It seems that almost every day we hear about more and more liberals becoming disenchanted with Barack Obama, for failing to provide the "change" that he promised and today is no different. The latest IRS Collections Data was released late yesterday and it contains several gems that certainly won't endear Obama to liberals.
But one of the points that almost jumps off the page is the fact that, while Obama's drunken sailor spending drove taxes up for everyone between 2010 and 2011, tax rates for the bottom 50% of income-earners went up 70 times more than for the top 1%. This is big. So let me repeat that.
Under Obama's watch, between 2010 and 1011, tax rates on the bottom 50% of income-earners rose 70 times more than did tax rates on the top 1%.
According to the latest IRS data, released yesterday, the average tax rate for the bottom 50% of income-earners increased more in both percentage and in real numbers than it did for the top 1% of income-earners.
The bottom 50% of income-earners saw their average personal income tax rate rise from 2.37% in 2010, to 3.13% in 2011. Now to most people, that may not sound like much, representing as it does, a difference of only three-quarters of a percent (0.76%). But when we're only talking about tax rates in the two to three percent range, three-quarters of a percent suddenly becomes significant. Look at it as what it means as a percentage of increase in taxes for the taxpayers in the bottom 50%. Divide 3.13% by 2.37% and you'll see that this represents a 32.33% increase in the average tax rate for the bottom 50%.
The top-earning 1% of income-earners, by contrast, saw their average personal income tax rate rise from 23.3867% in 2010, to 23.4954% in 2011. That's an increase of just barely over a tenth of a percent (0.1087%). Compare that with the three-quarters of a percent difference for the bottom half of taxpayers. So even when liberals try to skew the results by using just the difference in percentage, instead of the percentage of increase, it still looks bad for Obama. The simple increase in tax rate numbers for the bottom 50% of income-earners is still seven times more than for the top 1% of income-earners.
But getting back to the top 1%, when you consider this properly, as a percentage of increase in tax rates, this change amounts to a mere 0.42% tax rate increase, for the top-earning 1%.
So what Obama has done for the poor is to increase tax rates on the bottom 50% of income-earners by 32.33%, while increasing tax rates on the top 1% of income-earners by less than half a percent. Do the math. Divide 32.33% by 0.42%. You'll see that tax rates for the poorest half of income-earners rose 70.29 times more than tax rates on the elite top 1%, between 2010 and 2011. Worse yet, for Obama and his supporters is the fact that this is a trend. Between 2009 and 2010, tax rates for the rich actually went down, while tax rates for the poor went up.
Whether this is intentional or simply Obama's incompetence, the fact remains that the poor are suffering more under Obama's administration.
When the reality of this sinks in with liberals, we'll hear a lot more discontent with Obama, from that quarter. He promised them "change." He just never defined exactly what that "change" would be. They thought it would mean more dollars in their pockets, at the expense of the rich. Instead, where they used to have at least a little folding money in their pockets, now thanks to Obama, all the have is "change."