The Republicans are making a big deal about Barack Obama's words to Joe the Plumber that he wants to "spread the wealth".
This looks like it may be on the verge of becoming a new Republican tic.
Let's look at what it really means: Obama's tax plan would increase taxes for all people and businesses earning more than $250,000 a year - less than 5% of the population. Those earning under $200,000 would see a reduction in their taxes - this reduction would be enjoyed by more than 90-percent of the population.
So what "wealth" would be spread?
1. Not any "wealth" earned by more than 95% of Americans.
2. For Americans earning more than $250,000, their tax rate would increase from 35% to 39%.
So, "spreading the wealth" is in fact spreading a tiny bit more of the wealth (39% instead of $35%) from a sliver of the population (less than 5%).
Are such small numbers really best described as "spreading"? Perhaps "shaving" or "tipping" would be better adjectives.
Now, admittedly, the phrase "spread the wealth" came from Obama. But he also said "it's good for everybody".
That's certainly true for more than 90% of the population. And it was true for everyone when Bill Clinton was President, and the tax rate for people earning more than $250,000 was - 39-percent.
Would you like to know what your tax will be under Obama's program? Check it out right here:
8 comments:
The true 'tic' or point is that people that do not pay taxes are going to get tax relief. Do we really want to encourage that or do we want to encourage self-reliance. Paul, you have worked hard and had great success, do you want your ANY of your success given to someone that doesn't even try?
Yes, Frank, I do.
And I can give you a choice of reasons that both work for me:
1. Charity and compassion.
2. Selfish reason: Putting a little money in the hands of poor people, and people in general, makes it a little more likely that they will buy my books...
And, I would also add that it's not at all clear to me that people who earn no money are not even trying - some people have more problems than others, for a variety of reasons, in getting that first decent-paying job.
Fair enough, thats your choice I guess but I can't help but thinking that too many entitlements would curb attempts to even get that first decent-paying job. I have no problem agreeing to disagree.
Works for me - agreeing to disagree. I appreciate your comments here, and hope you'll keep coming back, even after the election.
We've always had a progressive tax structure so that those who make more pay a higher percentage. What Obama is proposing isn't anything new. Nor is it un-American. How can it be un-American if taxing the rich more is all we've ever had?
The REAL problem is that in the last eight years, there's been a tremendous redistribution of wealth FROM the American middleclass to Haliburton, Exxon, and other wealthy notables of the Republican base. To anyone who proposes to spread THAT wealth around, I would say, it's about freakin' time.
Well said, Arnold.
Thanks for the kind words Paul.
In response to Arnold, I would encourage him to keep in mind that the Bush Administration's policies have completely strayed away from conservativism. They pretty much do their own thing. The spending and growth of government is completely out of control. The man does not fit an ideology, other than his own. Even as a Republican, my ship has sailed on the Bush Admin. a long time ago.
As for Big Oil, there is no doubt they need to held accountable, but not with higher taxes because then that will just be put on us as consumers when they jack up prices to help pay the difference. The answer is smart and responsible over-sight to help limit corruption.
Another tic of the republican party: "people that do not pay taxes are going to get tax relief". Actually, while people whose earnings are low may not pay income taxes-- they pay plenty of other taxes-- from social security, to sales tax, just to name a few. The whole idea of lazy bums, milking all the money from hard working Americans is one of the most annoying republican myths.
Post a Comment