Democratic leadership said only increase debt by $26 Billion, Republicans said, no increase the debt by $99 Billion

Democratic leadership said only increase debt by $26 Billion,
Republicans said, no increase the debt by $99 Billion

Sean Lewis
December 04, 2010

Tea Baggers is this what you voted for?

Just on extending the Dividend and Capital Gains tax for people making over $200,000 a year
this adds an additional $73 Billion to the annual Debt. This is what Republicans voted for.

The Democrats only wanted to increase the Debt by $26 Billion.

So please tell me if Republicans said they were NOT going to repeat
the same mistakes, how is DEMANDING an increase in the Debt 4 times
greater than Democrats suggested a change?

I am going to break this down for everyone based on the ADMINISTRATIONS numbers....

In 2003 the Administration said there were 92 million tax payers who on 'average' would receive $1083 each. This does not mean each of the 92 million GOT $1083, it just meant that if you took the entire tax cut and divided it by the number of tax payers it comes to $1083.

The reality is this.

The total tax cut in 2003 was $99,636,000,000.

http://www.whitehouse.gov/news/releases/2003/04/20030415-4.html

According to theTax Policy Institute:
45.8% of the benefits from a reduction in capital gains and dividends went to people with incomes over $1 million. There were 284,000 taxpayers in this income group. This is .19% of all taxpayers.

An additional 10.8% of the benefits went to people with incomes between $500,000 and $1 million. There were 593,000 taxpayers in this income group. This is .40% of all taxpayers.

17.4% of the benefits went to people with incomes between $200,000 and $500,000. There were 3,588,000 taxpayers in this income group. This is 2.46% of all taxpayers.

In other words --
74% of the total benefits from Bush tax cuts went to people with incomes over $200,000.