"Dom" <
DR...@teikyopost.edu> wrote in message
news:94e9507d-108f-41dc...@m24g2000yqh.googlegroups.com...
>
http://www.chicagotribune.com/news/opinion/ct-perspec-0527-gop-20120527,0,3482529.story
>
> Not my father's Grand Old Party
>
> By Susan DeMersseman
>
> May 27, 2012
>
> I miss the GOP, the Grand Old Party. I grew up in a Republican
> household in a Republican state. My dad was an adviser to the
> governor; my brother was a Republican state legislator. When I was
> little I wore an "I Like Ike" button. I'm registered in the Democratic
> Party now, but I miss the GOP, the grandness of the GOP. I am
> sometimes embarrassed for my family and friends who are Republicans in
> the old way, the thoughtful, principled way - the grand way. They were
> people who paid attention in history class, in science class and to
> the well-being of their neighbors.
>
> It sometimes seems as if the party has been hijacked by groups of
> narrow-interest voters or ones so angry they would sacrifice their
> countrymen to beat an opponent. The natural and healthy differences
> within the party seem to be forbidden.
>
> Some leaders in the party behave as if their job as legislators is to
> make sure that the rich stay rich or get richer.
Yawn. Another corrupt creep covering for leftist socialist policy of making
EVERYONE poorer. Congratulations, you've been wildly successful at cutting
off your own nose. Did you get your rocks off? Probably not. You haven't
brought about enough destruction to feed your greed and envy.
Speaking of "millionaires and billionaires" (see here), the real tax news is
that there are fewer of both these days. This month the IRS released more
detailed tax data for 2009, and the nearby table records the decline of the
taxpaying rich.
In 2007, 390,000 tax filers reported adjusted gross income of $1 million or
more and paid $309 billion in taxes. In 2009, there were only 237,000 such
filers, a decline of 39%. Almost four of 10 millionaires vanished in two
years, and the total taxes they paid in 2009 declined to $178 billion, a
drop of 42%.
Those with $10 million or more in reported income fell to 8,274 from 18,394
in 2007, a 55% drop. As a result, their tax payments tanked by 51%. These
disappearing millionaires go a long way toward explaining why federal tax
revenues have sunk to 15% of GDP in recent years. The loss of millionaires
accounts for at least $130 billion of the higher federal budget deficit in
2009. If Warren Buffett wants to reduce the deficit, he should encourage
policies to create more millionaires, not campaign to tax them more.
The millionaires who are left still pay a mountain of tax. Those who make $1
million accounted for about 0.2% of all tax returns but paid 20.4% of income
taxes in 2009. Those with adjusted gross income above $200,000 a year were
just under 3% of tax filers but paid 50.1% of the $866 billion in total
personal income taxes. This means the top 3% paid more than the bottom 97%.
Yet the 3% are the people that President Obama claims don't pay their fair
share. Before the recession, the $200,000 income group paid 54.5% of the
income tax.
Editorial writer Mary Kissel on how Obama's taxes on "millionaires and
billionaires" would hurt the middle class. Also, Bartley Fellow Charlie
Dameron on Texas Governor Rick Perry's liabilities as a GOP presidential
candidate.
For the past three decades, the political left has obsessed about income
inequality. As the economy experienced one of the largest and lengthiest
economic booms in history from 1982-2007, the left moaned that the gains
went to yacht club members.
Well, if equality of income is the priority, liberals should be thrilled
with the last four years. The recession and weak recovery have been income
levelers. Those who make more than $200,000 captured one-quarter of the $7.6
trillion in total income in 2009. In 2007 the over-$200,000 crowd had
one-third of reported U.S. taxable income. Those with incomes above $1
million earned 9.5% of total income in 2009, down from 16.1% in 2007.
It's an old story: The best way to produce income equality is to destroy
trillions of dollars of wealth. Everyone loses, but the rich lose relatively
more than the poor and the middle class. By that measure, if few others,
Obamanomics has been a raging success.
http://online.wsj.com/article/SB10001424053111903480904576512501087811480.html
-Eddie Haskell