George Rebane
Ms Nancy Eubanks is one of Nevada County’s prominent progressive voices whose litanies appear regularly in the local press. In this morning’s (13jan18) Union she assumes her mantel of high dudgeon against the greedy rich, and again champions class warfare and the politics of unrequited envy (here). Today’s sermon from her mount is a devious diatribe on the impact of the new tax law designed to convince the ignorant that this legislation once more allows the rich to rob the poor.
Her punchline is that “… the top 0.1 percent will now get a tax cut of $179,000. The average person making between $25,000 and $48,000 will get a temporary tax cut of $310.” This is raw meat for the unread and the innumerates. The Tax Foundation tallies the relevant data (here). It turns out that her quoted range neatly straddles the bottom 50% of taxpayers who pay 2.75% of all income taxes, while the top 1% (not 0.1%) pay almost 40% of all income taxes on slightly more than 20% of all earnings, and way more than all of the top 90% of taxpayers. And those in her quoted earnings range are overwhelmingly among the 44% of American who pay no federal individual income taxes (here), which explains why the remainder pay only 2.75% of the total federal income taxes collected.
And Dame Nancy again repeats the socialists’ favorite fiscal shibboleth – tax rates do not impact economic growth, and its most favored version “there is no correlation between tax cuts for the rich and job and wage growth.” To her and hers it still appears that the rich just continue to shove their added incomes into mattresses and Cayman Island banks. The last thing they do is consume, invest, and start/grow companies, all of which create and maintain America’s jobs.


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