Monday, October 25, 2004

Numbers Kerry Does Not Want You to See

To further expose John Kerry as a political fraud, let's turn our attention to the Kerry Tax Myth.

Kerry has repeatedly stated that the Bush tax cuts favored the rich. Kerry would have you believe that the wealthy are not paying their fair share. Kerry would have you believe that our existing tax policy favors the wealthy. Let's take a look at the numbers.

In 2002, total individual income tax receipts were roughly $850 billion. 2.4 million filers earned over $200K in 2002, and paid 40% of all Federal income taxes, or $133,740 in taxes per return. The 92.6 million filers who earned less than $50K paid less than 13% of all Federal taxes, or $1,100 in taxes per return. Clearly, US tax policy is structured so that the wealthiest Americans pay a disproportionate share of taxes, by a factor of over 100:1.

It should therefore come as little surprise that the wealthiest Americans received a larger total dollar tax break as a result of the Bush tax cuts. In fact, one would be hard pressed to find a man paying $1,100 per year to tell a man paying $133K per year "I deserve a tax cut, and you don't".

The truth is that any across-the-board tax cut such as George Bush's would have provided a larger tax break to the wealthy, simply because they pay so much more. But John Kerry ignores this truth, and contends that Bush favors the wealthy.

The truth is that Kerry would not be significantly impacted by any tax increase because most of his (wife's) assets are invested in tax free assets. But Kerry implied in the third debate that he'd be impacted by his proposed tax increases.

The question for American voters on Novemer 2nd is becoming: Do you want the truth, or do you want John Kerry?

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