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July 11, 2012

Lousy Economy....Rich Hit Hardest. Plus...Harry Reid Won't Let Senate Vote On Obama's Tax Hike Plan Because Of Republican Obstructionism Or Something

The Narrative takes a kick in the gut.

The average tax rates for American households reached a historical low in 2009, according to a report issued by the non-partisan Congressional Budget Office.

Indeed, federal taxes for American households averaged 17.4 percent in 2009, a historical low over the 1979 to 2009 period.

...

Those with the most income were hit the hardest: the four lowest income quintiles’ before-tax average income dropped by five percent or less. But among the richest 20 percent, before-tax income dropped by 18 percent; in the top one percent, income fell 36 percent.

Further, those who made the most income also paid the greatest amount in taxes.

The highest quintile of income earners paid for 67.9 percent of all federal taxes paid by households, while the middle quintile paid 9.4 percent and the lowest quintile 0.3 percent.

Via lefty Adam Serwer who didn't seem to actually read the story.

Liberals love to point out that federal taxes are at a historically low level. They conveniently forget to note that it's because the economy is in the trash. How exactly increasing taxes on people doing relatively less well than before is going to create economic growth is a mystery whose answer is known only to people who think Paul Krugman is a fount of economic wisdom.

Speaking of Obama's tax hikes....Mitch McConnell offered Harry Reid a deal today. Two votes, one on Obama's tax hikes and another on the GOP plan to keep the current rates. Reid objected, thus blocking the vote Obama says he wants (but vulnerable Senate Democrats up for reelection this year are deathly afraid of).

Amazingly, Reid said the offer a vote was a filibuster. You can't make this stuff up.

Of course the predictable MSM spin will be: McConnell was simply pulling a stunt and the Republicans are responsible for all the gridlock in DC.

Related enough: Buzzfeed's Zeke Miller wonders "Can Barack Obama Win The Tax Fight Again?" To which I'd reply. "when did he win it before?".

Miller's point seems to be that Obama ran on tax hikes in 08 and won so that means the public is ok with tax hikes in general. I guess that makes sense if you're an Obama shill and think the only issue in the last election was taxes. Hint: It wasn't.

Personally, I'd look at point in time when the only issue on the table was tax hikes and see how things worked out. As you might recall, in 2010 (after the GOP midterm wins but while Congress was still controlled by Democrats) Obama agreed to an extension of the evil "Bush Tax Cuts". Not sure how that's a win.

Of course, be sure to check out Miller's hard hitting follow-up, "Obama Eats Ice Cream With A Spoon". Seriously.


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posted by DrewM. at 10:39 AM

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