Tag: Tax Rates

The main GOTP argument for keeping the Bush Tax Cuts in place for the Top 2% — pivots on how it will “hurt Small Businesses” if we don’t.

This simple slogan, fails to take into account one VERY SMALL stat.

[Mitch McConnell] says President Barack Obama’s plan to limit future tax breaks to couples earning less than $250,000 would subject 50 percent of small business income to a tax increase, stalling the job creation engine.

[…]

McConnell’s 50-%-of-income figure is based on a July 12 finding by the Joint Committee on Taxation, … that 1/2 of about $1 trillion of business income in 2011 will be reported on some 750,000 personal tax returns filed by people who pay the top marginal rates.

He calls those small businesses. Yet the report says the data “do not imply that all of the income is from entities that might be considered ‘small.’ ” Almost 20,000 of those businesses, for example, had receipts of more than $50 million, it says.

Would Ending Bush’s Tax Cuts Hurt Small Business?

Ryan J Donmoyer, BusinessWeek – 09/23/10

Behold the GOTP — Defenders of the $50 Million-aires!

in case you missed it …

http://www.youtube.com/watch?v…

Wall Street Wizard, Anthony Scaramucci, complained like a baby to the President yesterday:

I represent the Wall Street community. We have felt like a Piñata. […] we certainly feel like we’ve been whacked with a stick.

Waaaaaa!! ….

I bet, The 8 million people who lost their jobs (or homes) are about to …  

[BP Chairman, Carl-Henric Svanberg] is no different than other corporate elitists who are surrounded by evidence of what they see as their superiority. Leona Helmsley referenced us when she said, “Only the little people pay taxes.”

But this time, the truth cannot be hidden. The real evidence of what he and much of the corporate plutocracy thinks of us will be apparent to the residents of the gulf coast and likely well beyond for decades.

Is Financial Reform Good for the “Small People?”

George Mantor, RISMEDIA, 06/22/10

“Only the little people pay taxes”   So says former Queen of the Elites.

Afterall, SOMEONE has to pay.

And we shouldn’t expect the Corporations and Millionaires to carry that weight —

They’re too busy Downsizing the Life out of the Economy, to be saddled with the burden, of paying for the Bush Years.

They really, really need that Bush Tax Cut ‘Free Ride’ to CONTINUE —

Or they just might LET the Economy GET EVEN Worse.

Best we not test them, eh?   Or they really might ef-it-up!

Increasing the Tax rates on the Wealthy — can it happen? should it happen?

Dare we let the fabled “Engine of the Economy” grind to a halt?

How about a little Historical Perspective — How does the “Upper Crust” ever manage their Tax Burden?

(Click for Larger Image)

(By the way, that red line is the “Historical Trend” for the Tax Percentage Rate, for the Top Tax Bracket in America.  It just keeps going down.)

How much do you have to make, before that burdensome Top Percentage Rate kicks in? — here are the Historic Thresholds:

(Click for Larger Image)

(That Super Wealthy threshold, has been creeping up since 1992.)

National Taxpayers Union