Second Verse, the Same as The First

by Run 75441

“Second Verse, the Same as The First”

The story never seems to change . . .

When you say that the high income earners, the top 20 percent, pay 90 percent of the taxes, what should they pay, 99 percent? These are the people who have enough money to invest in businesses and to create jobs.” The tax increase that Obama is proposing “falls directly on those job creators,” Senator Kyl said.” Can U.S. economy tolerate a tax increase in 2013?

The vast majority of the upper quintile in Household Taxable Income does not make >$250,000 in AGI. Yet since 2001, the Republicans would have us believe that 3% of the taxpayers are the same as 20% of the taxpayers and that quintile makes > than $250,000. It is a lie and Senator Kyl needs to retract his blathering.

What is laughable about Senator Kyl statement is the Speaker of the House repudiates his statement here:
BOB SCHIEFFER: Do you quarrel with that figure? Is that a right figure or a wrong figure?

BOEHNER: Well, it may be three percent, but it’s half of small business income. Because, obviously, the top three percent have half of the gross income for those companies that we would term small businesses. And this is why you don’t want to punish these people at a time when you have a weak economy. Boehner concedes only three percent of small businesses affected by extending tax cuts.

3% = 20%? Not likely and this is another example of the Republicans attempting to confuse the taxpayers. Even “Joe- The-Plumber” got it wrong; but then, why would a plumber have any greater knowledge then a Senator? At least there is an excuse for Joe.

So would taxing the upper 3% of the Taxable Household Incomes more hurt the economy? Not likely and it would correct the 2001/2003 skewing of taxes to this income group by President George Bush. What Bush did is without precedent in political history and is something not even Hoover attempted.