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Re: VIDEO: Paul Ryan Booed At Town Hall For Defending Tax Breaks For The Wealthy

By: DGpeddler in RANT II | Recommend this post (0)
Thu, 21 Apr 11 5:51 AM | 75 view(s)
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Feeling overtaxed? Under the U.S. income tax system, most of the taxes collected are supposed to be paid by the people who make the most money. Thanks to President Bush's tax cuts, that is exactly the way the system works, says the U.S. Treasury Department.
According to the Office of Tax Analysis, the U.S. individual income tax is "highly progressive," with a small group of higher-income taxpayers paying most of the individual income taxes each year.


•In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

•The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

•Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total.
Treasury Department analysts credit President Bush's tax cuts with shifting a larger share of the individual income taxes paid to higher income taxpayers. In 2005, says the Treasury, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.


•The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.

•The share of taxes paid by the top 1 percent of taxpayers will rise from 32.3 percent to 33.7 percent.

•The average tax rate for the bottom 50 percent of taxpayers falls by 27 percent as compared to a 13 percent decline for taxpayers in the top 1 percent.
The White House has announced it will lobby Congress to pass legislation making most of President Bush's tax cutting measures permanent.

Source: U.S. Treasury, Office of Tax Analysis




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VIDEO: Paul Ryan Booed At Town Hall For Defending Tax Breaks For The Wealthy
By: clo in RANT II
Thu, 21 Apr 11 4:26 AM 		Msg. 17055 of 20747

Boy Wonder gets a taste of reality!
Oh, I learned in the Nov 2010 election the Republicans got 59% of the "senior votes", they can kiss them goodbye.. clo

VIDEO: Paul Ryan Booed At Town Hall For Defending Tax Breaks For The Wealthy
ThinkProgress filed this report from a town hall meeting in Milton, WI.

Earlier this week, Rep. Paul Ryan (R-WI) embarked on a series of town halls across his southern Wisconsin congressional district. Ryan has gained notoriety in recent weeks as the architect of the Republican budget which extends tax breaks for the wealthy and phases out Medicare. House Republicans voted 235-4 in favor of the plan.

During a town hall meeting in Milton, a constituent who described himself as a “lifelong conservative” asked Ryan about the effects of growing income inequality in our nation. The constituent noted that huge income disparities contributed to the Great Depression and the Great Recession, and thus wanted to know why the congressman was “fighting to not let the tax breaks for the wealthy expire.”

Ryan argued against “redistribut[ing]” in this manner. After the constituent noted that “there’s nothing wrong with taxing the top because it does not trickle down,” Ryan argued that “we do tax the top.” This response earned a chorus of boos from constituents:

CONSTITUENT: The middle class is disappearing right now. During this time of prosperity, the top 1 percent was taking about 10 percent of the total annual income, but yet today we are fighting to not let the tax breaks for the wealthy expire? And we’re fighting to not raise the Social Security cap from $87,000? I think we’re wrong. 

RYAN: A couple things. I don’t disagree with the premise of what you’re saying. The question is what’s the best way to do this. Is it to redistribute… (Crosstalk)

CONSTITUENT: You have to lower spending. But it’s a matter of there’s nothing wrong with taxing the top because it does not trickle down. 

RYAN: We do tax the top. (Audience boos). Let’s remember, most of our jobs come from successful small businesses. Two-thirds of our jobs do. You got to remember, businesses pay taxes individually. So when you raise their tax rates to 44.8 percent, which is what the president is proposing, I would just fundamentally disagree. That is going to hurt job creation.

Watch it:

http://www.alternet.org/newsandviews/article/566333/video%3A_paul_ryan_booed_at_town_hall_for_defending_tax_breaks_for_the_wealthy/

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