Like the cult classic of the 1950s, there’s been an invasion in Congress of snatchers, not of body but of booty.
These are the members of Congress who appear to be reasonable and forthright – especially when it comes to taxes – but who turn out to be frauds, wanting instead to mislead you into their alien way of thinking.
Okay, it’s a stretch. But there’s no denying the fact that some members of Congress want to ignore reality in favor of their political agenda of more and more government, which translates into higher and higher taxes.
Consider President Bush’s effort to make the 2003 tax cuts permanent. His opponents (which include a few Republicans) say that this is just a giveaway to the rich, and lower income folks will have to foot the bill. But the evidence, from yet another source, shows just the opposite.
The Congressional Budget Office recently released a report on effective tax rates and liabilities. In it, CBO shows that the effective tax rates for the fifth of the population earning the most dropped from 26 percent to 25. (That’s all taxes, from income to corporate.)
See, Bush’s critics say. A giveaway to the rich, they crow. (Interestingly, the CBO says the average after-tax income of this group is $133,000 – hardly Rockerfellian levels.)
But did they actually pay less in taxes? No, they paid more!
The CBO reports that this group’s tax liability rose to 65.7 percent of all federal taxes in 2003, from 64.8 percent the year before.The highest 1 percent saw its tax liability grow to 34.6 percent from 33 percent, even though it paid a lower effective tax rate.
That’s why you shouldn’t be fooled by the booty snatchers in Congress. They want your money, and they’re willing to shake you down to get it.