Open Thread Politics Taxes

For All Those Teabaggers

Remember all those “teabaggers” whining on April 15th?

In 1955, the richest 400 Americans reported an average of $12.3 in income (in 2006 dollars) and paid 51.2% of it in taxes. In 2006, the top 400 averaged $263.3 million in income and paid a mere 17.2% of it in tax.

In 1986, the richest 1% of Americans averaged $507,520 in income (in 2006 dollars) and paid 33.1% of it in taxes. In 2006, the richest 1% averaged $1.3 million in income and paid just 22.8% of in taxes.

Over the past twenty years, the richest 1% of Americans doubled their share of the nation’s income (from 11.3% to 22.1%), but saw their share of the tax burden shrink by one-third.

If taxes on the richest 400 Americans were collected today at the same rate they paid under President Eisenhower, the Treasury would collect $35.9 billion more per year.

If the tax rate on Americans who make more than $2 million per year was restored to the 1955 level, the Treasury would collect another $202 billion per year.

And if the Bush tax cuts on the rich were repealed, lower tax rates for capital gains & dividends were eliminated, a progressive estate tax was enacted, overseas tax havens were ended, a small tax was added to financial transactions, and loopholes on huge executive- compensations was closed – the Treasury would collect another $450 billion per year!

Please share with those tax whiners you know!

Source: Tax Day 2009 – Institute for Policy Studies
Washington, D.C.

Bush Government Politics Republicans Taxes Videos

Include My Tea Bag

Yes, I, too, am angry about our current tax rates and I want to throw my tea bag in the barrel. Enough of the current tax breaks for the rich that George W. Bush and the Republican Party put into place. No more tax breaks to companies for sending American jobs overseas.

On Wednesday, April 15, 2009, I want my tea bag to be included in this protest against the current tax rates that George W. Bush and the Republican Party put into place. No more tax breaks for the rich. It’s time for us to embrace President Barack Obama’s tax plan which will bring tax relief to 95% of Americans.

By the way, does anyone really want to get rid of America’s leading Socialist program, Social Security?


UPDATE:  Cash prizes are now being offered by the Heritage Foundation and Americans for Prosperity.  Need a little extra cash?    😆

UPDATE 2:   Prime Example of the Tea Parties… really are anti-Obama rallies… VIDEO ..

CNN’s Roesgen grills tea party protestor who calls Obama a “fascist,” says protest “highly promoted by the right-wing conservative network Fox”