“The greatest trick the Devil ever pulled was convincing the world he didn’t exist,” (The Usual Suspects – 1995) relates to the ideal that many people will disbelieve the truth if a lie is constantly repeated. Correlatively, the greatest deception the republicans has plays on the American public is stating that the wealthy should pay lower income, capitol gains, dividend taxes so they can generate jobs; and that small business will be harmed if the Bush tax cuts are removed for those earning over $250.000. The truths that the Republicans do not want the American public to know is:
1. The Top 1 Percent Of Americans Owns 40 Percent Of The Nation’s Wealth; takes home 24% of the National income; Own Half of the Country’s Stocks, Bonds and Mutual Funds; Have Only 5% of the Nation’s Personal Debt; and are taking in more income since the great depression. (Nobel Laureate Joseph Stiglitz).
2. The proposed taxes are for adjusted personnel income taxes only of couples that exceed $250,000 per year, not business taxes that are significantly different. Based upon the truth, only 2% of all small business owners (Tax Policy Center) earn over $210.000 per year.
3. Lowering taxes on the wealthy or large corporations does not produce jobs. U.S. national and multinational corporations use accounting loopholes to avoid taxes and to shift their U.S. profits to their offshore subsidiaries to avoid paying U.S. taxes. Most jobs generated, if any, will be provided in other countries.
The argument for extending the tax cuts for earners with income exceeding $250,000 annually for the sake of small business survival is erroneous and misguided. The vast majority of small business owners simply don’t make that much money. According to the nonpartisan Tax Policy Center, less than 2 percent of small businesses are in the top two income brackets — individuals earning more than about $170,000 a year and families earning more than about $210,000 a year. We wish these hardworking entrepreneurs were rolling in $250,000 a year, but they aren’t.