Many have often claimed that tax cuts (particularly during the Bush administration) are only "for the wealthy." To an extent this may be true. However, the so-called wealthy are the ones who pay most of the taxes. This rhetoric is only a deft ploy by the left to create a nebulous view of the truth.
When you look at the amount of taxes paid by those who are in the top 1 percent of taxpayers in the nation (roughly 1.3 million taxpayers in 2000), you will see they pay 37.2 percent of all taxes and only make 20.8 percent of all taxable income. The top 10percent pay about 67.3percent of all federal taxes. The top 50 percent (those making $26,000 and up) paid 96.09percent of all federal taxes.
This is approximately 64.1 million people. Democrats want to give the bottom 50 percent, who pay only 3.91 percent of all taxes, the tax breaks. The point is the rich are the ones who pay most of the taxes and deserve a tax break. To give tax cuts to the ones below the 50th percentile is ludicrous. What taxes are they paying?
As we have witnessed from the Bush tax cut and economic policy, the economy has been roaring with the gross domestic product growing by more than five percent over the last three quarters, the fastest growth rate in nearly two decades. Also, productivity has grown at the fastest 3-year rate in over 50 years. America has a choice: It can continue to grow the economy and create new jobs as the President's policies are doing; or it can raise taxes on American families and small businesses, hurting economic recovery and future job creation.
John Kerry wants to take these tax breaks away from the middle class because he unequivocally does not understand the facts. This traditional democratic demagoguery is a classic case of misguiding the American people. They will tell you the rich don't deserve a tax cut, but clearly they do. So, before you blast the current or future presidents take a deeper look into the facts. (all figures were obtained from the Internal Revenue Service and US Treasury)
Sincerely, Jeffrey M. Hay