||Remember the tax cuts from a few years ago, you recall, the tax cuts that would only benefit the rich? Guess what, those tax cuts actually helped the poorest Americans.
Netscape.com reports, "Fully 32.4 percent of Americans paid no taxes at all for tax year 2004, up from 25.2 percent in 2000, according to a new report from the Tax Foundation. Before you start screaming about the rich shirking their fair share of the federal tax burden, know this: The people who don't pay taxes are primarily low-income, young, female-headed households who work part-time and are beneficiaries of the $1,000 per-child tax credit or the Earned Income Credit.
"Tax Foundation economists say that the 32.4 percent who pay no taxes after they took advantage of perfectly legal tax credits and deductions translates into a record 42.5 million Americans. But it doesn't end there. Approximately 15 million individuals and families earned some income in 2004, but it was so little they didn't have to file a tax return. That brings the total to 57.5 million who pay nothing. And we're not done yet. One tax return often represents several people so when the dependents are included in this no-tax sum, it amounts to roughly 120 million Americans or 40 percent of the U.S. population. And that doesn't count the millions who paid just a very small amount in taxes."
Here's the problem, even though it was the republicans who empowered these people with more of their own money, what are the odds that anyone will give the Bush Administration any credit for assisting all Americans with his tax cut. These are the people Democrats target with their entitlements and payoffs. Naturally they won't give the conservatives their due for truly helping those most in need by letting them keep more of their own money! Its time the lower classes truly learn who is working for them. Not a party of handouts and entitlements, but the republican party, who let's you keep more of your own money to use as you see fit.
This should be a lesson to all Americans in the next elections, you can keep more of your own money, lower corporate and personal income taxes, and as my previous blog stated, increase revenues and lower the deficit. All the dooms-dayers and nay-sayers should give credit where credit is due.