How much taxes do you pay?
Did you know that the 2nd wealthiest man in the country who makes 46 million dollars a year says he isn't paying enough taxes? He only pays 17% of his income. Where as his receptionist pays 33%.
This has been an issue that steams the middle class as it should, but it should be more of a concern now since the bush administration administered the tax cuts for the wealthy.
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This is typical of republican administrations. The top wage earners get super rich on the backs of the middle class.
Out in Silicon Valley, he (Rudy Giuliani) bragged about his economic record. “The way I paid for preparing the New York City budget was by lowering taxes. I was collecting billions of dollars more from the lower taxes than from the higher taxes,” he claimed. “You can make money by lowering taxes.”
That is exactly what Republicans love to hear: It’s their version of a free lunch. He forgot to mention what happened later, however. When he departed City Hall, he left on his desk a gaping deficit of nearly $4 billion, and Mayor Michael Bloomberg had no choice but to raise taxes.
What prompted Giuliani to pounce was Sen. Clinton’s forthright declaration that she would, if elected, roll back some of the Bush administration’s tax cuts for the richest Americans. “This would be an astounding, staggering tax increase,” he said at a fund-raiser that included technology executives and lobbyists. “She wants to go back to the 1990s. ... It would hurt our economy. It would hurt this area dramatically. That kind of tax increase would see a decline in your venture capital. It would see a decline in your ability to focus on new technology.”
Once again, Giuliani’s memory seems to be failing, as it did when he claimed that Ronald Reagan had stared down the Iranian mullahs (rather than secretly selling them missiles and giving them cakes). His mayoralty, which lasted from 1994 through 2001, closely coincided with the strongest decade of economic growth in American history. He should remember those fat times, because the city advanced smartly along with the rest of the nation.
In fact, if he tries hard enough, he might even recall that those years of peace and prosperity began with a bitter debate over taxes, when President Clinton was seeking to enact his first federal budget in 1993. Upon entering the Oval Office, Clinton found to his dismayed surprise that his “fiscally conservative” predecessor had left a $290-billion deficit. He responded by imposing substantial tax increases on the top 1 percent of taxpayers and omitting the “middle-class tax cut” he had promised in his campaign. That measure passed by a single vote in the Senate, cast by Vice President Al Gore.
Predictably, the Republican right threw a screaming tantrum, falsely describing the tax increase as the “largest in history” (that honor actually belonged to Reagan) and warning that it would result in a severe recession or worse. Conservative politicians and pundits unanimously predicted that higher taxes would mean fewer jobs and larger deficits.
They were resoundingly wrong, of course. Within a few years after the ’93 tax hike, we were enjoying full employment, shrinking poverty, rising household incomes at all levels, greater home ownership—and the prospect of a gigantic federal surplus.
This is why we need to keep the republicans out.
do you forget how much cheney paid
You know income taxes do bother me, but what bothers me more is all the other taxes and fees we are shelling out at every turn. IE property, license, sales, registration, and on and on and on and on. It seems every month ther is another one that needs to be paid!
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