See other Editorial Articles
Title: GOP Willing To Raise Payroll Taxes On 113 Million Households To Spare 345,000 Millionaires From Tiny Surtax
Source:
[None]
URL Source: http://thinkprogress.org/economy/20 ... 77956/gop-payroll-tax-numbers/
Published: Dec 2, 2011
Author: tp
Post Date: 2011-12-02 10:23:03 by tom007
Keywords: None
Views: 311
Comments: 9
GOP Willing To Raise Payroll Taxes On 113 Million Households To Spare 345,000 Millionaires From Tiny Surtax By Pat Garofalo on Nov 29, 2011 at 4:35 pm Senate Democrats yesterday introduced legislation — as they’ve been promising to — that would extend a soon-to-expire payroll tax cut, and pay for it by implementing a surtax on income above $1 million. Republicans, of course, are opposing the plan, reviving their false claims that taxing the very wealthiest Americans will hit small businesses and job creators. In essence, the GOP is saying that it’s willing to allow higher taxes on middle- and lower-income Americans in order to prevent tax increases on the very wealthy. According to an analysis by Citizens for Tax Justice, provided to the Washington Post’s Greg Sargent, the surtax would affect exceedingly few taxpayers, while a payroll tax cut expiration would wallop more than 100 million households: The surtax would impact around 345,000 taxpayers, roughly 0.2 percent of taxpayers, or one in 500 of them. Those people would pay on average an additional 2.1 percent of their overall income, or just over 1/50th of that overall income, in taxes. In a majority of states, only one-tenth of one percent, or one in 1,000 taxpayers, would pay this surtax. And how many people would benefit from the payroll tax cut? According to the group, around 113 million tax filing units — either single workers or families that include more than one worker — would see their payroll tax cut extended. That’s a lot of people — well over 113 million workers, in fact. Allowing the payroll tax cut to expire at the end of the year would hit middle-class families with a $1,000 tax increase, providing a substantial drag on the economy. In fact, according to Macroeconomic Advisers, allowing the payroll tax cut to lapse “would reduce GDP growth by 0.5 percent and cost the economy 400,000 jobs.” Other estimates are even worse, with Barclays’s estimating that a payroll tax increase could say 1.5 percent off of GDP growth. The GOP has, time and again, blocked any legislation that would increase taxes by the slightest amount on the ultra-wealthy, even with tax revenue at a 60 year low, taxes on the rich the lowest they’ve been in a generation, and income inequality out of control. Instead, Republicans would prefer to raise taxes on the middle-class, knocking the economy where it can least afford it. Tags: Taxes
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: tom007 (#0)
2. A heavy progressive or graduated income tax. 3. Abolition of all rights of inheritance. As long as the Democraps support a progressive/graduated income tax, they can blow me for eternity. Their stubborn insistence on soaking the rich reveals them for the communists that they vehemently deny that they are. Should the Republicans hold out on taxing the rich at a higher rate to make their ideological point against communism?? 
-Alex Kurtagic
#2. To: X-15 (#1)
Why should the poor or middle class pay for the wars (and corporate welfare) that the rich demand, while allowing the rich to pay little if any taxes at all?
"The real deal is this: the ‘royalty’ controlling the court, the ones with the power, the ones with the ability to make a difference, with the ability to change our course, the ones who will live in infamy if we pass the tipping points, are the captains of industry, CEOs in fossil fuel companies such as EXXON/Mobil, automobile manufacturers, utilities, all of the leaders who have placed short-term profit above the fate of the planet and the well-being of our children." - James Hansen
#3. To: FormerLurker (#2)
Good point. My counter-point: why aren't the poor/middle-class doing everything in their power to lower their taxes? The exemptions and deductions are there, they just have to prove it on paper. They can start by lowering their witholding so that they OWE FedGov instead of letting FedGov use their money for free all year and getting that miserable refund after they file.
-Alex Kurtagic
#4. To: FormerLurker (#2)
Are you talking about 20 rich people, or what? The top 1% is paying almost 40% of all income taxes collected, and the top 5% is paying 60%. It's the bottom 50% of the wage earners that aren't paying any taxes. "Why should the poor or middle class pay for the wars (and corporate welfare) that the rich demand,
"....while allowing the rich to pay little if any taxes at all?"
#5. To: X-15 (#3)
People with a low to moderate income don't have any deductions (ie. they pay rent, not a mortgage), can't pay high medical bills (so they have no medical bills that qualify), and certainly don't have tax shelters or write offs. Only the wealthy or those with a mortgage and the means to pay it get any sort of deduction beyond the standard deduction, unless they're self employed, which for many is not an option. Good point. My counter-point: why aren't the poor/middle-class doing everything in their power to lower their taxes? The exemptions and deductions are there, they just have to prove it on paper.
"The real deal is this: the ‘royalty’ controlling the court, the ones with the power, the ones with the ability to make a difference, with the ability to change our course, the ones who will live in infamy if we pass the tipping points, are the captains of industry, CEOs in fossil fuel companies such as EXXON/Mobil, automobile manufacturers, utilities, all of the leaders who have placed short-term profit above the fate of the planet and the well-being of our children." - James Hansen
#6. To: Big Meanie (#4)
The top 1% is paying almost 40% of all income taxes collected, and the top 5% is paying 60%. Pure BS. I've read more than a few reports of multi-millionares paying ZERO in income tax. Billionares, well maybe they pay a few bucks, likely less than what a guy pulling in 50K a year pays. That's just a hunch, but I'd take a wild roll of the dice and assume that's the case. Are you talking about 20 rich people, or what?
"The real deal is this: the ‘royalty’ controlling the court, the ones with the power, the ones with the ability to make a difference, with the ability to change our course, the ones who will live in infamy if we pass the tipping points, are the captains of industry, CEOs in fossil fuel companies such as EXXON/Mobil, automobile manufacturers, utilities, all of the leaders who have placed short-term profit above the fate of the planet and the well-being of our children." - James Hansen
#7. To: Big Meanie (#4)
What planet do you live on? On this one, in the good ole USA, the middle class is taxed to death. It's the bottom 50% of the wage earners that aren't paying any taxes.
"The real deal is this: the ‘royalty’ controlling the court, the ones with the power, the ones with the ability to make a difference, with the ability to change our course, the ones who will live in infamy if we pass the tipping points, are the captains of industry, CEOs in fossil fuel companies such as EXXON/Mobil, automobile manufacturers, utilities, all of the leaders who have placed short-term profit above the fate of the planet and the well-being of our children." - James Hansen
#8. To: Big Meanie, FormerLurker (#4)
Are you talking about 20 rich people, or what? The top 1% is paying almost 40% of all income taxes collected, and the top 5% is paying 60%. "....while allowing the rich to pay little if any taxes at all?" It's the bottom 50% of the wage earners that aren't paying any taxes. The other problem, in addition to the ones that FL points out, is that the income tax number is misleading as far as comparative tax loads go. Total combined personal and business (which are actually paid by the consumer as they are factored into the price of goods and services) is only about 1/3 (37% last I checked) of total Federal Tax Revenues. The rest of it is collected via fees, excises, and tariffs which all fall disproportionately upon those least able to pay them. For example the price of tobacco products is about 90% tax combining both state and federal. While not as extreme you will find similar taxes on utilities of all kinds, tires, bread, milk, etc., etc., etc., .... Prices of goods and service all reflect the taxes paid by both the producer and the seller. That is one of the perverse incentives created which has spurred offshore manufacturing. "Why should the poor or middle class pay for the wars (and corporate welfare) that the rich demand,
#9. To: Big Meanie (#4)
That is propaganda. The top 1% is paying almost 40% of all income taxes collected, and the top 5% is paying 60%.
Top • Page Up • Full Thread • Page Down • Bottom/Latest