Random Liberal Quotes...
I know on September 11, we were all evacuated from the building, and we found ourselves standing outside—most of us. I was whisked away with no place to go. We ended up on the top floor of the police headquarters. We pulled the shades down, thinking that might make us more secure.
Tom Daschle
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hillarynews
Joined: 24 Jan 2007
Posts: 2255
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 Posted: Wed Oct 17, 2007 8:00 am Post subject: The Clinton Indictment |
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 The Clinton Indictment
No sooner had the IRS released its "Table Five," its breakdown of tax returns from the year 2005, than the leading Democratic presidential candidate was out with a statement complaining about "widening income inequality." Said Senator Clinton, "the share of national income going to the wealthiest 1% of Americans grew to 21% — a level not seen since the Gilded Age. This is an indictment of President Bush's economic policies."
Category: Commentary
No sooner had the IRS released its "Table Five," its breakdown of tax returns from the year 2005, than the leading Democratic presidential candidate was out with a statement complaining about "widening income inequality." Said Senator Clinton, "the share of national income going to the wealthiest 1% of Americans grew to 21% — a level not seen since the Gilded Age. This is an indictment of President Bush's economic policies."Well, refreshing though it is to see the word "indictment" in a Clinton press release that contains neither a vigorous denial nor a reference to a campaign fund raiser, allow us to differ. The actual IRS Table 5 for 2005 makes for some fascinating reading. To begin with, the wealthiest 1% of Americans, according to the IRS, were those filers who had an adjusted gross income for 2005 of $364,657. By international standards, that is a lot of money, but here in New York City, and especially Manhattan, where ordinary one-bedroom apartments are selling for $1 million and private school tuitions are topping $40,000, it's hardly Gilded Age-level. By the time a two-income couple earning $364,657 a year get done paying for taxes and child care, plus graduate school debt, they aren't living in the Vanderbilt mansion.And how about those taxes? Mrs. Clinton mentions that the top 1% earned 21%of the income. But her press release leaves out what the IRS table reports — that they paid 39.38% of the federal income taxes. That's right, 1% of the tax filers paid 39.38% of the federal income taxes. That's a greater share than at any time in the past 20 years. That top 1% paid an average federal income tax rate of 23.13%, nearly double the average tax rate on the whole country of 12.45%. The top 5% of tax filers — those with adjusted gross incomes more than $145,283 — paid 59.67% of the federal income taxes, also a 20-year high. It's not the income inequality that rivets our attention, but the tax inequality, with the top earners being soaked for far more than their share of the income earned.
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Source: The Hillary Project
Description: reporting the news about Hillary that the media refuses to |
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