Tuesday, December 14, 2010

Lies and Lying Liars

I had posted about the absolute hatred the Left has for the so called "rich,"  and asked the question
Why is it that the extension of the middle class tax cuts is supposed to be stimulative, but they claim research shows that tax cuts for the wealthy is not? Is the money of the rich marked differently than that of the middle class? Does the size of the cut matter if you have enough to go to McDonalds one more night a month than before, versus somebody who buys a car and all the workers that helped manufacture the care?
to which Pogie offered
I think the only reason you haven't seen an answer about why tax cuts have more stimulative value for the middle class is because you haven't looked. Try Google. I hear it provides information with just some typing and a few clicks.

I also wonder how the Right can maintain that the Bush tax cuts stimulated the economy, given the evidence of the past 8 years. What did they do exactly?

My response to Pogie was perhaps unfair, in that I argued that he was relying on Democrat talking points, and that I wouldn't do that. So, lo and behold, we have Reason's Hit and Run by Nick Gillespie showing that the Bush tax cuts (although it was really the Bush tax rate cuts) actually provided more revenue to the treasury.
Well, how can that be, we have been told for the last ten years that only the "rich benefited from the tax cuts. Lie! If you look at the tables provided by Nick, you see that
In 2000, for instance, the top 1 percent of income earners paid 37.42 percent of all income taxes collected. In 2008, they paid 38.02 percent. That's down a bit from the peak of 2007 and reflects the recession hitting. The bottom 50 percent of filers saw their share of the income tax burden fall from 3.91 percent to 2.7 percent. Two groups in the upper half of the income distribution made out, it seems: Folks coming in between between 10 percent and 25 percent of income and those between 25 percent and 50 percent. Each saw their share of total tax collected decline a bit (like the share of taxes paid, this reflects the recession).
Now, the Left at this point will usually say that this is due to the accumulation of wealth by the top earners. Okay, so what? It is not a zero sum game. Everyone can get rich, and some can get richer than others. But that is not the same argument as the rich don't help the economy.


Andy B. Hammond said...

Gosh darn facts. Liberals hate 'em.

Steve said...

Welcome back Andy, haven't seen you in a while.

Andy B. Hammond said...

Thanks Steve. New work and family responsibilities have been keeping me very busy. I also got recharged after the elections in November!!!!