Republicans have said we cannot tax the “job creators” and in fact need to cut their taxes even further, and for the past decade they have made sure that the millionaires, billionaires and corporations pay as little to no taxes as possible. Over the past decade their income level and corporate profits have risen to historic levels.
At the same time Republicans created 3 million jobs. The Wall Street Journal reported the total number of jobs at the start of the Bush presidency was 132.5 million and at the end was 135.5 million. Payroll expansion was just 2.3%.
Their economic policy of trickle down economic hasn’t worked. The data coming from annual Statistics of Income tables on Wednesday shows this. This is a fact and the numbers reflect this. This cannot be debated.
- In 2009 total income was down 15.2 percent since 2007.
- Average income in 2009 fell to $54,283, down $3,516, or 6.1 percent in real terms compared with 2008, the first Internal Revenue Service analysis of 2009 tax returns showed. Compared with 2007, average income was down $8,588 or 13.7 percent.
- Average income in 2009 was at its lowest level since 1997 when it was $54,265 in 2009 dollars, just $18 less than in 2009.
- Average income in 2009 was at its lowest level since 1997 when it was $54,265 in 2009 dollars, just $18 less than in 2009. The data come from annual Statistics of Income tables that were updated Wednesday.
- No income tax was paid by 1,470 of the 235,413 taxpayers earning $1 million or more in 2009, compared with the 959 taxpayers with million-dollar-plus incomes who paid no income taxes in 2007.
- Average wages fell sliding $1,106 to $48,917 from $50,023 in 2007.
A person may choose to want to protect corporations and the wealthy from taxes shifting the burden to middle and low-income earners, but they cannot factually state that trickle down economics works in creating jobs. It is in black and white. Numbers do not lie.