Mr. Z wants you to know:
1. Obama claims:
He will reduce taxes for 95% of the people, and if you earn $250k or less, you will not have to pay one cent more.
2. The tax reality is as follows:
For those people, who submit an income tax return (138.4 million), the 95% point is situated at about $150k. The $250k point covers at 97.5% of all. These data is extracted directly from the IRS Website and covers the last data available (Year 2006). (Z: if you're statistically impaired as I am, you should know Mr. Z means those earning $150k AND UNDER).
3. One can only conclude from this, that Obama is lying, like with about everything else he voices (Z: I love a good editorial!). This does not include the fact that he would increase the corporate tax, capital gains and the inheritance tax. The corporate tax will impact everybody directly (including those who don't pay income tax) and at the same time reduce the work force (and, therefore, the number of people filing tax returns) . Capital gains tax concerns at least 50% of those who pay income tax. And establishing an inheritance tax of 60% destroys the very nature of ownership.
4. By-the-way: Here is the share of the total amount of income tax which certain groups pay:
Group % of all tax returns % of total income tax
$250k or more 2.5% 48%
$150k or more 5.0% 65%
$75k or more 19.7% 82%
$50k or more 33.3% 92%
Hope this clarifies the matter.
mr.z
1. Obama claims:
He will reduce taxes for 95% of the people, and if you earn $250k or less, you will not have to pay one cent more.
2. The tax reality is as follows:
For those people, who submit an income tax return (138.4 million), the 95% point is situated at about $150k. The $250k point covers at 97.5% of all. These data is extracted directly from the IRS Website and covers the last data available (Year 2006). (Z: if you're statistically impaired as I am, you should know Mr. Z means those earning $150k AND UNDER).
3. One can only conclude from this, that Obama is lying, like with about everything else he voices (Z: I love a good editorial!). This does not include the fact that he would increase the corporate tax, capital gains and the inheritance tax. The corporate tax will impact everybody directly (including those who don't pay income tax) and at the same time reduce the work force (and, therefore, the number of people filing tax returns) . Capital gains tax concerns at least 50% of those who pay income tax. And establishing an inheritance tax of 60% destroys the very nature of ownership.
4. By-the-way: Here is the share of the total amount of income tax which certain groups pay:
Group % of all tax returns % of total income tax
$250k or more 2.5% 48%
$150k or more 5.0% 65%
$75k or more 19.7% 82%
$50k or more 33.3% 92%
Hope this clarifies the matter.
mr.z
22 comments:
Thanks Mr. Z
I love Obama's lie that 95% of all small businesses don't earn $250,000. Well, the 5% of small businesses who DO earn over 250K employ more people than the other 95%!
Think about it. If you're a painting contactor who employs 12 guys (2 crews) you had BETTER be earning more than $250,000. This is FAR more common than the lefties care to admit.
Obama's tax hikes will KILL many small businesses.
Morgan
Good job with the numbers Mr Z! Better you than me!
Let's not forget that the Democrats intend to let the Bush tax cuts expire in in a couple of years as they are currently scheduled to. Incredibly, they don't view this as a tax increase.
I made a comment on someone else's blog that Ducky was at least always civil. I regret having made that statement. Calling us "war pigs" is definitely not civil. I've lost all respect for what I thought was a civil liberal! *sigh* Thanks, Ducky, for revealing your true self.
Good post, Mr. Z. Thanks for doing the numbers, something which I'm not very good at.
I seriously doubt Obama is going to lower ANYONE'S taxes. Clinton made the same promise before his first term and broke it after two weeks in office.
Good lawrd.
What a frightening Halloween post!
Kevin, the left's trying to say Obama's plan's Clinton's..of course we all know that CLinton was slipping into a self-created recession by the time he was out of office, but the reality doesn't matter. And, of course, it's a very different tax plan, but HECK! IT SOUNDS GOOD!
Gayle, thanks. Ducky even surprised ME today and there are some posts I don't tolerate.
Elbro has the keys to my palace; Elbro, if you see anything from Ducky again on the war, please delete.
Ducky can't fight honestly because he saw Mr. Z was correct. It's clear.
okay Z.
oh, good..glad you're here, Elbro. Thanks. I appreciate that xxx
You are a very dear friend.
Mr. Z is obviously a very intelligent & honest gentleman. Wish more of our elected officials were.
It is difficult to find a socialist who can offer more in dialogue than “nonni-nonni-boo-boo.” It is this lack of intelligence that allows them to support the candidate who lacks character, is incapable of honesty, and who will resort to anything to achieve the presidency. The commenter is correct to note than if the Bush tax cuts expire, the effect will be an increase in taxes. Obama has been upfront about this. He has said he intends to “roll back the Bush tax cuts.” Again, leftists are too idiotic to figure out that Obama’s tax increases will be in addition to these effects.
We must defeat Obama. The man is a disaster waiting to happen.
And speaking of idocy, here's a case in point.
There is nothing "too low" for Democrats. For them, morality is a relative concept.
And of course, it's silly to say the media has a pro-Obama bias.
When I hear the Dems hooting and hollering about "big oil" not paying any taxes, I wish I could get them to look at the revenue statements that we get. In general, long before our company receives a dime in revenue to distribute to investors, the states and federal government have taken anywhere from a low of about 10 percent all the way up to 40 percent off the gross in "severance tax." Then you still have to pay regular tax on the remaining "net to interest holder" portion. And of course, all that tax pulls down our profits , which are what we keep our business runnin with, pay our investors, and ourselves. So when I think about the huge percentage of my income that is taken in taxes of one sort or other, I have to consider the income I lost by having the revenue skimmed off the top too.
I guess when Obambi is president we won't have to worry anymore. We will all get everyones elses money
Great post, Z. Sounds like Mr. Z raised a smart kid!
A great Halloween post. If Obama's tax plan doesn't scare voters, nothing will.
They have dropped the 'rich' from $240,000, to 200,000, to 150,000, and today back to 45,000.
Surprise! Your rich.
Debbie Hamilton
Right Truth
FJ,
How do you manage to find such excellent YouTube videos? I can spend hours and hours, and not find anything worthwhile at the site.
Oh, SUPER, FJ...I just finished a piece for tomorrow at 1 pm your time and it's this poem....ah, well, it's staying!
Thanks, anyway; hadn't seen it here, my sis sent it to me in written form (as well as 23896742 other people, of course)
Obamalinsky's REAL Middle Name is FULLOFITSKY.
FT
Post a Comment