T.E.A – Taxed Enough Already… Really?
According to a CBO report, three years after the Bush Administration took office in 2004, the top 1% of money earners in America received a 19% tax cut. In comparison, the middle 20% of Americans who earned an average of $182,000 received a 4% tax cut. This tax cut for the rich amounted to over $1 trillion dollars in additional deficit to the federal budget.
So who bore the weight of this tax haven for the wealthy? The middle class. The ones making between $50,000 to $75,600 dollars.
According to this same CBO report, the average family making between $50,000 to $75,600 dollars paid more in taxes than they did in 2001. These middle class workers got a taxes increase totaling 19.5%
Where was T.E.A? A 19.5% increase on middle class Americans in 3 years was evidently acceptable.
But Bush did not stop there. In the next 4 years, between 2004 and 2008, Bush did it again. Sticking with his trickle-down economic policy, George Bush got another $1Trillion dollar tax-break for the top earners. And again, the middle class paid the price. Another trillion added to the deficit, and T.E.A was just fine with that!
When he walked into office on January 20th, 2009, he faced an 8 trillion dollar deficit. The country’s economy and that of the rest of the world was on the verge of collapse, due to the unregulated policies of the Bush administration that allowed mortgage companies and Wall Street to conduct business in a way that clearly demonstrated a lack of common morals. Selling and repackaging loans that was given to people who couldn’t afford them, with one objective – making as much money in profits as possible.
Something had to be done!
Listening to the Republicans, it’s quite obvious that were comfortable with doing nothing and hoping for the best result. President Obama, on advise from both democratic and republican economists, decided that doing nothing was not an option. He got congress to vote on a Recovery Stimulus Bill that had one objective - getting Americans back to work and providing tax-cuts to middle class Americans.
The Stimulus provided the biggest middle class tax-cut for Americans, yet, the T.E.A or Teabaggers as they so affectionately called, decided that this was time to march. They decided that this was the time, after receiving what some considers the biggest tax cuts ever – $282 billion in tax cuts over two years – they decided that this is the time they’re Tax Enough Already! Unbelievable!
In a recent NY Times poll it was found that the so-called Teaparty followers are more educated and wealthier than was originally thought. Could it be that the rich few are the ones most vocal in these teaparty protest? Could it be that these elite, well-off intellectuals are trying to have the common folks march on Washington so they could keep things the way Bush had it?
If things remain the way they are, which is what these teaparty marchers are demanding, who benefits? Not the marchers or the middle class. The ones that will benefit from a system remaining the way it was under Bush will be the rich. The Rush Limbaughs, the Glenn Becks, the Sarah Palins, and the Dick Armeys. These are the ones fueling these marches and they know what they have to loose if these teaparty members wise up.
- The stimulus was the biggest middle-class tax cut in history (mydd.com)
- HuffPost TV: Arianna Discusses Tea Partiers On Dylan Ratigan Show (VIDEO) (huffingtonpost.com)
- Tax Day Rhetoric Aside, Americans’ Bills Are Lower (abcnews.go.com)
- Polling the Tea Party (slog.thestranger.com)