Tax Those Eeevil Rich Bass Turds!
Obama’s Noo Idea
I know y’all geddit but here are a few facts to help when explaining it to cousins, BiL’s and others who may not…
According to the Treasury Department, perhaps for the first time ever, the richest 1% of taxpayers will have paid more than 40% of the income tax burden.
...who are these people in the top tax bracket? Two-thirds of them are small business owners. Small business owners who provide 70% of existing jobs and 80% of all new jobs in our economy. These are the people Barack wants to nail with more taxes.
The Tax Foundation reports that Obama’s tax plan would transfer $131 billion from the top 1% of taxpayers – who are already paying 40% of the load – to all other taxpayers.
...the top 50% of taxpayers... will account for 97% of all federal income taxes. And when it comes to the bottom 50% ... those people that Barack Obama wants to transfer your money to ... they paid just 3%. When you get to the bottom 45% of income earners you reach the magic number of 0.0%.
...in 1970, the highest tax rate was 70%. At that time, the top 1% of income earners shouldered 16.7% of the income tax burden. Now that the rate is at 35%, they shoulder about 40% of the burden.
So those folks who own those small businesses will, considering that taxes are just another cost of doing business, will adjust their business plans. They will raise their price as much as the market allows and then be forced to cut their other costs to make up the difference. Other costs include those jobs they provide.
Good plan, O’Possum.
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