As I listened to Obama drone-on from the East Room of the White House yesterday about his Jobs bill, I wanted to smash something when he said Republicans always support tax cuts, but for bi-partisan reasons were not supporting his. The fact is, there are $10 Billion of tax hikes in the Obama plan.
The AP points out as a “Fact,” that the only way the Jobs Bill is paid for is with increased taxes.
Obama said that rolling back his environmental “regulations” will not create jobs, but the AP offered this “Fact:”
The chamber [Chamber of Commerce] did not indicate how many jobs such regulatory changes could create, but it said: “Immediate regulatory relief is required in order to begin moving $1 trillion-$2 trillion in accumulated private capital off of the sidelines and into business expansion.”
The AP smashed Obama’s claim that “millionaires and billionaires” have lower tax rates due to loopholes, by saying that is a claim “unsupported by IRS statistics.”
In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the IRS. Yet that was less than 1 percent of returns with incomes above $1 million. On average, taxpayers who made $1 million or more paid 24.4 percent of their income in federal income taxes; those making $100,000 to $125,000 paid 9.9 percent; those making $50,000 to $60,000 paid 6.3 percent. The White House argues that when payroll taxes — paid only on the first $106,800 of wages — are factored in, more middle class workers wind up with a higher tax rate than millionaires.
So only 1,470 household, less than 1% of incomes above $1 Million, avoided paying Federal taxes. So fix it!
UPDATE: I forgot to mention that the AP piece also points out that Obama’s claim that Republicans are holding up his Jobs bill is pure fantasy – not true.