Anyone who listens to talk radio or the cable news stations has heard the mantra over and over again: The rich pay all the taxes that is why they got the bulk of Bush’s tax cuts. According to the I.R.S. [linked at Rush Limbaugh’s Web site "Individual Income Tax Returns"] the Top 50 percent of wage earners pay 96.03 percent of the income taxes. Shockingly, the Top 50 wage earners are people who make more than $28,528, in current 2001 dollars. This means that half the country earns less than $28,500 – no wonder people are having problems getting by. You can’t afford a garage in the Northeast on that salary!
However, the larger issue is this: If everyone who makes less than $28,500 pays less than 4 percent of the taxes, then eliminating taxes for these people would affect the national budget by only 4 percent. So, instead of giving back trillions to the affluent, why not eliminate taxes on the working class and figure out a way to come up with the extra 4 percent via tariffs or corporate taxes? The lower income people spend their money – all of their money. Their spending fuels the retail and service economy. Why not eliminate their taxes entirely?
However, the larger issue is this: If everyone who makes less than $28,500 pays less than 4 percent of the taxes, then eliminating taxes for these people would affect the national budget by only 4 percent. So, instead of giving back trillions to the affluent, why not eliminate taxes on the working class and figure out a way to come up with the extra 4 percent via tariffs or corporate taxes? The lower income people spend their money – all of their money. Their spending fuels the retail and service economy. Why not eliminate their taxes entirely?
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