Evaluation of the policies of George W. Bush and his Republican conservatives on America.
Published on November 29, 2007 By COL Gene In Politics


Last night several candidates talked about the so called “Fair Tax”. That is a proposal to replace Federal Income, Medicare and Social Security taxes with a sales tax up to 30%. It was touted as FAIR which is a lie pure and simple. This is another Conservative plan to further lower the taxes on the wealthy.

Let’s take a look at just what a 30% sales tax would do.

The wealthy taxpayers only spend a portion of their income. Any income that they did not spend would escape this tax. A person with an annual income of $500,000 who spent $250,000 would pay taxes only on the $250,000 and would have an effective tax rate of 15%. A person with an income of $50,000 who most likely spends all of their income would have an effective tax rate of 30%.

A person with a $500,000 annual income pays $14,500 in Medicare taxes; $6,500 in Social Security Taxes and about $125,000 in income taxes for a total of $146,000. If they spent $250,000 of their $500,000 income under the Fair Tax they would pay $75,000 in tax (30% of $250,000). Their taxes would be cut in half!

A person making $50,000 pays $1,450 in Medicare; $3,200 in Social Security and $3,000 in income taxes for a total of $7,650. Under the Fail Tax they would pay $15,000 (30% of $50,000) Their taxes would be doubled!

In addition, how the low and middle income tax payers would pay this increased tax is a mystery!

YES this a FAIR Tax for ONLY the WEALTHY!

Comments (Page 5)
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on Dec 01, 2007
Bush was the FOOL as not ONE CENT of his $5.6 Trillion Surplus existed. It must be at the same place as the WMD in Iraq! Since this was the justification for the Bush Tax Cuts the tax cuts are unjustified and should end!
on Dec 01, 2007
Bush was the FOOL as not ONE CENT of his $5.6 Trillion Surplus existed.



he got these numbers from clinton. clinton and his hidden deficit
on Dec 01, 2007
Reply By: ParaTed2kPosted: Saturday, December 01, 2007Well, tax revenues were increased but Congress still increased spending beyond the incease in revenue. BTW, in case you haven't pulled your head out long enough to notice, the deficit was down for the 3 quarters posted for this year. To hear your constant monotone crap, it's never been higher.


All those figures are AFTER Bush deducted the Surplus from Social Security. From Sept 30, 2006 and Sept 30, 2007 our Debt increased by $500 Billion. Go to the Treasury Web sight. On Sept 30, 2006 our Debt was $8.5 Trillion. This September our debt was $9.0 Trillion or an increase of $500 Billion. Yes spending has increased and will continue. Look at the money we are spending in Iraq. Look at the money we will need top spend for the VA. Look at the replacement of almost all the equipment in the Army, Marines, National Guard and Army Reserve. Anyone that talks about CUTTING spending given these things in on DRUGS. In addition we need to add thousands of border guards, build a fence over 1,000 miles long and we are increasing the size of the military by 80,000. Please tell me how the HELL you are going to cut spending?

This year wed will need to add money to Medicare because the Prescription Drug plan has increased Medicare spending to a point that it will exceed the Medicare tax revenue. We can cut the Pork which is about $40 Billion. We might be able to cut another $50-60 Billion. That will not come close to balancing the budget much less provides the money to begin paying down the debt! The interest on the debt which is the fastest growing part of the budget has increased $200 Billion since Bush took office. It will continue to increase as long as we add to the debt every year.

There is no bigger LIE then to tell the American taxpayer that our financial problems can be resolved with spending cuts. We cut taxes to return a SURPLUS that NEVER existed and it is time to end that tax cut since we do not have anything to return to the taxpayers. Look at the AP article I posted above about the Bush $5.6 Trillion DOLLAR dream!
on Dec 01, 2007
read:

This from the AP Feb 24, 2001:

(AP) President Bush said Saturday that the most important number in the budget he sends to Congress next week is the $5.6 trillion surplus it projects over the next 10 years.

That huge projected surplus provides the underpinning of all the administration's tax-cut and spending plans, Mr. Bush said in his recorded weekly radio address.

"A surplus in tax revenue, after all, means that taxpayers have been overcharged," the president said. "And usually when you've been overcharged, you expect to get something back." The surplus figure "counts more than any other" in the budget, he said.

And they continued to insist that as it stands the Bush tax-cut plan unfairly favors the wealthy over those of more modest means. Democrats cautioned that surpluses projected over so long a period can turn into elusive fool's gold.

O'NEIL AND GREENSPAN ALSO WARNED ABOUT COUNTING ON THIS SO CALLED SURPLUS!
on Dec 01, 2007
From Sept 30, 2006 and Sept 30, 2007 our Debt increased by $500 Billion. Go to the Treasury Web sight. On Sept 30, 2006 our Debt was $8.5 Trillion.



which party has been in charge of the purse for most of that time.
on Dec 02, 2007
It is pointless to keep arguing. The people in the lower tax bracket for some reason will always bitch that the rich need to pay more. Except for a few who just got lucky rich people are where they are because of hard work and SAVING there money. You're always gonna bitch about them because you dont have the self dicipline to save your money instead of buying the flat screen tv you dont need. And of course most of the lower income are democrats. Democrats are all about having total control over everybody and you are more then willing to give it to them as long as they keep carrying your asses through life so you dont have to do a damn thing to better yourself.
on Dec 02, 2007
Reply By: danielostPosted: Saturday, December 01, 2007
From Sept 30, 2006 and Sept 30, 2007 our Debt increased by $500 Billion. Go to the Treasury Web sight. On Sept 30, 2006 our Debt was $8.5 Trillion.
which party has been in charge of the purse for most of that time.


Since 2001 the Republicans. If you look at which party was in control when MOST of the debt was added it was the Republicans. Of the $450 Billion in interest we must pay each year, about $400 Billion was added during Republican Presidents-- Reagan, Bush 41, and Bush 43.
on Dec 02, 2007
The people in the lower tax bracket for some reason will always bitch that the rich need to pay more.



i am as low as you can get.


i get disability at 623 a month.


i do know what is right and that is why i keep saying not to tax the rich more.


on Dec 02, 2007
going with gene's attitude since he wants people richer than him to pay him. then i want gene to pay me. but he won't just like all liberals he thinks the rules should apply to everyone but him.
on Dec 02, 2007
Reply By: danielostPosted: Sunday, December 02, 2007
The people in the lower tax bracket for some reason will always bitch that the rich need to pay more.
i am as low as you can get.i get disability at 623 a month.i do know what is right and that is why i keep saying not to tax the rich more.


The issue is very simple-- The Rich are the people who got the bulk of the Bush Tax cuts. The logic for giving the rich those tax cuts was to return the Surplus Bush said was available. We had no Surplus thus we need to get the money back from those who received it-- The RICH!
on Dec 02, 2007
The issue is very simple-- The Rich are the people who got the bulk of the Bush Tax cuts.




the issue is even simpler than that---the rick are the people paying the bulk of the taxes.

also did you know that companies(the big ones) have to pay a minimum tax whether they make a profit or not.
on Dec 02, 2007
Reply By: danielostPosted: Sunday, December 02, 2007
The issue is very simple-- The Rich are the people who got the bulk of the Bush Tax cuts.
the issue is even simpler than that---the rick are the people paying the bulk of the taxes.


They also got the BIG tax cuts which they did not deserve because there was NO SURPLUS to return to them. They are just GREEDY and nothing else!
on Dec 02, 2007
They also got the BIG tax cuts which they did not deserve because there was NO SURPLUS to return to them. They are just GREEDY and nothing else!




actually you and the ones who want them to pay for everything are the ones being GREEDY.
on Dec 02, 2007
Reply By: danielostPosted: Sunday, December 02, 2007
They also got the BIG tax cuts which they did not deserve because there was NO SURPLUS to return to them. They are just GREEDY and nothing else!
actually you and the ones who want them to pay for everything are the ones being GREEDY.


It is not GREED to help those that need help or to keep the promises we have made to the retired! It is GREED to keep money from a tax cut that was not deserved or that is not needed by those who got most of the money! There was NOTHING to give back to the wealthy so they took something they were not entitled to since there was NO SURPLUS! Just another of the Bush Lies!
on Dec 02, 2007
It is not GREED to help those that need help or to keep the promises we have made to the retired


it isn't helping if it is stolen from you.
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