Obama once again is moving hard on the class warfare, and there is every signal that setting up a fight between the “rich” and “not rich” is the Democratic campaign theme for 2012.
- Recently released IRS data for 2009, shows that taxpayers earning over $200,000 paid 50 percent of the $866 billion in total income taxes paid that year, or $434 billion. Skeptics will say, “That’s because they earn the majority of the income in America. Not so. These taxpayers earned 25 percent of the $7.6 trillion in total adjusted gross income in the country that year.
- The 2009 IRS data also shows that a record 58.6 million tax filers had no income tax liability that year. This means that 42 percent of the 140 million Americans who filed tax returns that year contributed nothing to the basic cost of government.
- Millions of people received cash “refunds” in 2009 even though they paid no income taxes: Some 21 million nonpayers received $27.5 billion in refundable credits from the child credit; Obama’s Making Work Pay program gave out $12.8 billion in refundable credits to 32 million filers; The Earned Income Tax Credit program doled out $54 billion in refundable credits to 24.9 million filers; and, nearly 5 million filers received $3.9 billion in refundable Education Credits and roughly 1 million filers got $4.65 billion in refundable credits under the First Time Homebuyers credit program.
It’s never enough. The Democrats’ appetite for spending and class warfare never will be satisfied, so no wonder it is their campaign theme.