Tea Party Wrap Up April 16, 2009Posted by Dwight Furrow in Current Events, Dwight Furrow's Posts, politics.
Tags: liberalism, Obama, taxes, tea party
It has been fun watching the teabaggers babbling incoherently about the commiefascist slave-master Obama.
But let’s get back to the facts. From economist Robert Reich:
- The tax rates in the U.S. are the lowest of all developed nations.
- The wealthy are not overtaxed. They pay more taxes than the rest of us because they have vastly higher incomes. In the 1950’s the marginal tax rate for the highest incomes was 91%. Today it is about 38%. Over the past 30 years, the after-tax earnings of highest income brackets rose more than 150%; the after tax earnings of families in the middle rose about 10%.
- Property, social security, and sales taxes take a far bigger bite out of lower income people than high income people.
- Obama’s tax proposals will cut taxes for 95 percent of Americans, by about $400 per person a year. Only the top 2% will have a very modest tax increase.
- Government debt need not cause taxes to dramatically rise in the future. What matters is not total debt but the ratio of government debt to GDP. Reducing debt requires returning to growth.
If the Obama Administration had done what the “teabaggers” apparently want him to do—no bailout, spending freeze, and tax cuts for the wealthy—we would have millions of additional unemployed Americans, more cutbacks in government services, a longer recession, and larger budget deficits.
So why are there tax protests?
The so called “tea parties” were not a grassroots movement. The main impetus behind these protests was provided by Fox News and an organization called FreedomWorks led by former House Majority leader Dick Armey.
Our corporate masters are now hard at work keeping low-information voters focused on the big, bad “guvmint” hoping we won’t notice that they laid a big, fat egg and blocking any reform that helps average citizens.
Apparently, it’s not working. People are relatively satisfied with their income tax level—about 48% believe the amount they pay is “just about right,” and 61% regard the amount of tax they pay as fair.