Let the tax cuts go and you actually stick it to the top for real.

By: Daniel Becker (DOLB)

On Countdown (12/9/10), Keith had on Thomas Buffenbarger, president of the International Machinist Union. It was a chance for an “I told you so moment”in that Mr. Buffenbarger noted while campaigning for Secretary Clinton that President Obama would not be a fighter. Go watch the episode.

I made my position on of Obama clear after the 60 Minutes interview. Mr. Buffenbarger’s comments only reinforces my position as to understanding President Obama as does Obama’s latest “negotiation”. Surprisingly, only 4 comments were made. Too bad, the nation would have been more prepared for this latest act in “Obama the Negotiator. Not!”

But, that is not what got me regarding Mr. Buffenbarger’s interview. No. It was that he confirmed something I have been thinking since Obama stated his compromise policy after this current midterm elections.

…when Bush put the tax cut’s in place, very few of the members I’m privileged to represent noticed any difference in their pay check. And so, if the tax cuts were to go away, and we go back to the tax rates of then, our members would see very little change in their tax rates again.

Exactly. Has not the argument been that the cuts did little for the middle class? Then what is the problem with letting them go? I know for me it meant very little difference. Though, I realize having “meaning” is different for all so, here is a very nice chart I saved from 2005 looking at the tax cuts and what they meant for the various income groups.
First, let me say that when I initially viewed this chart years ago, I thought: How appropriate. Those who most likely think the republican party was watching out for them via tax cuts because they were in that top part of the food chain, were actually getting screwed too. Yeah, the one who you believes loves you is taking you for a ride. Those in the $100K to $300K range of income by 2015 were projected to pay a higher percentage of the share of national income taxes than they had before the cuts. And, even those above the $300k to the $1.5m range were getting much less of a break than their income relatives above them. Poetic justice? Just goes to show, that even those with significant incomes have no real conception of how small theirs is compared to the incomes of the upper echelons of this nation. But hey, you keep believing you’re just like them. It’s what they want.

More to the point of this post. Look at the “Average yearly tax savings” line for those from the lowest to the $383K level. I realize everyone’s situation is unique, but really, the range of the cost of the loss of the tax savings is virtually zero to 2.5% if your at $160K or 1% for those at $383k. As a share of supporting this nation, you/we have been screwed. I ask you all. The bottom 99%. Wouldn’t you like to really stick it to the economic royalty in this nation? Is 1% to 2.5% to much to give to finally get reality into the income tax?

You there in the 95 to 99% category. Your 2001 share of income was 15%.   Your projected share of the taxes in 2015 is 18.5% A ratio of 0.81. For your senior income family members the ratio in 2015 is 0.74. Still feeling loved?

Look at it this way. Based on this 2005 chart. The bottom 99% paid 75.3% of all income taxes before the tax cuts. Our projected share for 2015, the very tax cuts Obama et al have just negotiated to keep is 77.1%.

Who loves you now, baby?

Mr. Buffenbarger ended noting that his members understand that paying taxes is a privilege and is an act of support of our country. It is paying our way. So what do you say. Let’s show those at the very top just how unpatriotic they are. Let the tax cuts go and stand proud because honest American justice has prevailed.   You just screwed the biggest screwer of them all…The American Economic Royalty.

That is what the real Tea Party was about.