Check out the propaganda:
Supply Side
How to Soak the Rich (the George Bush Way)
By STEPHEN MOORE
May 4, 2006; Page A14
With the House and Senate preparing to vote on extending George W. Bush's investment tax cuts, it's no surprise the cries against "tax giveaways to the rich" grow increasingly shrill. Just yesterday Senate Minority Leader Harry Reid charged that the Bush tax plan "offers next to nothing to average Americans while giving away the store to multi-millionaires" and then fumed that it will "do much more for ExxonMobil board members than it will do for ExxonMobil customers."
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Oh really. New IRS data released last month tell a very different story: In the aftermath of the Bush investment tax cuts, the federal income tax burden has substantially shifted onto the backs of the wealthy. Between 2002 and 2004, tax payments by those with adjusted gross incomes (AGI) of more than $200,000 a year, which is roughly 3% of taxpayers, increased by 19.4% -- more than double the 9.3% increase for all other taxpayers.
So, what was left out here? Very sinple, if the wealthy earn 10 times more money but pay 1/2 the percentage that average Americans pay, their total taxes paid increases but the percentage of tax they pay on their income, goes way down.
We can already hear the left objecting that the rich are paying more taxes simply because they have hoarded all the income gains, while the middle class and poor wallow in economic quicksand. But, again, the IRS data tell a more upbeat story of widespread financial gains for American families. The slice of the total income pie captured by the richest 1%, 5% and 10% of Americans is lower today than in the last years of the Clinton administration.
Do you believe that? I do not!!!
One final footnote to this story: Just last week, the Department of the Treasury released its tax receipt data for March 2006. Tax collections for the past 12 months have exploded by 14.4%. We are now on course for a two-year increase in tax revenues of at least $500 billion, the largest two-year increase in tax revenue collections after adjusting for inflation ever recorded. So why are the leftists complaining so much? George Bush's tax rate cuts have been among the most successful policies to soak the rich in American history.
Go Gettem Harry!!!!
Mr. Moore is a member of The Wall Street Journal's editorial board.
URL for this article:
http://online.wsj.com/...
Mr. Moore is obviously not from the Wall Street Journal's News Division!
This is the Kool-Aid and too many people we know beleive it.