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Originally Posted by transjen
The wall street bailout was a gift from King George not Obama,
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Obama endorsed it, and spent half of it. The necessity of the wall street bailout is because of CRA. I have yet to see you refute this, or explain exactly how Bush caused the financial mess. And sorry, blaming it on the war doesn't cut it. We've been at war before.
Quote:
Originally Posted by transjen
And the rich don't pay anywhere near 35% with all thier taxcuts and tax loopholes and shelters,
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So what percentage do they end up paying? I think you're just mindlessly passing on an old lefty myth.
See this:
http://www.heritage.org/research/taxes/wm2420.cfm
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According to a report issued by the Congressional Budget Office (CBO), the tax cuts significantly increased the share of federal income taxes paid by the highest-earning 20 percent of households compared to their levels in 2000, President Clinton's final year in office.
In 2006, the latest available year from CBO, the top 20 percent of income earners paid 86.3 percent of all federal income taxes, an all-time high.[1] This is an increase of over 6 percent from 2000, when the top 20 percent paid 81.2 percent. During the same period, the bottom four quintiles all saw their share of the federal income tax burden fall sharply:
* The bottom 20 percent of income earners' share of federal income taxes fell from -1.6 percent in 2000 to -2.8 percent in 2006;
* The next 20 percent's share declined from 1.1 percent to -0.8 percent;
* The middle quintile's share dropped from 5.7 percent to 4.4 percent; and
* The fourth quintile's share decreased from 13.5 percent to 12.9 percent.
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Quote:
Originally Posted by transjen
Next you'll tell me that King Georges taxcuts really helped the poor and hurt the rich.
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Like Reagan says, Here we go again. Who owns the businesses? The rich. Who employs the poor? The rich. If the rich pay less taxes they can afford to pay more workers. And if you'll actually read what I quoted above you'll see the poor are paying less taxes too. Is it that hard to understand?
Quote:
Originally Posted by transjen
Like i said the King's party is over and it's time to pay the piper
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But we're not paying the piper. And you know what a party is? Shoving 1,000 page trillion dollar spending bills through congress without giving anyone a chance to read it. That's a party. BO and his lefties have come up with a mountain of new programs that dwarfs by 2.5 times anything Bush has done during his 8 years, including Bush's wall street bailout. That is FACT. That is the problem with it. We're going to have to pay the piper for this for generations.