Important Tax Information Bill O'Reilly Has Ignored
By: Steve - May 8, 2011 - 10:30am
O'Reilly and the Republicans make a living crying about taxes, they claim they are paying too much in taxes, and that the tax rate is way too high.
But did you know that it's all a lie, and that taxes are at their lowest level since 1958, of course you did not know that. Because O'Reilly and his right-wing friends never report it, the only way you would know it is if you read my blog, or you saw it on a liberal website somewhere.
That's because O'Reilly and the right do not want you to know this information, they want to keep you in the dark with lies that taxes are too high, so they can get more tax cuts passed that simply make them richer, and the poor poorer.
According to O'Reilly, congressional Republicans, and Tea Partiers, Americans are overtaxed and contemplating any increase in government revenue, even from the richest Americans, would be unfair.
"How high do taxes have to go to satisfy the appetite of people in this Congress to spend money?" asked Sen. Charles Grassley (R-IA) last week.
But, the numbers show that the economic recession and a decade of tax cuts have resulted in some of the lowest taxes of the post-war period. According to a new USA Today analysis, personal taxes - including federal and local - are at their lowest level since 1958:
Americans are paying the smallest share of their income for taxes since 1958, a reflection of tax cuts and a weak economy, a USA TODAY analysis finds.As McClatchy's Kevin Hall wrote Friday, "At a time when Washington is wrestling with how to end federal budget deficits and trim the national debt - huge questions that are expected to dominate the nation's politics through the 2012 elections - the fact that Americans are under-taxed compared with U.S. historic norms is central to the discussion."
The total tax burden - for all federal, state and local taxes - dropped to 23.6% of income in the first quarter, according to Bureau of Economic Analysis data.
The USA Today analysis shows that if tax receipts today were at the level they were through the 70's, 80's and 90's, that alone would eliminate "one-third of the estimated $1.5 trillion federal deficit this year."
And think about this, O'Reilly says we can not tax our way out of the debt, but that is a lie, because if we got rid of the Bush tax cuts, and then raised taxes to levels from the 80's or 90's, we could cut out debt in half.
Remember this, Bill Clinton put a targeted 3% tax increase on the wealthy, and over the next 8 years the economy boomed, and added 22 million new jobs, while creating a surplus out of a debt. Notice how O'Reilly never mentions that, while spinning out his lies that taxing the rich hurts job growth and does not decrease the debt.
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