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Thursday, July 12, 2012

DNC choreographs musical number for 2012 convention


"We rob from the rich and give to the poor, THAT'S RIGHT!"

Unfortunately for the DNC, the narrative that the "rich" aren't "paying their fair share," is as ill-formed as the rest of their party platform. A recent report by the CBO reveals that top income earners actually pay 68% of the tax burden.

As the Daily Caller reports:
The top 1 percent of earners’ pre-tax income dropped 36 percent between 2007 and 2009, while the four lowest quintiles saw a loss of only about 5 percent, according to the Congressional Budget Office. During those years,  the average pre-tax income for all earners dropped. 
The top 20 percent of earners — the top quintile — bore 67.9 percent of the federal tax burden in 2009. The middle quintile paid 9.4 percent, while the lowest paid .03 percent of the federal tax burden.
As for Mitt Romney's plan:
According to analysis by the Tax Policy Center, presumptive Republican nominee Mitt Romney’s plan would reduce taxes for three-fourths of taxpayers by an average of $4,700. Obama’s plan, on the other hand, would lower taxes for just 12 percent of filers, while raising taxes for about 27 percent of filers — those making more than $250,000, ABC News reports.
So much for Robin Hood.  
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