Not knowing the meaning of words tends to lead one to make silly comments:Democratic vice presidential candidate Joe Biden said Thursday that paying more in taxes is the patriotic thing to do for wealthier Americans. In a new TV ad that repeats widely debunked claims about the Democratic tax plan, the Republican campaign calls Obama's tax increases "painful."
Whether an individual coughs up $Zero or $Zillions, they have the ability to be just as "patriotic" as the other. What is interesting is this plan by Senator Obama. The number most often heard is that "95% of Americans" will receive a tax-cut under the Senator's plan. How does that work?
According to the IRS the top 50% of all earners in the US pay 96.93% of all income taxes. Conversely, the bottom 50% of earners pay 3.07% of all income taxes.
The bottom 50% pay basically no income taxes. How will the "95% of Americans" number be reached? The only alternative for an individual to receive a tax-cut would be via lowering payroll taxes, for some. That would be good and bad. The good, we can finally stop hearing the incessant garbage from the left about how payroll taxes are (cue angels playing melodious harps in the background) a sacred inter-generational covenant among all Americans which is a burden happily, equally, and eagerly borne by all (cut angels playing melodious harps in the background). The bad, the successful among the Americans will have yet another financial burden to carry while others get a free-ride.
So how will that work?
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