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Friday, April 17, 2009

The Tax Day Top 10 List

Jon Perr @ Crooks&Liars bring us the Top 10 Republican Tax Day Lies.

Lie #1: President Obama will raise taxes on small businesses.

Of course, they're not talking about small business. As CNN concluded in October, "fewer than 2% of small business owners would pay more under Obama's plan." But in case there was any doubt about the Republicans' deception on the point, the nonpartisan Tax Policy Center quickly put it to rest:

Out of 34.7 million filers with business income on Schedules C, E or F, 479,000 filers fall into the top two brackets, according to an analysis of projected 2009 filings by the nonpartisan Tax Policy Center.

The other 34.3 million - or 98.6% - would be unaffected by Obama's proposed rate hike.


Lie #2: The estate tax devastates small businesses and family farms.

...as the Washington Post explained, under President Obama budget, 99.76% of estates would pay no taxes whatsoever:

The estate tax is scheduled to disappear in 2010, only to be resurrected the following year at its 2001 level, when it applied only to estates worth over $2 million per couple at a rate of 55 percent. In fact, no one expects it to return to that level -- although letting it do so would be a far more rational response to the current crisis than the Lincoln-Kyl approach. Rather, President Obama has proposed holding the tax at this year's level: an exemption of $7 million per couple, with a 45 percent rate for amounts beyond that; this would cost $484 billion over 10 years. Senate Finance Committee Chairman Max Baucus (D-Mont.) has endorsed this solution, with indexing for inflation. This would hardly be punitive. At that level, 99.76 percent of estates would incur no tax whatsoever. Those who owe would pay, on average, $2.25 million less than they would have paid at the 2001 exemption level. Why in the world should these folks get more of a tax cut?

Why? Because even in a time of national economic calamity, the Republican Party remains committed to dramatically shifting the tax burden away from the wealthiest Americans. (And unfortunately, Blanche Lincoln (D-AR) and nine other Democrats are aiding and abetting that transfer by supporting a lower tax rate of 35% for estates starting at $10 million per couple. The price tag? $250 billion.)


Lie #3: 40% of Americans pay no taxes.

As FactCheck among others noted, Republican conveniently ignore sales, excise and most of all, payroll taxes. Starting with the first dollar they earn, virtually all American workers pay the 6.2% Social Security tax (on income up to $97,000) and another 1.45% for Medicare. An analysis by the Tax Policy Center concluded, "three quarters of filers pay more in payroll taxes than in income taxes."

That millions of hard working American families pay no income taxes is due in large measure to the Earned Income Tax Credit. Created in 1975, the EITC "a refundable federal income tax credit for low-income working individuals and families" that results in a tax refund to those who claim and qualify for the credit when the EITC exceeds the amount of taxes owed. As the Center for Budget and Policy Priorities detailed in 2005, the EITC has not only been extremely successful in reducing poverty, it has enjoyed broad bipartisan support. None other than Ronald Reagan called it, "the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress."


Read the remainder of Perr's post @ Crooks And Liars

These, and the preponderance of right-wing lies, that have created this "cut-and-paste" style of discourse amongst conservative voters is a perfect example of ignorance disguised as fact. It's all memorize and repeat. They will never be prepared to answer the real questions that need to be asked or provide any type of substantive alternative that doesn't simply just benefit their own self-interests.

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