Have you heard? No?
October 10th, 2006 by WikibillAt about 2% of our $13 trillion economy, the deficit is now significantly below the 2.7% of GDP average of the last 40 years. Personal income tax payments are up by over 30% even though tax brackets were lowered by the Bush tax cuts. 37% of the income tax payments are now paid by the top-1% of all earners. Top earners now pay a near-record percentage of all taxes.
Corporate tax payments are up by over 76% in the last two years. Dividend payments are also up even though the tax rate was cut in half from 39.6% to 15%.
The verdict is in — tax cuts grow the economy, increase profits and income, and result in higher tax receipts and lower deficits. So we need to ask — why do Nancy Pelosi and Charlie Rangel want to raise taxes on every tax paying familiy and business?
Ways and Means Chairman wanna-be, Rep. Charlie Rangel (D-NY), emphatically guaranteed tax hikes were on the Pelosi agenda when he joined her and fellow Democrats in rolling out their agenda. “Asked whether tax increases across the income spectrum would be considered, [Rangel] replied, ‘No question about it.’”
When asked if he would support extension of any of President Bush’s tax cuts. Rangel said he ‘cannot think of one.’
What does this mean? Democrats want to repeal the Child Tax Credit, Marriage Penalty Relief, AMT Relief, Death Tax Relief, Lower Tax Rates on Capital Gains & Dividend Income, Work Opportunity Tax Credit, Tax Free 529 Accounts for College Savings, Saver’s Credit, Higher Pension / IRA Contribution Limits, Tax Credits for Hybrid Vehicles, Tax Credits for Alternative Fuels, and Charitable Giving Deductions, just to name a few.
They still don’t get it. It’s not their money. It’s yours and when we leave more of it in your hands good things happen in our economy.