Wednesday, May 6, 2009

Gartman: Who Pays Their Fair Share?

Thanks to Dennis Gartman of the Gartman Letter for this chart and his commentary today on who really benefitted from the Bush tax cuts and who really pays income taxes in the U.S. The statistics from the government show how unfair our system is. but it is not what you have been told by Obama and the Democratic party. They have lied and continue to lie.
from Mr. Gartman:
Further, where the taxes paid by the top 20% was a
new all time high, the taxes “paid” by the bottom 80%
were all time low percentages.
To counter the Left’s thesis that the “rich” are only
paying more income taxes because they improperly
and unwarrantedly “took” too much of the nation’s total
income, we note that the top quintile’s share of pre-tax
income did indeed rise… from 54.8% of the nation’s
total to 55.7%. This, as the math shows, is hardly some
massive leap of good fortune, but is instead an
increase of only 1.6%. During that same period, their
share of federal income taxes paid rose from 81.2% to
86.3%, or an increase of 6.3%; thus their share of
taxes paid rose 3.9 times faster than their share of the
nation’s income.
under the administration's plans this imbalance will be increased and soon more than half the people will et more from the government than they give. Remember any Obama willing to rob Peter to pay Paul can count on the vote of Paul. The formal policy of the Democtatic Party is to use taxes to enslave the wealthy for the benefit of the indigent or slacker. A policy which is the antithesis of everything that made this country great. Time to speak out, join a TEA party.

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