that the lower class is overburdened and that we must change that by raising tax rates. This of course is economic ignorance

"
So, out of the blue, the Georgia Public Policy Foundation comes up with a chart that shows the effect of these high marginal tax rates. In 1980 the highest tax rate was 70%, but the top 5% of income earners were only paying 35% of all income taxes. Now the highest rate is 35%, and the top 5% are paying 60% of all income taxes. Here's your chart.

1980 2006

Highest Federal Income Tax Rate 70% 35%
Share of Taxes Paid by Top 5% 37% 60%
Share of Taxes Paid by Top 25% 73% 86%
Share of Taxes Paid by Bottom 50% 7% 3% "

boortz.com: Nealz Nuze Today's Nuze


He is wrong historically, he is wrong factually, he is wrong on principle. So as far as fairness which year is "more fair". If the above figures for 2006 are not fair, what would be.

And finally can any Obama supporters please explain why you support his tax rate increases? It will harm the economy, make any recession deeper and longer and slow any recovery.

So why do you support his tax policy?

Ah, but who pays all of the social security, property, sales, gas, etc taxes? The poor and middle classes.

You forgot to mention how most of the taxes in America are regressive.

Originally Posted by Silkheat

Ah, but who pays all of the social security, property, sales, gas, etc taxes? The poor and middle classes.

You forgot to mention how most of the taxes in America are regressive.

And under Obama you can count on those going up too. Obama supporters aren't to keen on Math or History.