The objective of ELECT A NEW CONGRESS, and its website are to provide all 162,000,000 registered American voters the means to elect a new congress dedicated to restoring liberty.
Looming in the Washington DC mist of brinkmanship is the fiscal cliff featuring more angles and undercurrents than hurricane Sandy ever imagined. Yet the collateral damage from this storm will make Sandy seem a dwarf, as the American people be damned.
What neither Boehner, Reed, or Obama, much less most all of Washington care for, or will ever admit to, is that no nation can spend its way to prosperity. Below are the realities of America’s regressive tax policies (fig a & b).
What Elect A New Congress proposes are the cuts realized from “On Liberty in Restraint of Government and Spending”, along with a tax on unearned income. Unearned income over $250,000 can be increased along the lines of those tax increases currently proposed so as not to harm retires. Over $500,000, it goes to 50%, over $750,000 it goes to 75%, and over $1,000,000 it rises to 90%.
It seems bold, doesn’t it? But when you consider it is a higher tax on unearned income, the taxpayer simply needs to put their latent gaining income to work in projects they are principally involved in so that it is no longer unearned income. This will do what tax policies are suppose to do, encourage people to invest their money in businesses. This creates small companies, some which become larger and in all cases start creating jobs, something Washington DC simply does not, or does not want, to understand.
These businesses will generate the tax revenues Washington DC seeks, while simultaneously placing Washington into the conundrum of establishing the environment necessary to further induce this investment. This takes America back into the life freeing demands of Liberty, that promised-land where the leadership of Washington and NYC do not want common American’s to go and prosper, because now we would move further from their iron grip they now have wrapped around all Americans collective throat.
And who gets fiscally punished if America adopts the suggestions from Elect A New Congress? The very fat corporate cronies who have stolen so much money over the last decade or two that they can’t move that much money into the crucible of enterprise demanded by the tax, in order to avoid the tax. In other words, those who will be punished are the very people who have stolen the most.
And if this tax plan is not considered and passed, it is because those who have stolen the most, are the very same people who have used their swag to purchase the President and Congress to do their bidding.
Now, can you think of a better reason to Elect A New Congress?
Data reflects IRS data from 2004.
As Released by the IRS
Rank % of Income % of Gross Tax Revenues Paid % of Taxes/Income Class
Top 1% 19% 37% 37%
Top 5% 33% 57% 20%
Top 10% 44% 68% 11%
Top 25% 66% 85% 17%
Top 50% 78% 97% 12%
100% 100% 3% 3%
Looking at the Same Numbers a Little Deeper
Rank Total Percentage Population % of % Taxes/ Population
Impact Percent Wealth Rank Wealth Ratio Income Income Class Tax Ratio
5th 1% 1% 19 19% 37% .51
3rd 5% 4% 3.5 14% 20% .175
4th 10% 5% 2.2 11% 11% .2
2nd 25% 10% 2.2 22% 17% .12
1st 50% 25% 1.19 21% 12% .0075
6th 100% 50% 3.849 13% 3% 1.282
Who Pays How Much:
This Population Wealth Ratio is derived by dividing the % of Wealth Rank into the % of Income of that Class. Then the Population Wealth Ratio is divided by the % of Taxes /Income Class to derive a Population Tax Ratio.
Large and in charge are the richest 1% of Americans who have a Population Tax Ratio of .51, making them the second least impacted Income Class after the lowest 50% (coming in at 1.282) by a healthy margin.
The less wealthy of the top 10% come in third at .2 followed by their betters chasing the “Super Rich” at .175. Bringing up the rear is the late-great “Middle Class of America” at .12, and followed by that unfortunate 25% living just above the lowest 50% getting glued, screwed, and tattooed at .0075.
Keep in mind that low is bad, and good is high when you’re working with this Population Tax Ratio. Where do you fit in the formerly great “Middle America”? Where have you gone “Silent Majority”?
It’s an even greater injustice when you consider real estate taxes, gas pump tax, and sales tax, et al, which have a much greater regressive tax impact upon the income classes as they decline in wealth.
In fact, if you haven’t figured it out, our current tax system is regressive, not progressive, and it is aggressively so. It makes it hard to support the Bush tax cuts for the most wealthy when the actual tax burden to the declining income class rank is actually much more regressive than anyone might have imagined, and by an incredibly wide margin.