I saw on CNN Money the following article which has a breakdown on who would be paying more in taxes and who would be saving tax money. I have always been curious as to why Democrats always say they tax the rich and not the middle class. Lets get this right. Both Republicans and Democrats tax the middle class. In this tax proposal which is still in a very early stage those who make more than $500,000 would pay more in taxes. Those who make less than $500,000 would pay less on average. Here is where I have an issue. Currently 67% of taxes are paid by the top 1% of earners. The median household income is about $45,000. So most Americans will see a decrease of their taxes of about 1 -2 %. Now for the fun math. The big tax savings would be given to those making $100K - $500K. They save over 4%. How is this taxing the rich? These people make over 2 times that of the average American. Why do they get to save more? I would bet that when you look at it most people in congress fall in this particular financial range. I always thought that the Republicans were blowing smoke when saying this was a huge tax increase, but now I see it. Most people will save less than $100 while those making between 100K and 500K will save thousands and those that already pay taxes will pay tens of thousands more. Here is the link.
http://money.cnn.com/2007/11/01/pf/taxes/rangel_proposal_breakdown/index.htm?postversion=2007110213
It doesn't matter who we elect. Congress will never let us change this formula. I think it is scary to know how many people are going to vote for one party and one party only. I worry about Clinton as President and having a democratic congress. Let us Americans break the Clinton-Bush trend. I've already said I will never vote for anyone with these last names. I said it in 2004 and I say it now and will in 10 years. Lets also keep congress and the White House in different parties.
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