Rich Paid More Revenue Under Bush Tax Cuts

[Wehrwolfen]

Rich Paid More Revenue Under Bush Tax Cuts​

by Tony Lee
2 Dec 2012

While progressives attack the Bush tax cuts and President Barack Obama wants to let them expire for families making over $250,000, figures released by the IRS show the wealthiest 1% actually paid more in taxes after the Bush tax cuts were passed, and the bottom half of taxpayers actually paid less in income taxes.

According to IRS data, the “richest 1% paid $84 billion more in taxes in 2007 than they had in 2000,” a 23% increase. In addition, their “share of the overall income tax burden grew, climbing from 37% in 2000 to 40% in 2007.” All this occurred even though their rates went down.


Read more:
Rich Paid More Revenue Under Bush Tax Cuts

 

[waltky]

Granny says, "Dat's right - dem Washin'ton politicians raised ever'body's taxes when dey wasn't lookin'...

$406.7B: Monthly Federal Tax Revenues Hit All-Time Record in April; Individual Income Taxes Up 36%
May 13, 2013 - Federal tax revenues hit an all-time non-inflation-adjusted monthly high of approximately $406.7 billion in April, according to newly released data from the U.S. Treasury.

Overall federal tax revenues in April 2013 were up 28 percent from April 2012, and individual-income-tax revenues specifically were up 36 percent. Because federal income tax returns are due on April 15, April is almost always the peak month for federal tax revenues. (Over the past twelve years, the only year that deviated from that pattern was 2010, when the federal government took in $251 billion in July compared to $245.3 billion in April.)

Prior to this April, nominal federal monthly tax revenues had hit their historic peak in April 2008, when they reached approximately $403.8 billion. The third highest month for federal tax revenues was April 2007, when they hit $383.6 billion, and the fourth highest month was April 2012, when they hit $318.8 billion. The $406.7 billion in overall tax revenue the Treasury raked in this April was an increase of about 28 percent from the $318.8 billion raked in last April.

The Monthly Treasury Statement, released today, reported the record $406.7 billion in tax revenue that came in during April in nine categories: $240.204 billion in individual income taxes; $36.083 billion in corporate income taxes; $97.211 billion in employment and general retirement taxes; $9.817 billion in unemployment insurance taxes; 0.281 billion in other retirement taxes; $6.922 billion in excise taxes; $5.888 billion in estate and gift taxes; $2.495 billion in customs duties; and $7.822 billion in miscellaneous receipts.

The $240.204 billion in individual income taxes that Americans paid to the federal Treasury in April 2013 was approximately 36 percent more than the $178.565 billion in individual income taxes Americans paid in April 2012. Thanks to the record tax revenue, the federal government ran a $112.9 billion surplus in April. However, in the first seven months of fiscal 2013 (October through April), the federal government has run a deficit of $487.6 billion.

Source

 

[Clementine]

As one of those well below the $250,000 mark, I know I paid less under Bush.

There are facts, then there is the myth libs push to keep people believing they are victims who need government to intervene.

Has anyone noticed state taxes increasing a lot? The federal government made states increase spending with stimulus money, now states scramble to find ways to fund things.

 

[healthmyths]

This is a fundamental law of economics.

Assume taxable income is $1 million and the tax rate is 25% That means Tax revenue of $250,000.
Assume the taxable income increases to $1.250 million and the tax rate decreases to 22% the tax revenue is $275,000!
How can that be progressives/liberal ask... YOU lowered the taxes but tax revenue increased?? That's not right!
And that's why we are in the mess we are now! All those 1% having lapsed tax rates are keeping more money off shore.
Not increasing their income here to be taxed more on less income!

The U.S. economy will be between 1.5 and 2.6 percent smaller over the long-term because other nations’ corporate tax rates are considerably more competitive, according to a new study by Ernst & Young and the RATE Coalition, a group lobbying for lower corporate tax rates.
U.S. Losing Ground from Higher Corporate Tax Rate

 

[OriginalShroom]

As one of those well below the $250,000 mark, I know I paid less under Bush.

There are facts, then there is the myth libs push to keep people believing they are victims who need government to intervene.

Has anyone noticed state taxes increasing a lot? The federal government made states increase spending with stimulus money, now states scramble to find ways to fund things.

I know that under President Bush my withholdings were within $100 either way every year of what I owed.

Since Obama has been in office, I've had to increase my withholdings every year and this year I had to send them $2.3k.

 

[tyroneweaver]

the dems are so paranoid over how much the rich make and pay in taxes they think the end justifies the means.
Its open season on us conservatives... get used to it until the Kenyan is out of office

 

[waltky]

healthmyths wrote: And that's why we are in the mess we are now! All those 1% having lapsed tax rates are keeping more money off shore.
Not increasing their income here to be taxed more on less income!

Granny says, "Well den...

... mebbe Obama needs to send Navy Seal team 6...

... to the Cayman Islands to rob some banks."

 

[buckeye45_73]

This is a fundamental law of economics.

Assume taxable income is $1 million and the tax rate is 25% That means Tax revenue of $250,000.
Assume the taxable income increases to $1.250 million and the tax rate decreases to 22% the tax revenue is $275,000!
How can that be progressives/liberal ask... YOU lowered the taxes but tax revenue increased?? That's not right!
And that's why we are in the mess we are now! All those 1% having lapsed tax rates are keeping more money off shore.
Not increasing their income here to be taxed more on less income!

The U.S. economy will be between 1.5 and 2.6 percent smaller over the long-term because other nations’ corporate tax rates are considerably more competitive, according to a new study by Ernst & Young and the RATE Coalition, a group lobbying for lower corporate tax rates.
U.S. Losing Ground from Higher Corporate Tax Rate

Liberals are retarded, like everything they believe or say, it's in a vaccum, so these clowns would think that a 100% tax rate would rake in all kinds of money.......they're not that bright

 

[OnePercenter]

As one of those well below the $250,000 mark, I know I paid less under Bush.

There are facts, then there is the myth libs push to keep people believing they are victims who need government to intervene.

Has anyone noticed state taxes increasing a lot? The federal government made states increase spending with stimulus money, now states scramble to find ways to fund things.

I know that under President Bush my withholdings were within $100 either way every year of what I owed.

Since Obama has been in office, I've had to increase my withholdings every year and this year I had to send them $2.3k.

So why don't you let us in on you effective Federal tax rate for 2005 - 2012.

 

[auditor0007]

This is a fundamental law of economics.

Assume taxable income is $1 million and the tax rate is 25% That means Tax revenue of $250,000.
Assume the taxable income increases to $1.250 million and the tax rate decreases to 22% the tax revenue is $275,000!
How can that be progressives/liberal ask... YOU lowered the taxes but tax revenue increased?? That's not right!
And that's why we are in the mess we are now! All those 1% having lapsed tax rates are keeping more money off shore.
Not increasing their income here to be taxed more on less income!

The U.S. economy will be between 1.5 and 2.6 percent smaller over the long-term because other nations’ corporate tax rates are considerably more competitive, according to a new study by Ernst & Young and the RATE Coalition, a group lobbying for lower corporate tax rates.
U.S. Losing Ground from Higher Corporate Tax Rate

Liberals are retarded, like everything they believe or say, it's in a vaccum, so these clowns would think that a 100% tax rate would rake in all kinds of money.......they're not that bright

No, what we don't believe is that a tax rate of zero will increase revenues. The conservative argument always is that revenues increase when tax rates are lowered, but mathematically that is impossible. There is a point where cutting rates will do nothing more than to reduce revenue. As a percentage of GDP, this has been going on for much too long and is a big reason our debt is so high.

 

[Political Junky]

This is a fundamental law of economics.

Assume taxable income is $1 million and the tax rate is 25% That means Tax revenue of $250,000.
Assume the taxable income increases to $1.250 million and the tax rate decreases to 22% the tax revenue is $275,000!
How can that be progressives/liberal ask... YOU lowered the taxes but tax revenue increased?? That's not right!
And that's why we are in the mess we are now! All those 1% having lapsed tax rates are keeping more money off shore.
Not increasing their income here to be taxed more on less income!

The U.S. economy will be between 1.5 and 2.6 percent smaller over the long-term because other nations’ corporate tax rates are considerably more competitive, according to a new study by Ernst & Young and the RATE Coalition, a group lobbying for lower corporate tax rates.
U.S. Losing Ground from Higher Corporate Tax Rate

Liberals are retarded, like everything they believe or say, it's in a vaccum, so these clowns would think that a 100% tax rate would rake in all kinds of money.......they're not that bright

No, what we don't believe is that a tax rate of zero will increase revenues. The conservative argument always is that revenues increase when tax rates are lowered, but mathematically that is impossible. There is a point where cutting rates will do nothing more than to reduce revenue. As a percentage of GDP, this has been going on for much too long and is a big reason our debt is so high.

It's magic ... only cons can understand it.