Low Taxes Create Deficits, Not Jobs
July 21, 2011 at 10:27 AM
By CHERYL EVERMAN
Mr. Panuzio’s July 10th column repeated the GOP talking point “The top 5 percent of our citizens pay 40 percent of
the taxes. Forty-five percent of the people pay no taxes. Yet, all the Democrats can think of is raising the taxes on
the rich who create jobs ...” The latest IRS data (http://www.irs.gov/taxstats/indtaxstats/article/0,,id=96981,00.html)
All Returns and Selected Incomes and Tax Items, 2008, the total number of income tax returns received was
48,167,223. Of those 7,523,087 were non-taxable, i.e., had zero or negative tax liability, 15.6%. The top 2% of
taxpayers (those with Adjusted Gross Income >$500K) reported non-taxable income totaling $12.45B, more than
66% of the total non-taxable income ($18.69B). Most stunning, however, is where the largest share of income tax
revenue comes from as a percent of individual tax receipts -- individuals making between $60K and $500K account
for 60% of the total reported income and 64% of the total income tax revenue received. The top 2% had 35% of the
total reported income, but accounted for only 25% of the total income tax receipts.
These are the real numbers folks, not those generated by the Tax Policy Center microsimulation, which is the basis
for the GOP talking point. When income taxes were at 19% of GDP (Clinton), 22.7M jobs were created. When they
were at 17% of GDP (Bush), 1.1M jobs were created. With the current 50 year low of 14.9% of GDP, -1.8M jobs
have been created. Low taxes create deficits, not jobs.
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