Topic: Taxes and Truth, a Wall Street Journal Story
From the September 15th issue of the Wall Street Journal
There is a saying from Obama that the poor are not getting help, that they stay poor. This is proven a lie.
In fact the poorest households in America have experienced, after inflation, a 10% rise in their gross income. However this is not the end of the tale. In fact there has been much higher gains since the number of people in these poor households has shrunk over the years, a total of a 44% increase after inflation adjustments.
However there are claims the number of poor households are increasing. This was shown to be false, since a huge number never reported via tax returns their incomes. This changed with the Earned Income Tax Credit. The total number of filings has increased dramatically on low income households since filing is the only way to get the credit.
The poor often do not stay poor. 1/3 of those who started poor are poor 10 years later. In fact new Census Bureau information shows only 3% are chronically poor which is considered "3 years or more in poverty income status". Of this figure most are new entrants to the work force, or those leaving the work force.
In fact there was a marked decrease in real income for the richest 1% in the United States, by 52% over the last 10 years.
Of ethnic groups and the gains to their incomes:
Black Females: up 79%
White Females: Up 74%
Black Males: up 34%
White Males: up 9%
In fact in 1981 when taxes where 70% on the rich and the top capital gains tax was 45% the richest 1% paid 17% of the nations taxes.
In 2005 when taxes were 35% and capital gains taxes at 15% the top 1% paid 39% of the nations taxes.
Vote no on the tax and spend Obama!
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