It's interesting that this article points out how alot of the tax increases are from Corporations and the top 1% or earners.
-Cameron On 10/7/06, Gruss Gott <[EMAIL PROTECTED]> wrote: > > Prince Valliant wrote: > > I was sad to see taxes being one of the big reasons the people who did > > vote for bush did so. And how happy they were as he was basically tanking > > our economy and the bit of savings we had managed to magically > > Well ... things aren't so bad. But DESPITE Bush and his sycophants > not because of them: > > ---------------------------- > Tax Tidal Wave > October 6, 2006; Page A14 > > Congress keeps breaking the Beltway Book of World Records for spending > money, but the government will soon report that the federal budget > deficit for the just-completed 2006 fiscal year fell to about $260 > billion. > > What's the secret of this deficit success that you aren't reading much > about this election year? It isn't spending restraint. The federal > budget expanded to $2.7 trillion last year, a 9% increase, or three > times the inflation rate. Over the past six years the federal budget > has increased by 49.2%. > [Tax and Spend Cycle] > > The main cause of the deficit decline -- 90% of it, says White House > budget director Rob Portman -- is a tidal wave of tax revenue. Tax > collections have increased by $521 billion in the last two fiscal > years, the largest two-year revenue increase -- even after adjusting > for inflation -- in American history. If you're surprised to hear > that, it's probably because inside Washington this is treated as the > only secret no one wants to print. On the few occasions when the media > pay attention to the rise in tax collections, they scratch their heads > and wonder where this "surprising" and "unexpected windfall" came > from. > > One place it has come from are corporations, whose tax collections > have climbed by 76% over the past two years thanks to greater > profitability. Personal income tax payments are up by 30.3% since 2004 > too, despite the fact that the highest tax rate is down to 35% from > 39.6%. The IRS tax-return data just released last month indicates that > a near-record 37% of those income tax payments are received from the > top 1% of earners -- "the rich," who are derided regularly in > Washington for not paying their "fair share." > > More good news is that dividend-tax payments appear to be up as well, > even though the tax rate was lowered to 15% from as high as 39.6%. A > National Bureau of Economic Research study found that "after a > continuous decline in dividend payments over more than two decades, > total regular dividends have grown by nearly 20%" and that this > reversal happened at "precisely the point at which the lower tax rate > was proposed and subsequently applied retroactively." There hasn't > been a purer validation of the Laffer Curve since Ronald Reagan rode > off into the sunset. > > As for the budget deficit, at $260 billion it is now about 2% of our > $13 trillion economy, well below the 2.7% average of the last 40 > years. Most states and localities are also afloat in tax collections, > and including their revenue surpluses brings the total U.S. public > sector borrowing down to roughly 1.5% of GDP. Not too shabby given > that we're waging a war on terrorism and Congress spent $50 billion > last year on Hurricane Katrina clean-up. > > Anyway, we thought our taxpaying readers might like to know how much > you've all been contributing to the falling deficit -- the best-kept > secret in Washington. > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Introducing the Fusion Authority Quarterly Update. 80 pages of hard-hitting, up-to-date ColdFusion information by your peers, delivered to your door four times a year. http://www.fusionauthority.com/quarterly Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:217080 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
